Summerville

One subject that may be confusing to a first time home buyer is that of closing costs. How much does it cost to close on a house, and who pays for what? And most importantly, what’s included in these costs? The truth is, closing costs are not really that complicated, and the process is fairly easy to understand. The following are some of the different types of costs that may be required to close on a home in the Summerville area.

Origination Fee
Depending on the type of mortgage the buyer obtains, an origination fee may be included in the closing costs. The buyer normally pays this amount, and it is a percentage of the amount financed.

Points
Some mortgage loans require the buyer to pay discount points in order to get a better interest rate on the loan. A point equals 1% of the amount of the loan, and in most cases, the annual percentage rate will decrease by .125% for each point purchased. Paying points may or may not be a good idea for the buyer, depending on how long he/she plans on owning the house.

Appraisal Fee
Banks most always require an appraisal before issuing a mortgage loan, and to send an appraiser out to the house requires an appraisal fee. Normally, the buyer pays this cost since the appraisal is for the buyer’s bank.

Credit Report Fee
Buyers usually have to pay a credit report fee to the bank to obtain approval for a mortgage.

Inspection Fee
This charge is paid by the buyer if a home inspection is desired. A clause can be put into the offer letter that allows the buyer to rescind it if he/she is unhappy in any way with the results of the inspection or the lack of remedy provided by the seller for any problems that turn up during the inspection. This is a cost that normally takes place before closing.

Bank Processing Fee
This fee is often charged by the bank to the buyer as an add-on to recoup its costs for processing the loan.

Flood Certification Fee
Buyers pay this fee to the bank in order to determine whether the home is in a flood zone. You may find that in the Summerville area to be in some type of a flood zone.

Hazard Insurance
A hazard insurance premium is usually due at closing by the buyer to protect the lien-holder and buyer against things such as storms and fire. In plain talk this is your home insurance policy. If the home is determined to be in a flood zone, the buyer will also have to purchase flood insurance as well.

Prepaid Insurance
Depending on the closing date, the due date for the buyer’s first mortgage payment may be almost 2 months away because of the timing of the bank’s normal cycle of charging interest. Because of this, the bank will charge the buyer the interest upfront for the first partial month before the bank’s interest cycle resets.

Settlement Fee
The Title Company will usually charge a settlement fee to cover its costs to transfer the title from the seller to the buyer.

Title Insurance
A title insurance policy is usually required to protect the buyer and the lender in case problems are found with the title of the house during the buying process. If major problems such as property disputes or lawsuits are found, this insurance policy is in place to protect the buying parties.

It’s important to remember that although the buyer typically pays for all of these closing costs listed, nothing is set in stone. Sometimes the buyer will negotiate for the seller to pay for some or all of these costs. In a good buyer’s market, negotiating closing costs into the deal is often a common practice that is well taken advantage of. However, in markets where multiple bids are coming in on houses and they are going for list price, there is virtually no chance of getting the seller to pay any closing costs. It just depends on the situation and the housing market at the time of the transfer.

If you have any additional questions regarding closing costs, feel free to send me an email and I would love to address your questions….

Lets go buy a Home Today!!!!

The key to success in buying a home is similar to the key to success in anything: planning and organizing. The process will take you through the four steps that will help you remember the homes you’ve seen and help you choose the best one for you.

1. Map it out

Step one in the planning process is to find a map of the area or town where you’re looking. Mark the places that are important in your decision-making process -schools, parks, grocery stores, malls, or if you commute – where the train stations are or the best way to get to get to the interstate.

Then, as you visit each home, place a mark on the map, and see how it fits in with your overall plan of location, location, location.

2. Keep the listing sheets

For each home you visit, the real estate consultant should give you a listing sheet. This contains vital information about each home -the address, list price, lot size, number of bedrooms and bathrooms, and extras.

3. Take notes

As you walk through the house, take notes on the back of the listing sheet about memorable things. Make sure you note the date and time you visit. You may want to sketch out the floor plan while you’re there.

You should also take your “wish list” with you and check off the items that are “must haves” and “nice to haves.” This will help keep you from getting distracted by a great or horrible decorating job.

4. Take photos

You’re always welcome to take photos of the exterior, but make sure to ask before taking any inside – not everyone wants to “share” their personal lives with others. Taking pictures can go a long way to reminding you what a home looks like – and how it fits into the neighborhood. It also lets you look at it later, after your first impression, when you want to look more at the details.

Polaroid has a small reusable camera for about $15 that will provide you with a photo right then and there. Use adhesive backing to stick it right on the listing sheet.

Lets go buy a home today, the Summerville market is still affordable, check out the latest stats for the area by clicking here.

Here’s a quick note to let you know how I can help you or anyone you might introduce to me.

Due to a job change, Troy, Sarah and their three children were relocating to the Summerville area from out of state. Troy was already here and working; Sarah and the children would arrive after their current home sold. Unfortunately, their house had been on the market for four months, the listing had just expired, and the family was nowhere close to reuniting.

