I found this website to check out homes anywhere in the U.S.

By Alan Donald, BuyHomesInCharleston.com

Here is a situation that unfortunately is becoming very common: Appraisals that are coming substantially BELOW THE CONTRACT PRICE!

Why is this happening?

The main reasons for this new trend are:

1. Recent CHANGES IN GOVERNMENT REGULATION (namely the Home Valuation Code of Conduct - HVCC) that dictated that lenders cannot choose an appraiser directly any more (lenders normally would choose an appraiser they know is familiar with the neighborhood). Instead, they have to order the appraisal through a third party company, who in turn has a "pool" of registered appraisers to whom they farm out the jobs. This has caused some appraisals to be conducted...

I think this listing is priced very well, Longpoint neighborhood is very nice, great schools, convenient location. Should sell very soon!

CALL ME TODAY TO ARRANGE A SHOWING!!

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Great new listing in Bedford Chase, a nice section in Crowfield Plantation, the premier subdivision in Goose Creek. Very close to the Naval Weapons Station and close proximity to Google, Charleston AFB and great shopping at Northwoods Mall.

Click for Details

One of the difficulties of executing a Forward 1031 Exchange is that there is limited time to identify suitable properties and an investor may miss the window to qualify for the 1031 "tax-free" exchange. Many of the current buying opportunities are either short sales or lender-owned properties. The timing uncertainties these generate make a Forward 1031 Exchange risky to execute well.

A Reverse 1031 Exchange allows investors to take advantage of current market opportunities by purchasing the replacement property FIRST, and then identifying the relinquished property within a designated time frame (most times investors KNOW which property they want to get rid of in advance).

As an investo...

Only 9 Weeks Left!

If you are a first time home buyer and want to be eligible for the $8,000 Federal Tax Credit when you purchase a primary home, there are just 8 weeks left to CLOSE the transaction!! (unless Congress extends the deadline, this tax credit expires on December 1st, 2009). This means you better get cracking! You will need to find a home, negotiate a contract, do your buyer's due diligence and get your loan approved before you can close!!

If you are in this situation and need to buy a home urgently - please contact me ASAP! We can still do it....

TO "LOCK" OR TO "FLOAT"?

It is very important for home buyers or for those who want to re-finance to be aware that in these volatile financial markets we are living in, interest rates on mortgages can fluctuate substantially in a matter of hours! I have heard many stories from mortgage lenders about how they were able to lock a fantastic interest rate for a loan using a 2-3 hour "window of opportunity" that disappeared afterward, or others that missed out because they floated the loan (to "float" means to let the interest rate fluctuate with the market). Understanding how "locking-in" a rate works may help you evaluate your options and could result in thousands of dollars in savings!

So...

...Renting...?

...Credit score above 660...?

...Wish to BUY now to take advantage of market conditions, low interest rates and the $8,000 TAX CREDIT...?

If we believe everything the media throws at us we would be 100% sure that there are no more 100% loans available for buyers! However, that's not the case...A few banks still have a 100% loan programs for buyers with good credit scores (660 and up).

Interested? Contact me today! I'll help you buy your dream home with no money down...

Our oldest son Kai goes to college tomorrow. On the one hand, I am glad he's making his own future now. On the other hand, I know that I am not going to enjoy any more high school soccer games, and will have fewer Apples-to-Apples and ping-pong challenges with him gone...in any case, we know that there is now a spare bedroom in our home (until he comes home during the holidays!)

This got me thinking about life, and the cycle for real estate ownership. Normally people don't start thinking about investing in real estate until they get married or kids come along.  Only the smart ones see that real estate is a great long-term investment and start early, as soon as they graduate from colleg...

