Everything You Need to Know About Buying a House in Charleston, SC
So you want to buy a house.
You thought it was just a matter of finding a house online that you like, touring it, and then making an offer.
But here's what actually happens:
You find a house that you love on a listing site. You call to schedule a tour. The seller's agent tells you that you need to be "pre-approved" just to walk through the door.
What in the world does "pre-approved" even mean?
You Google it. You ask ChatGPT about it. But now you havemorequestions.
Does your bank need to be involved? Do you have to sign a mountain of paperwork and fill out tons of forms for a loan you might not even use? Do you have to repeat this entire process forevery single houseyou want to look at?
Some agents tell you to "go to a local lender." Cool. What's a local lender? Is that different from your bank? Is that even good advice, or are they just trying to make a commission off of you?
Yes, It's (Kind of) Confusing
The truth is that the real estate industry does a terrible job at explaining things.
There are agents out there who like to throw around jargon like "earnest money", and "due diligence" without stopping to explain what any of it actually means. It's like everyone's assuming that you can speak fluent Real Estate when in reality, most people can't.
And look, we'reinthe industry, and even we'll admit: some of this stuff is genuinely confusing if you've never done it before.
But you don't need to know everything just to start the house-buying process. You just need someone to walk you through it in plain English, step by step, without the gobbledygook.
Let's Talk Timelines
How long does it take to buy a house from start to finish?
The short answer: 2 months to a year and beyond, depending on how prepared you are.
The length of the whole process will depend on where you're starting from, and more importantly, how ready your finances are.
Here's what a realistic timeline would look like:
If you're starting from scratch
(no pre-approval, haven't talked to a realtor yet, all you know is that you want to buy):
Timeline: 2 months to a year (or even longer)
Getting your finances ready is the most varied part of the equation. Some people might not need a lot of prepping time, and others might need more than a year. This is hugely dependent on your current situation.
Here's what needs to happen before you can even start looking at houses:
Financial prep before buying a house:
You have an emergency fund - You need 3-6 months of expenses saved separately from your down payment.
Have enough for a down payment - Depending on your loan type, you'll need 3-20% of the purchase price. On a $400,000 house, that's $12,000-$80,000.
Save for closing costs - Another 2-5% of the purchase price ($8,000-$20,000 on that same $300k house). These are all the fees and taxes you pay at closing, and it goes on top of your down payment.
Clean up your credit - If your credit score is under 620, you'll have a harder time getting approved. Pay down credit cards, dispute errors on your credit report, and don't open new credit cards or buy large purchases (like a car) on credit.
Stabilize your income - Lenders will want to see steady employment. If you just started a new job or just went from W-2 to self-employed, you might need to wait for at least six months to a year to show some income stability.
If you're semi-ready
(You have savings, decent credit, just need to get pre-approved and start looking)
The rest of the process moves faster if your finances are solid:
Get pre-approved (1-2 weeks)
Find a realtor (1 week, or faster if you already have referrals)
Tour houses (1-8 weeks, depending on how picky you are and what's currently on the market)
Make an offer and close (30-45 days after your offer is accepted)
The financial prep is the foundation of everything. Don't rush it.
If you try to skip it, there's a high chance you'll get denied for loans and have to start the whole process again.
Step 1: Get Pre-Approved
What is pre-approval?
It's a letter from a lender that basically says "Yes, we checked this person's finances and we'll loan them up to $X to buy a house." It's a document that you need for sellers to take you seriously.
Because sellers don't want to waste time on someone who can't afford their property. They want proof that you're legit and you have the capacity to purchase a house in the first place.
Do you have to get pre-approved separately for every house?
No. You only get pre-approved once. That letter is good for 60-90 days (depending on the lender). You use the same letter to tour multiple houses, make multiple offers, etc. You're not filling out paperwork every time you want to look at a house.
How do you actually get pre-approved?
