BUYING A HOME IN THE

GREATER SAVANNAH AREA

WITH TROPHY POINT REALTY GROUP

THE PROCESS

TO FIND YOUR NEW HOME

An old adage in real estate is this – you make your money when you buy. That means you can’t pay too much now or you’ll be in a tough situation later. At Trophy Point, we pride ourselves on getting the best deals for our clients because we hope to earn your business again when you’re ready to sell.

1. let's find your home!
We create an MLS ("Multi-Listing Service") Email Drip for you according to the criteria you & your agent will discuss in your first meeting. This means you’ll be getting an email as soon as any property matching the criteria appears on the Savannah-area listing service.

Why Savannah MLS? The vast majority of all properties for sale in Savannah & surrounding areas are listed through the Savannah MLS. It’s what all Savannah-area agents use to search for properties, so this will give you awesome access. Let your agent know when you see something that you really like & want to see! Your agent will also keep eyes & ears to the ground & on the MLS to get you first dibs on any properties that pique your interest.

Keep in mind that you will need money for an earnest money deposit (amount dependent on a few things, so chat with your agent if you haven’t already about how much to expect) & about $400-500 for an appraisal more immediately than you’ll need money for a down payment. Earnest money is a part of almost all offers, usually given within the first week of an accepted offer that tells the seller, “hey, we’re serious about buying this place!” It is totally refundable if you want to walk away from the contract before due diligence period ends (which is after we will get our inspection report back and ask for repairs). Assuming you close on the house, the earnest money deposit goes directly toward your down payment.

2. figure out financing
In order to be set up for success & make an offer as quickly as possible on your dream home, you’ll need to be prequalified. This means you’ll talk with a lender (we have a few that we know and love) and give them the info they need to be able to determine the loan amount they would give you should you decide to buy a house in the near future. Typically, people will use the same lender for their loan once they do find a house since it helps the process move as smoothly as possible, but it is not a binding commitment. What's important is getting pre-qualified as quickly as possible so that we can put in a strong offer on a house as soon as you find one you love.

SPECIAL NOTE

Make sure to not open any new lines of credit from the time you get your pre-qualification letter through closing. Buying a car, opening a new credit card, etc. could heavily impact your lender’s ability to loan the amount you need for your home.

3. build your team
Your agent will be available to help you find your dream home, negotiate an offer, & walk with you through the under contract period, but you'll need more than just an agent to complete a smooth purchase. The two other major parties involved are your lender and your closing attorney. The real estate attorney is the one who transfers the title & works with your lender to put together all the closing balances and signing documents. You get to choose who you want for the job! We have a few highly recommended lenders & attorneys we regularly work with if you're not sure where to start - just ask your agent!
4. making offers
Your agent will walk you through all of the following documents. They'll explain why we may or may not need certain ones, as well as what they each mean for you & the property you’re offering on. Your agent will also go through how to make a really strong offer, & strategize with you so that you’re set up for success & offering with terms that work for YOU. But as an overview of these documents, here’s what to generally expect:

This is what most people refer to when they say an “offer”. It includes the basics like your offer price, the timeline you’re proposing, and anything you want to ask for (like a home warranty or termite warranty at no cost to you). Your agent will walk you through the contract and strategize with you to come up with a strong offer & make sure you feel confident with your offer.

This outlines how exactly you’re planning on paying for this home. It also tells the seller how many days are in the financing contingency period, aka how many days you have to get approved if you’re using a loan, and how many days are in the appraisal contingency period, aka how many days we have to get the appraisal back and determine our next move if the appraisal comes in lower than the purchase price. Like the Pre-Qualification/Pre-Approval letter, you don’t *need* to use the lender that you put on this exhibit. However, you will need to confirm the lender you want to use once the offer is accepted so that no part of the loan process gets held up.

This tells us everything the seller knows about their property. It isn’t the same as an inspection, but can give an idea of the state of the property.

This is only required for houses built prior to 1978, since that’s when the law was passed banning lead-based paint. However, almost every house we’ve encountered has been rid of lead-based paint for years even if it was built prior to 1978. This disclosure is simply a legal requirement to ensure that absolutely no lead-based paint is in the house (or if it is, that you know where in the house it is).

If the house has any HOA fees or is a part of any type of association, this disclosure should be included so that you know what fees and regulations you will need to abide by should you close on the house.

5. under contract period & closing day
Once you have an offer accepted, congrats! This means you are now “Under Contract”, & the clock starts for all the deadlines stated within our offer.

Your lender & closing attorney will work with you to get a lot of information on the front end. The quicker you get the info they need to them, the quicker they'll be able to clear you to close. Your agent will schedule an inspection early in the Due Diligence period and review the inspection results with you. They'll also review the appraisal with you once completed, and negotiate on your behalf.

The Trophy Point team will help facilitate paperwork & communication between all parties, & even help you with utility info, contractors, or anything else you let us know you'd like recommendations for. Going above & beyond is our speciality & we want to make your move as smooth as possible!

After signing all the paperwork to close on your home, the attorney will hand you the keys & you will be the proud owner of your beautiful new home!

Ready to get your search started?

LEARN MORE

Our most recent blog posts related to buying & owning a home in the Savannah area.

READY TO GET STARTED?

We’re here to assist every step of the way.

CALL ⋅⋅ TEXT ⋅⋅ EMAIL