I heard about Troy from his coworker who’s a client of mine, and called to ask if I could be of service. When we met it was easy to see he was very discouraged. I explained that I’m a member of a national organization of Realtors and Lenders committed to helping people reach their goals, and I offered to contact my colleagues in that area to discuss selling his house. Two days later Troy and Sarah signed a new listing agreement, and 22 days later their house sold. Now the family is reunited and we’re shopping for the perfect home!

P.S. Who’s the next person you know who’s moving into or out of our area? Be sure to give me a call to discuss how I can help them.

Michelle was so happy she could Hardly control her emotions. She was standing outside the apartment where she and Robert had lived for four long years. All she could think of was how much she hated that tiny apartment.

After their daughter Heather was born. Apartment life had become more and more inconvenient. More laundry to carry. More groceries to lug in from the parking lot.

Robert slammed the door closed on the back of the U-Haul truck and snapped the lock. Michelle and Heather followed Robert and the U-Haul as they left the apartment complex for the last time.

As she turned on to the tree-lined street that she would now call home. Michelle was surprised at how quiet and peaceful their new neighborhood was. The lawns were neatly trimmed and well main-tained. Children were laughing and playing in their yards, or riding bikes on the sidewalks.

Tears welled in her eyes as Michelle recalled how for years she and Robert struggled to save the money for a home. There were always more bills than money. Robert had lived with the fear that he would never be able to provide his family a home.

All that changed when Michelle and Robert met with Bob Taylor. He reviewed there finances, determined what there housing needs were and within two weeks, they had found their home. Three weeks later, their loan was approved and Michelle and Robert had closed on their new home.

If you’ve always wanted to own a home, now is the time to look at your options.

Give me a call at 843-906-7929 or visit my website and I can find you a home.

Yes, everyone is talking about the first time home buyer tax credit. You do not want to miss this opportunity and the great news is that we have plenty of inventories of homes here in Summerville, SC!

Here are a few facts:

• If you have not had any ownership interest in a principal residence during the last three years you are eligible.

• The credit does apply to single family homes, condos, town homes, as long as this will be your principal residence.

• Income limits applies, single taxpayers with incomes up to $75,000, joint returns up to $150,000….

• Important rule, you must keep this home for at least 3years, or you will be subject to paying the IRS back the entire amount of the tax credit at closing.

If you need additional information, you can go out to this site: www.federalhousingtaxcredit.com

Summerville home buyers, lets go buy a Summerville home today and be eligible for $8000.00!

Every hour of every day, hundreds of people need essential human services – training, employment, food pantries, help for an aging parent, addiction prevention programs for teens, affordable housing options, support groups, and ways of becoming part of their community. Often we’re confronted with a confusing array of organizations, phone numbers, and Web sites that lead us to a maze of agencies and services.

What many people don’t know is that simply dialing 2-1-1, where available, connects you with a wide variety of important services in your community. And “available” means more than 78 percent of people in the U.S., more than 28 percent of Canadians – and those numbers continue to grow.

2-1-1 is a free, confidential, one-stop service with an easy-to-remember telephone number to call for everyday needs and in times of crisis. While services vary from community to community, those services can include:

• Basic Human Needs: food banks, clothing, shelters, rent assistance, utility assistance.

• Physical and Mental Health Resources: medical information lines, crisis intervention services, support groups, counseling, drug and alcohol intervention, rehabilitation, health insurance programs, Medicaid and Medicare, maternal health, children’s health insurance programs.

• Employment Support: unemployment benefits, financial assistance, job training, transportation assistance, education programs.

• Support for Older Americans and Persons with Disabilities: home health care, adult day care, Meals on Wheels, respite care, transportation, homemaker services.

• Support for Children, Youth and Families: childcare, after-school programs, Head Start, family resource centers, summer camps and recreation programs, mentoring, tutoring, protective services.

• Natural and Man-Made Disasters: disease epidemics, power blackouts, emergency shelters, evacuation routes, travelers’ aid.

If you or someone you know wants more information about 2-1-1, the website is www.211.org and of course, the telephone number is 2-1-1!

Mistake #1. Using a Real Estate Agent Instead Of a Realtor

When you’re looking for help buying or selling property in the Summerville SC area, it’s important to remember that the terms “real estate agent” and “Realtor” are not synonymous.

• To be a Realtor, you must be a member in good standing of the National Association of Realtors (NAR). The equivalent organization in Canada is the Canadian Real Estate Association (CREA). Both are non-profit trade organizations that promote real estate information, education and professional standards.

Mistake #2. Failing to Maximize the “Curb Appeal” of Your Home

When you’re preparing your house for sale, remember the importance of first impressions. A buyer’s first impression can determine whether they’ll choose to look inside. It’s estimated that more than that 50 percent of shoppers decide to purchase a home even before they get out of their car. With that in mind, be sure to stand outside your home and take a realistic “fresh look.” Then ask yourself (and your Realtor) what you can do to enhance the “curb appeal.” It could make a significant difference in your final sales price as well as the speed of your sale.

