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The Real Estate Closing

What is a Real Estate “Closing”?

A “Closing” is where you (the Buyer) and us (your Buying Agents) meet at the closing attorney’s office with all or some of the following individuals-- the Seller, the Seller’s Agent, your lender and the closing attorney-- in order to transfer the property title to you. The purchase agreement (or contract) you signed describes the property, states the purchase price and terms, sets forth the method of payment, and usually names the date and place where the closing or actual transfer of the property title and keys will occur. Most closings take place at the closing attorney’s office.

When the property is financed, your lende...

Buying Distressed Properties - Foreclosures & Short Sales

When buyers tell us they are looking for “short sales or foreclosures,” our interpretation is that they are looking for “bargains”!

While there are still distressed properties in our market, distressed inventory is trending downward and reducing. There are a few issues that buyers need to understand about different kinds of distressed properties. The most important are:

1. Short Sales – A “short” sale occurs when a homeowner has an adverse financial or personal situation that has prevented him/her from paying their mortgage on time.  As they fall behind in their payments, the lender will initiate the foreclosure proces...

What Happens Next?

Now that you have your home under contract, what needs to happen before you can close on the home?

• Choose a real estate attorney.  SC is an attorney state so you will need to hire an attorney to close the transaction (in other states, title companies may perform these functions).  The attorney performs many functions including the following;  tax check, title search, title examination, title insurance, closing document preparation, loan documentation, deed prep, & closing/settlement.
• Make sure you have the earnest money in your account.  Your check will be deposited in an escrow account within 48 hours and held there until closing.  
• Complete your loan appli...

Making An Offer

Once you have found the home you wish to purchase, you will need to determine how much to offer for the home. It is important to remember that the more competition there is for the home, the higher the offer should be – sometimes even exceeding the asking price.  Remember, BE REALISTIC. Make offers you want the other party to sign! We will provide you with current NEIGHBORHOOD STATISTICS to make sure you understand the market dynamics before making your offer. Please note that NEW CONSTRUCTION homes work differently.

To communicate your interest in purchasing a home, we will present the listing agent with a written offer. When the seller accepts an offer it become...

13 EXTRA COSTS TO BE AWARE OF WHEN BUYING A HOME

1. Appraisal Fee.  This is normally charged upfront by the lender.
2. Property Taxes. Property taxes are paid in the beginning of the year for the previous year.  (i.e. 2014 taxes are due January 1, 2015). If you set up an escrow account, this cost will be included in your monthly mortgage payments and paid for by the lender when due.  
3. Survey Fee & Elevation Certificate.  A survey is optional.  If the home is in a flood zone and required flood insurance an Elevation Certificate will be required.  The seller may already have one to give you, otherwise you will need to order one at your own expense. 
4. Hazard, Earthquake, & Flood Insuran...

LOAN PRE-APPROVAL

Normally sellers pick cash buyers over buyers that need to use financing.  This is because there is less risk of the deal falling through if for some reason the buyer is unable to qualify for a mortgage loan.  If you need to use a loan and want to be able to compete effectively with cash buyers, it is HIGHLY RECOMMENDED that you get a pre-approval (NOT just a pre-qualification) before you start to look for a home. This way, when you find the home you want to buy you are ready to make a quick competitive offer.  

A pre-approval will help you in the following ways:

1. You won’t waste time considering homes you cannot afford. Or you may be able to afford a bette...

WHAT EVERY BUYER SHOULD KNOW BEFORE PURCHASING A HOME

1. Property taxes and qualified interest may be deductible on an individual’s federal income tax return.
2. Due to new regulations, lenders have implemented additional auditing and underwriting steps, which may cause unforeseen last minute delays out of anyone’s control. CONSIDER THE CLOSING DATE A TENTATIVE (TARGET) DATE. It is smart to allow for potential delays, since they are possible. Don’t schedule moving vans for the closing day.
3. SQUARE FOOTAGE is always approximate and not guaranteed. Different professionals measuring a home will come up with different numbers. If square footage is a big concern, PLEASE HIRE A PROFESSIONA...

WHY DO YOU NEED A REALTOR?

As a team of licensed real estate professionals we provide much more than the service of helping you find your ideal home. Realtors are expert negotiators with other agents, seasoned transaction advisors with clients, and superb navigators around the local real estate market. We are members of the Charleston Trident Association of Realtor, the South Carolina Association of Realtors and the National Association of Realtors (NAR) - we must abide by the Code of Ethics and the Standards of Practice enforced by NAR.

As knowledgeable and experienced Realtors we will:

1. Streamline the process.  Save you endless amounts of time, money, energy and frustrati...