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Doesn't feel great to be a home owner? Well, I am a future first time home buyer. I have decided to move back to Charleston after living in Memphis for 5 years now.
Memphis has some great prices for quality homes but I want to be in Charleston. Well I have been saving to put down on my first home as well as savings to back me up when I get to charleston for three months.
I am self employed and will be expanding my maid cleaning service in Charleston. I wanted to get advice on when I should the home buying process. I will have some income coming in from Memphis for selling my cleaning business leads but I will be starting from scratch building clientele in Charleston.
I have been been thinking about searching in different areas for the home I want to buy when I arrive in May. Regardless of when I find one, I would like to go ahead and start the buying process. It could be a 1, 3, or 6 months. I have a decent credit score over 640.
Do you know of any realtors that will work with me on buying a home eventhough I dont have any clients. I have a market plan for my business etc. I know that within 6 months I will have a steady cash flow of income.
First of all let me say, good job to you! Congratulations on being financially responsible and saving and building a business for yourself. Being an entrepeneur is not easy, and you have obviously succeded and are ready to do it again!
In regards to home ownership...the first step you are going to need to take is to get a prequalification lender from a mortgage broker. They will go over your finances with you, your credit score, income etc and will help you see when you will be financially ready to purchase a home. From there, you will have a much better idea how to proceed with buying a home.
Best of luck,
Foster
I am a Real Estate broker in the area I live in ( not in SC) and what SCDeller told you is very true. But a few other things: once you have your lending in place (interview more than one person and find one that you feel comfortable with). Also do the same with a Real Estate Agent (buyer’s agent) that you have interviewed and stick with them. You could do this simultaneously BTW.
Also returning to an area, you may be best served to rent for 6 months or so to get a feel for the area again.
I tell my clients...Homes sell themselves, it's my fiduciary responsibility to have you go into your purchase understanding the potential down side to a property you have fallen in love with. I have to look myself in the mirror every morning and I have never made a sale just to make a sale.
Since I don’t know SC Real Estate law, I can’t tell you how the commission gets dealt with there. Or law of Agency…but I’m sure you can look it up on line.
Here it goes like this: Listing Agent is the sellers (home owner) representative. Selling Agent (Buyer’s agent) could represent the seller or buyer depending on agency. Make sure your agent represents you unless they are doing a dual agency and it has been disclosed to you. If you are using a dual agent you may want an attorney to look over your contract…it will cost a bit but could save you in the long run.
Commission splits here are like this (all numbers are just an example) the Listing Agent signs a listing agreement for 8% with the seller. They list it on the MLS and offer all agents a split it could be 4% or 3% or whatever to bring a buyer to the table.
With new construction make sure you have your agent go with you the first time to register or you register your agent. The site agents represent the seller/builder.
Great advice Willow. Very important information there which I wholeheartedly agree with.
OTC, Not a problem. I've been out of the loop here for a little while. Busy times this Spring.
Foster
Great! The Lowcountry is a beautiful place to live and we're growing, so its a good place to build a business. There are lots of great areas for first-time homebuyers. Prices have come down, interest rates are low, there are many foreclosures that are priced below the market, and there are many sellers willing to help with closing costs. Having a down payment of 3-20% is great, and you would definitely need to get pre-qualified. Some foreclosure programs like Home Path will offer you cash towards your closing. If you are going to have a business that serves the whole area, you may want to look at a central location like North Charleston or Hanahan. Or, if you want to serve higher end clientele and second-home owners, you may want to look closer to the beaches and downtown.
I agree with all of the above. Please speak with a lender first. Self-employed, and moving to a new area without an established clientele may put a hamper on your ability to repay in the lender's eyes. They might want you to be up and running with established local business/income prior to signing off on your loan. If so, then renting might be your best option for the short term. That will also let you take some time to feel comfortable with the area, and hone in on which part of the low country you'd like to call home when you do buy.
Best of luck!
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Well, I am a future first time home buyer. I have decided to move back to Charleston after living in Memphis for 5 years now. 
