FAQ

The home buying process can vary depending on your situation, the property you choose, and the terms of your transaction, but most purchases follow a similar series of steps:

1. Determine your budget. Consider your income, savings, monthly expenses, and other financial obligations to establish a comfortable price range.
2. Get pre-approved for a mortgage. If you're financing your purchase, a lender can review your financial information and provide a pre-approval that gives you a better idea of how much you may be able to borrow.
3. Choose a real estate agent. Your agent can help you understand the local market, identify properties, arrange showings, and guide you through the transaction.
4. Search for a home. Once you know your budget and priorities, your agent can help you evaluate available properties.
5. Make an offer. When you find the right property, your agent can help you prepare an offer and negotiate the terms of the purchase.
6. Complete due diligence. Depending on the transaction, this may include inspections, an appraisal, reviewing property information, obtaining homeowners insurance, and completing other necessary steps.
7. Finalize your financing. Your lender will continue processing your mortgage and work toward final loan approval.
8. Prepare for closing. You'll review and sign the necessary documents, complete any required funds transfer, and satisfy the remaining requirements of the transaction.
9. Close on the home. Once the transaction is completed and ownership is transferred, you'll receive the keys to your new home.

The process can feel like a lot to manage, especially if you're purchasing a home for the first time. A knowledgeable real estate agent can help you understand what happens at each stage, keep track of important deadlines, and coordinate with your lender, closing attorney, or other professionals involved in the transaction.

If you're considering buying a home in the Charleston area, connect with a Century 21 Properties Plus agent to discuss your goals and learn more about the home buying process.

The amount of money you need to buy a home depends on several factors, including the price of the property, the type of mortgage you choose, your lender's requirements, and the costs associated with the purchase. You do not necessarily need to have enough money to cover the entire purchase price upfront.

Some of the expenses you may need to plan for include:

• Down payment: The amount you put toward the purchase price can vary depending on your loan type and financial situation. Some loan programs may allow for a lower down payment, while others may require more.
• Closing costs: Buyers may have expenses related to the mortgage, title work, recording, and other services required to complete the transaction.
• Earnest money: You may be asked to provide earnest money when you enter into a purchase agreement. The amount and terms depend on the contract.
• Inspection and other due diligence costs: Depending on the property and transaction, you may choose to have inspections or other evaluations performed.
• Moving and initial home expenses: It's also wise to budget for moving costs, furnishings, maintenance, and unexpected expenses after you become a homeowner.

Your lender can help you understand the funds required for your particular loan, while your real estate agent can help you understand the other costs associated with purchasing a home. If you need help finding a lender, your Century 21 Properties Plus agent can provide the names of lending professionals as a resource. You are free to choose any lender you prefer, and you are not required to use a lender recommended by your agent or Century 21 Properties Plus.

There isn't one dollar amount that every buyer needs to have saved before purchasing a home. If you're considering buying a home, connect with a Century 21 Properties Plus agent to discuss your goals, learn what steps you can take to prepare, and get connected with resources that may be helpful along the way.

Knowing how much house you can afford involves more than looking at the maximum loan amount a lender may approve. Your comfortable price range should take into account your income, monthly expenses, savings, debt, and other financial goals.

When determining your budget, consider expenses such as:

• Monthly mortgage payment, including principal and interest
• Property taxes
• Homeowners insurance
• Mortgage insurance, if applicable
• Homeowners association (HOA) fees, if applicable
• Utilities and maintenance
• Other monthly debts and financial obligations

Getting pre-approved by a lender can help you understand how much you may qualify to borrow, but the amount you are approved for isn't necessarily the amount you should spend. It's important to choose a monthly payment that fits comfortably within your overall financial situation.

A real estate agent can also help you understand how your budget translates to the local market and what types of properties may be available within your price range. Your lender can provide guidance specific to your financing and financial circumstances.

If you're beginning your home search, connect with a Century 21 Properties Plus agent to discuss your goals and get started.

In most cases, getting pre-approved before you begin seriously shopping for a home is a good idea, particularly if you plan to finance your purchase. A mortgage pre-approval can help you understand your potential borrowing range and give you a clearer idea of what homes may fit within your budget.