Find a mortgage lender (we'll get more into this in a sec)
Give them a bunch of financial info: stuff like pay stubs, tax returns, bank statements
They run your credit and look at your income, debts, and savings
They say "Cool, you're approved for up to $350,000" (or whatever amount)
You get a letter. Done.
This process takes like 1-3 days if you have your documents ready. Maybe a week if you don't have all the documents on hand.
Step 2: Find a Lender
Here's who you can call:
A mortgage lender:A company whose sole job is to provide loans. Sometimes they might have better rates than your bank. Or they might not. You won't know until you ask.
A mortgage broker:This person shops around tomultiplelenders on your behalf to find you the best rate. They do the legwork. You just wait for them to come back with options.
Local lenders:Lenders based in Charleston who focus on the local market. They are likely to understand area-specific factors that might affect your loan (like flood zones or HOA requirements) and have experience working with local real estate professionals.
Your bank:Rates vary across banks so it's worth comparing them with other lenders. You can start here if you'd like, but consider exploring the options above as well.
What should you do?
Talk to 2-3 lenders. Ask about rates, fees, and how long the process takes. See who you can vibe with. See who actually explains things instead of just throwing numbers at you.
A good lender will hold your hand through the process, explain what you can afford vs. what you're approved for (they are not the same thing), and give you real talk about monthly payments, not just the sticker price of the house.
So, where do you find these people? You can Google "mortgage lenders Charleston SC," ask friends who bought recently, or ask a realtor for recommendations. Which brings us to…
Step 3: Find a Realtor
A realtor helps you figure out what you actually want (and what you can compromise on), set up a search so you see new listings the second they hit the market, schedule tours, write your offer, and negotiate on your behalf.
They'll hold your hand through inspections and paperwork, and tell you when a house is overpriced or is a good deal.
Do you have to pay a realtor?
Usually no. In most cases, the seller pays both agents' commissions. So, in a way, you get free expert help.
How do you find one?
Call 2-3 and interview them. Ask them: How long have you been selling in Charleston? Do you work with first-time buyers? What neighborhoods do you know best? Can you recommend lenders?
Pick whoever makes you feel like you're not drowning. There's a huge chance you're gonna be texting this person at weird hours asking "is this normal?" a lot. You need to actually like them and be comfortable with them.
Step 4: Figure Out What You Actually Want (And What You Can Afford)
What you can afford ≠ what you're approved for.
Let's say the lender approves you for $400,000. That's great. But that doesnotmean you should spend $400,000.
Mortgage + insurance + taxes + HOA (if there is one) = your real monthly cost.
Sit down and look at your budget. What can youcomfortablypay every month without eating ramen and praying your car doesn't break down?
Let's say you're comfortable with $2,500/month. Tell your lender that. They'll reverse-engineer what price range that gets you. Maybe it's $350,000. Maybe it's $300,000. And now that's yourrealbudget.
Now: what do you actually want in a house?
Grab a piece of paper and write two lists: non-negotiables (deal-breakers like 3 bedrooms, under 30-minute commute, not in a flood zone, doesn't smell like a swamp) and nice-to-haves (things you'd compromise on like a garage, big yard, updated kitchen).
Huge chance that you're not getting everything on your list, and that's perfectly fine. But knowing what you need vs. what you want (and what you can afford!) keeps you from falling in love with a house you can't actually live in.
Step 5: Finding a House That You Like and Making an Offer
The house hunting part:
Your realtor sets up tours. You go look at houses. Some will look better in person. Some will look worse. Listing photos can sometimes be prepared in such a way that they will always look good.
Things you can ask yourself as you tour a house:
Does it smell weird?
Are there cracks in the foundation or ceiling?
How's the roof?
What's the neighborhood like? (Drive around. Is it quiet? Sketchy? Are there 50 cars parked on the street?)
How's the commute? How long will it take you to get from point A to B?
Make an Offer
Found a house that you like? Great, now it's time to make an offer!
Your realtor writes this up. You tell them what you want to offer, and they put it in a contract.
