Finding that perfect home can sometimes seem like a daunting task. We pride ourselves in listening intently to your needs, desires, and concerns. Then we use our deep knowledge of the Upstate market to help you find your dream home. Matching the client with his or her perfect new home is our goal, our joy, and our job.
To get started, please talk to us! We’re happy to answer any questions, even if you’re not ready to start buying yet.
Here are some common buyer’s questions to get you started.
COMMON BUYER’S QUESTIONS
What are the types of real estate relationships?
Agents working for buyers generally come in three types of relationships: buyer-exclusive (or single agency), seller-exclusive (sub-agency), or both buyer and seller (dual-agency). Different relationships work for different transactions.
Do I need an attorney when I buy a house?
Depends on the state. In South Carolina, you do need an attorney to complete a real estate transaction. We can recommend several attorneys in the area.
What is the standard debt-to-income ratio?
Lenders often confine mortgage payments to 28 percent of the borrower’s gross income. Some lenders may allow up to 40 percent if the borrower has a strong record of paying a similar percentage rent payment consistently on time. Saving up for a larger down payment is one way to increase your chances of loan acceptance.
What can I afford?
This is a vital part of home buying! Unfortunately, it’s not one we can conclusively answer for you. As mentioned above, most lenders won’t allow borrowers to spend more than 28 percent of gross income per month, and require a debt-to-income ratio of 34 to 38 percent. Check with several lenders before you start shopping for a home; many will be happy to calculate what you can afford.
When is the best time to buy?
This depends on the market and your situation. Obviously it’s nice to buy when housing prices or lending rates are low, but that’s not always feasible. Financially, the best time to buy is when you can afford to—if you have a good down payment, know you can consistently make mortgage payments, and have the funds for maintenance expenses.
How long do bankruptcies and foreclosures stay on a credit report?
Up to 10 years. Some lenders will be more flexible depending on the circumstances of the event, and how quickly you re-establish good credit. For example, a lender may be more sympathetic if your bankruptcy was related to business decisions, not personal credit.
How do you determine the value of a troubled property?
You should gather as much information as possible from the lender, and conduct a thorough property examination, if possible. You may be able to obtain additional information about the property from local records.