There are several advantages to getting pre-approved early:

• Understand your budget: A lender can review your financial information and provide an estimate of how much you may be able to borrow.
• Narrow your home search: Knowing your financing range can help you focus on properties that fit your budget.
• Be prepared to make an offer: Sellers may want to see evidence that you have financing in place when you submit an offer.
• Identify potential issues early: The pre-approval process may bring attention to credit, income, debt, or documentation issues that you can address before you're ready to purchase.
• Move forward with greater confidence: Understanding your financing options can make the home buying process easier to navigate.

A pre-approval is not a guarantee that you will receive a mortgage, and your final loan approval will depend on additional review by your lender and the specific property you choose.

If you need help finding a lender, your Century 21 Properties Plus agent can provide the names of lending professionals as a resource. You are free to choose any lender you prefer and are not required to use a lender recommended by your agent or Century 21 Properties Plus.

If you're ready to start exploring your options, connect with a Century 21 Properties Plus agent.

A mortgage pre-approval is a preliminary assessment from a lender indicating how much you may be able to borrow to purchase a home. During the pre-approval process, the lender typically reviews information such as your income, assets, debts, and credit history to determine what financing you may qualify for.

A pre-approval can help you:

• Understand your potential buying power before you begin your home search.
• Establish a realistic price range based on your financing options.
• Prepare to make an offer when you find a home you want to purchase.
• Identify potential financing concerns early so you have time to address them.

It is important to understand that a pre-approval is not a final loan approval or a guarantee that you will receive financing. Your lender will continue reviewing your financial information and the property itself as you move through the purchase process.

If you're not sure where to start, a Century 21 Properties Plus agent can provide the names of lending professionals as a resource. You are free to choose any lender you prefer and are not required to use a lender recommended by your agent or Century 21 Properties Plus.

Getting pre-approved is often one of the first steps toward understanding your options. Once you know your potential financing range, connect with a Century 21 Properties Plus agent to begin exploring homes that may fit your goals.

The time it takes to buy a home can vary considerably depending on your financing, the property you choose, the terms of the transaction, and how quickly the necessary steps are completed. Some purchases may move relatively quickly, while others can take several months from the initial home search through closing.

The process generally includes:

• Preparing to buy: Getting your finances in order and obtaining mortgage pre-approval can take some time before you begin your search.
• Finding a home: The length of your home search depends on your preferences, budget, and the available properties that meet your needs.
• Making and negotiating an offer: Once you find a home, the time required to reach an agreement can vary.
• Due diligence and financing: Inspections, appraisal, title work, loan processing, and other requirements take place after you enter into a contract.
• Closing: Once all required conditions have been satisfied, you'll complete the closing process and take ownership of the property.

For buyers who already have a home selected and are under contract, the period between an accepted offer and closing is often measured in weeks rather than months, but the exact timeline depends on the terms of the contract and circumstances of the transaction.

Your real estate agent can help you understand the anticipated timeline, keep track of important deadlines, and coordinate with your lender, closing attorney, and other professionals involved in the purchase.

If you're thinking about buying a home in the Charleston area, connect with a Century 21 Properties Plus agent to discuss your timeline and get started.

When touring a home, it's easy to focus on the features you like, but it's also important to look beyond the finishes and consider whether the property fits your needs, budget, and plans.

As you walk through a home, consider:

• Layout and functionality: Does the floor plan work for how you intend to use the space?
• Condition: Look at the age and condition of major components such as the roof, HVAC system, windows, plumbing, and electrical systems.
• Storage: Consider closets, cabinets, garages, attics, and other available storage.
• Outdoor space: Look at the yard, drainage, landscaping, fencing, and other exterior features.
• Location: Consider the property's proximity to the places and amenities that are important to you, as well as traffic, noise, and surrounding development.
• Future needs: Think about whether the home can continue to meet your needs as your circumstances change.
• Potential costs: Consider maintenance, utilities, HOA fees, insurance, property taxes, and potential improvements.

It's also a good idea to look beyond what you can see during a showing. A home inspection can provide a more detailed evaluation of the property's condition once you're under contract, depending on the terms of your agreement.

Your real estate agent can help you ask questions, identify information you may want to investigate further, and point you toward resources that can help you evaluate the property. However, your agent isn't a substitute for a qualified home inspector or other appropriate professionals when specialized evaluations are needed.

When you're ready to start looking at homes, connect with a Century 21 Properties Plus agent to begin your search.

When you find a home you want to purchase, your real estate agent can help you prepare an offer based on the property, current market conditions, and your goals. An offer is more than simply choosing a price; it can include several terms that affect the transaction.