Mistake #3. Not Appreciating the Buyer’s Point of View

Unreasonable though it may be, a prospective buyer would like to see a perfect home from top to bottom and inside and out. To improve the likelihood of an easy, fast and profitable home sale, we suggest that you attend to the following items:

On the outside

1. Sweep the front walkway.
2. Remove newspapers, bikes and toys.
3. Park extra cars away from the property.
4. Trim back the shrubs.
5. Apply fresh, clean paint on your home, wooden fence, and outbuildings.
6. Clean windows and window coverings.
7. Maintain sprinkler systems.
8. Maintain sealants around windows and doors.
9. Make sure roof and gutters are clean and in good condition.
10. Mow the lawn frequently and plant flowers.
11. Keep pet areas clean.
12. Take down out-of-season decorations.

On the inside

1. The kitchen and bathroom should look and smell clean.
2. Vacuum rugs and carpets (and have them professionally cleaned, if necessary).
3. Place fresh flowers in the main rooms.
4. Put away dishes, unless setting a formal display for decoration.
5. Make all beds and put away clothing.
6. Open drapes and turn on lights for a brighter feel.
7. Straighten closets.
8. Put away toys.
9. Turn off televisions.
10. Play soft music on the radio/stereo.
11. Keep pets out of the way and pet areas clean and odor-free.
12. Secure jewelry, cash, prescription medication and other valuables.
13. Consider removing unnecessary furniture and appliances from counter tops to create a greater sense of space.
14. Consider baking cookies or lighting scented candles to create a homey atmosphere.

Mistake #4. Thinking You Need To be In the Home to Provide Details to Prospective Buyers

Allow your Realtor to do his or her job without you on site. Most potential buyers feel more comfortable if they can speak freely to the real estate professional without the owner present. If people unaccompanied by an agent would like to see your property, refer them to your real estate professional for an appointment.

Mistake #5. Over-Pricing Your Home

Perhaps the most challenging aspect of selling a home is listing it at the correct price. It’s one of several areas where the assistance of a skilled real estate consultant can pay for itself versus trying to sell your home yourself.

If the listing price is too high, you’ll miss out on a percentage of buyers looking in the range where your home should be priced. Some people think that if they leave some “wiggle room” in the price, they’ll always have the opportunity to negotiate and accept a lower offer. However, chances are the offers won’t even come in, because the buyers who would be most interested in your home have been scared off by the price, and won’t even take the time to consider it. By the time you correct the price, you’ve already missed exposure to a group of potential buyers.

The listing price becomes even trickier to set when prices are quickly rising or falling. It’s critical to be aware of where and how fast the market is moving – both when setting the price and when negotiating an offer. An experienced, well-trained real estate consultant is always in touch with market trends – often even to a greater extent than appraisers, who typically focus on what a property is worth if sold as is, right now.

When purchasing a new house you want to ensure everything is in good working order and the structure is sound. With the rising cost of energy prices there are certain perks to watch for that may minimize those monthly utility bills. If you’re selling a house that has any of these features, make sure to mention it to your agent when marketing your home.

Energy Star Rating: This is an energy rating introduced by the U.S. Environmental Protection Agency in 1992 to identify energy-efficient products and reduce greenhouse gas emissions. If any appliances or lighting are included with your home purchase, look for this rating. These products are designed to save money while consuming less energy. An entire house can also have this rating if the homeowner participated in an Energy Star program, and the rating would appear on the inside of the circuit breaker. A home with this designation performs at least 30 percent more efficiently, a definite plus for any home buyer.

Insulation: A poorly insulated house can waste your valuable heating energy by 25 to 40 percent. If your home has, an R-value is higher than locally required, extra insulation in attics, crawlspaces, or any other wraps or sealant applied to reduce air escaping from gaps in the construction, it’s worth pointing out.

Windows: 25 to 50 percent of your heating and cooling comes from your windows, and new technology has led to even more effective ways of managing this. If you have newer windows with insulated frames and a low U-factor rating, this is a feature to make prospective buyers aware of.

Heating and Cooling Systems: A furnace is measured by the annual fuel utilization efficiency rating, or AFUE. A minimum fuel to heat conversion rating is 78 percent. If you have a furnace with an Energy Star label, your rating is higher than 90 percent, much more desirable when paying high fuel prices. For warmer months, an air conditioner should have at least a 10 seasonal energy efficiency ratio, or SEER. That rating would be 12 or higher for an Energy Star label.

Other system perks include the type of unit you have such as a heat pump. Depending on the temperature zone, these can provide economical year round heating and air conditioning. A tankless hot water heater provides an endless supply of hot water and can save 20 to 30 percent of your energy bill. These systems are more expensive than some of the conventional methods of heating and provide a definite selling asset for any homeowner. In addition to actual heating and cooling devices, point out other energy savers such as programmable, thermostats with timers, ceiling fans or radiant flooring.