What goes in an offer:
Price
Earnest money deposit- Think of this like a "good faith" deposit (usually 1% - 2% of house's price) that shows you're serious. You get it back at closing or if the deal falls through for legitimate reasons. You donotget it back if you just change your mind.
Contingencies- These are built-in protection for you in your contract. These are the important ones:
Financing contingency:If your loan falls through, you can back out.
Inspection contingency:If the inspection reveals the house is secretly a disaster, you can back out or ask for repairs.
Appraisal contingency:If the house doesn't appraise for what you offered, you can renegotiate or walk.
Closing date- When you want to actually own the house (usually 30-45 days out).
The seller can then:
Accept- Congrats, you're under contract.
Counter- "We'll take $10k more" or "we need 60 days to close, not 30."
Decline- They said no. From here, you have to move on to other houses on your list.
If they counter, you can either accept, counter back, or walk.
Step 6: Under Contract (AKA The Due Diligence Period)
You're under contract! You're now halfway to owning a house. But, of course, there's still a lot of things to do.
The Due Diligence Period
In South Carolina, you get a set number of days (usually 10-14) to do your homework on the house. This is when you:
Get a home inspection ($400-$800)
A professional comes and pokes around the house looking for problems. They'll give you a giant report listing everything wrong. It's rare for a house not to have issues, so don't freak out when the report is about 50 pages long.
Once you have the report, you and your realtor decide: do we ask the seller to fix things, or ask for money off, or do we just deal with it ourselves?
Get a CL-100 inspection ($100-$200)
A CL-100 is a Charleston-specific thing. It's a termite and moisture inspection.
Why? Because Charleston's climate is humid. And with high humidity comes termites, mold, and wood rot. The inspector checks for:
Active termites (or signs of old ones)
Wood rot
Moisture levels (especially in crawl spaces)
If they find issues, the seller usually has to fix them before closing.
Get your appraisal (lender orders this)
The bank or lender sends an appraiser to make sure the house is actually worth what you're paying.
Three things can happen:
Appraisal = offer price— You're good.
Appraisal > offer price— Congrats, you got a good deal.
Appraisal < offer price— This is a Problem. The bank will only loan you what the house appraised for.
If it appraises low, you can ask the seller to lower the price, pay the difference in cash, or walk away from the contract (if your contract has an appraisal contingency clause).
Lock in your homeowners insurance
You need this to close.
Shop around. Get quotes. Charleston-specific heads up: flood insurance might be required depending on where you're buying.
If anything during this period makes you want to back out, you can freely do so. You'll pay a small due diligence fee (as negotiated in your contract), but you're free.
Step 7: Clear to Close (The Finish Line Is in Sight)
Your lender does a final review of your finances, so it's important to keep everything stable right now. That means: don't buy a car, don't open new credit cards, don't make any large purchases, don't change jobs, and don't move money between accounts without talking to your lender first.
The attorney (yes, in South Carolina closings are done through attorneys, not title companies) will send you a closing disclosure about 3 days before closing. This lists every single dollar you're spending.
Please review it thoroughly. Make sure the numbers match what you expected, and ask questions if they don't.
Step 8: Closing Day (You Made It)
You show up at the attorney's office. You bring two forms of ID. You've already wired the rest of your down payment and closing costs.
You then sign a mountain of paperwork.
They hand you your keys.
You own a house.
Congrats. You did it!
Not Really That Hard, Right?
Okay, so that was eight steps. Some had sub-steps. But it's not the overwhelming 50,000-step process you thought it was, right?
Millions of people buy houses every year, and most of them were just as confused as you are right now when they started. And they figured it out. You will too.
You're gonna be fine.
Find a realtor you trust. Find a lender who doesn't talk down to you. Ask questions, lots of them.
You've got this.
Professor Pelican is here to make the home-buying process less intimidating and a hell of a lot more fun. We follow the Path of the Pelican: bold, straightforward, and always looking out for what's ahead.
We'll walk you through every step, and help you find that perfect place to build your nest.