Depending on the property and circumstances, an offer may address:

• Purchase price
• Financing terms
• Earnest money
• Due diligence or inspection terms
• Closing date
• Items included with the sale
• Contingencies or other conditions
• Other terms negotiated between the buyer and seller

Your agent can help you understand the different components of an offer and provide information about the property and market to help you make an informed decision. However, your agent cannot make the decision for you. You ultimately determine the terms you are comfortable offering.

Once your offer is submitted, the seller may accept it, reject it, or respond with different terms. Your agent can help you navigate any negotiations and explain what happens next.

Because real estate contracts are legally binding documents, buyers should carefully review the terms of an offer and seek legal advice when appropriate.

If you've found a home you're interested in, connect with a Century 21 Properties Plus agent to discuss the next steps.

Once your offer is accepted, the home enters the next stage of the buying process. The specific steps and deadlines will depend on the terms of your contract, but your real estate agent can help you understand what needs to happen and when.

After an offer is accepted, you may need to:

• Submit any required earnest money or other funds according to the terms of your agreement.
• Complete due diligence, which may include property inspections, reviewing disclosures and other property information, and completing any other investigations allowed or required under your contract.
• Complete the appraisal, if required by your lender.
• Finalize your mortgage financing and provide your lender with any requested documentation.
• Obtain homeowners insurance and satisfy any other insurance requirements.
• Complete title work and address any title-related matters.
• Review your closing documents and prepare any funds needed to complete the purchase.
• Complete the final walkthrough, if applicable, to make sure the property is in the expected condition before closing.
• Attend or complete the closing process and sign the documents necessary to transfer ownership.

It's important to pay close attention to the deadlines in your contract. Missing a deadline or failing to complete a required step can affect your transaction.

Your Century 21 Properties Plus agent can help you keep track of the process, communicate with the other parties involved, and coordinate with your lender, closing attorney, inspectors, and other professionals.

Once all requirements have been satisfied and the transaction closes, you'll officially become the owner of the property and receive the keys according to the terms of the transaction.

In most transactions, you'll receive the keys to your new home after the closing has been completed and ownership has officially transferred according to the terms of your contract.

The exact timing can vary. In some transactions, the buyer receives the keys at or immediately after closing. In others, the contract may provide for a different possession date, meaning you may not receive possession of the property immediately after closing.

Before closing, your real estate agent can help you understand the agreed-upon possession terms and coordinate with the appropriate parties. You may also complete a final walkthrough before closing to make sure the property is in the expected condition and that any agreed-upon items or repairs have been addressed.

Once the closing process is complete and you're entitled to possession under your agreement, you'll be ready to take ownership and begin settling into your new home.

If you're preparing to purchase a home, connect with a Century 21 Properties Plus agent to learn more about what to expect from contract to closing.

Once your offer has been accepted, it's important to protect your financial situation and avoid making major changes that could affect your mortgage approval or the transaction. Until your purchase is complete, it's generally best to keep your finances and circumstances as stable as possible.

Before closing, consider avoiding:

• Making large purchases: Buying a car, furniture, appliances, or other expensive items can change your debt-to-income ratio or available funds.
• Opening new credit accounts: New credit applications or accounts can affect your credit profile and may require additional documentation from your lender.
• Taking on new debt: Avoid co-signing loans or making other significant financial commitments without discussing them with your lender.
• Changing jobs or employment status: If possible, avoid making significant employment changes before closing. If a change is unavoidable, talk with your lender as soon as possible.
• Moving money without documentation: Large or unexplained deposits or transfers can create additional questions during the mortgage process.
• Missing payments: Continue making your existing mortgage, credit card, loan, and other payments on time.
• Spending the funds needed for closing: Make sure you have the money required for your down payment, closing costs, and other transaction expenses available when needed.
• Skipping required steps: Stay in communication with your lender and real estate agent and respond promptly to requests for documents or information.
• Making major changes to the property: If you're planning renovations or other significant changes before closing, discuss them with your agent and lender first.

Every transaction is different, and your lender may have specific requirements based on your loan. Before making a significant financial or employment change, talk with your lender to understand how it could affect your mortgage approval.

Your Century 21 Properties Plus agent can also help you stay aware of important transaction deadlines and coordinate with the professionals involved in your purchase.

If you have questions about your upcoming closing, connect with a Century 21 Properties Plus agent and we'll help you understand what to expect.