News 12 at 11 o'clock, September 22, 2010

AIKEN, S.C. --- It is a buyer's market for people wanting a home.
Prices dropped more than three percent in July compared to a year ago. A lot of it has to do with foreclosures. But for those looking to buy, News 12 looks at a program to help you get in and keep your new home.

Just a few weeks ago, Lesa Segura started a session of Aiken's Community Homebuyer's Education Program. Weeks later, as the program winds down, one of the final lessons is a "how-to class" from a state building inspector on potential problems in a new home.

"It's great to educate people so they understand why things aren't right," said John Willis, who has been a state certified building inspector for the the past 16 years. Willis has worked with the city of Aiken for the past six years. He has this advice for home buyers: "A couple of hundred dollars today could save you thousands and peace of mind."

Willis also says you need to know what you are getting before you buy.
One of the worst experiences for a new homeowner is inheriting someone else's problem. Some homeowners are stuck with so many costly repairs, they can end up losing their home.

"There's more to a house than just a mortgage," said Willis. "If you can only afford the mortgage, you probably can't afford the house."

Segura agrees and also has a message of caution: "If you got that mortgage without being fully documented in terms of your income, you may be in over your head on day one."

The six-week course puts an emphasis on planning, budgeting and preparation. Without that you could end up in foreclosure. Segura says of the past 50 home sales in Aiken, only one has been a foreclosure. Spiraling into debt to pay for repairs is common and one of the main reasons so many end up losing their homes.

Electrical wiring, heat pumps and water pipes are all areas that can cost you. Maintenance costs can drain finances as a new homeowner, and it is not uncommon for things to be "missed" during that inspection. However, going in armed with knowledge, you decrease the chance of it happening.

"That saves you a lot of pain and a lot of potential economic ruin by deciding it's not for you," said Segura. "You realize that you're not ready and that's not the right property."