With all the hype about short sales and REOs (lender-owned) homes, I thought that it was useful to put things in perspective (at least for Mt. Pleasant). Here are the numbers (as of 8/13/09) taken from the MLS:

• Total No. of Single Family, Detached listings (Active, Contingent and Pending) in Mt. Pleasant: 1,165
• Number of these listed as "Possible Short Sale": 120 (10.3%)
• Number of these listed as "Lender-Owned": 12 (1%)
• Number of these under Contract (Contingent and Pending): 167 (14.3%)

• Total No. of Condo & Townhome listings (Active, Contingent and Pending) in Mt. Pleasant: 525
• Number of these listed as "Possible Short Sale": 58 (11.04%)
• Number of these listed as "Lender-Own...

Buying Opportunities with Foreclosures

In Part 1 we discussed the different stages of a foreclosure which could result in buying opportunities. Here we explore the different opportunities and risks involved in each stage.

Today's buyers seem to be more focused on the short-term goal of "getting a deal" rather than on the long-term lifestyle improvement and savings goal of home ownership. However, in the "frenzy" created by the media about buying foreclosure homes, there are some serious pitfalls that should be considered that may result in unforeseen challenges for the average buyer.

1. Pre-foreclosure (Short Sales). In my opinion, one of the best avenues to find well-priced properties...

I read this article in the Daily Real Estate News today which I agree with!

"Daily Real Estate News | August 3, 2009 

There's no ultimate answer to this question, but Tribune Media Services columnist Ilyce Glink has a theory. Here are her six top reasons properties linger on the market:

1. Lousy pictures on the Web. 
2. Priced too high for the neighborhood. 
3. Blah interior; ho-hum landscaping. 
4. Little online marketing and hard-to-find MLS listings. 
5. Low commissions. Practitioners make sure their customers see properties that offer a payoff. 
6. Miserable maintenance, including ceiling stains, leaky faucets, and ancient furnaces.

Source: Tribune Media Se...

Keli McClarty from Atlantic Bank sent me a copy of this article, that I believe synthezises the new changes effected recently on the mortgage industry, and which are essential to keep in mind when buying or selling real estate:

The bottom line is that the new rules are all about giving the borrower time to decide if they want the loan they applied for at the time of application.

RULE:  Borrowers have 7 days from the "official" application (meaning they must have a property address) before they can close the loan.

TRANSLATION: Rush closings are a thing of the past - even if a file is transferred to you from another mortgage company.

RULE: A Good Faith Estimate must be sent within 3 day...

I found this 2006 article from writer Tom Austin in Travel & Leisure Magazine that contains a very interesting and vivid description of the juxtaposition of the old and the new in Charleston, SC.

Click here to read the article....

The popular Travel and Leisure Magazine World's Best Award has just ranked Charleston (SC) their No. 4 city in the U.S. and Canada (behind New York, San Francisco and Chicago). This is not the first time our Holy City receives such an award, in 2007, Charleston had already ranked #6 and in 2006 it had also ranked #4.

This is a great honor for such a small city to be compared against some of the biggest and most cosmopolitan cities in the continent!

Travel & Leisure comes up with the ranking after an online survey is posted for three months, where respondents rate services like hotels, spas, cruise lines and restaurants on value, ambience and customer service. A minimum number of entries...

BUYING FORECLOSURES (Part 1)

Foreclosure is the legal process by which lenders (lien holders) recover the amount owed on a loan that is in default by exercising their right to repossess the property that secured the loan as collateral ("no pay, no stay clause").

The foreclosure process varies slightly from state to state, but it usually has the following steps:

PRE-FORECLOSURE
1.The homeowner (borrower) stops paying the mortgage
2.The lenders send the borrower a default notice, explaining the consequence if the borrower does not pay the owed amount plus late payment penalty.
3.The lenders hire an attorney to process the foreclosure and file a public notice ("lis pendens") announcing thei...

An incredibly expensive home just hit the Charleston MLS:

32 LEGARE ST. South of Broad (Downtown Charleston) was just listed for $23 Million! Maybe this is not a big deal in New York, San Francisco or Los Angeles, but for Charleston this is a huge price! More details here...

The National Association of Realtors has sent us an interesting article answering many of the most common questions we are being asked about the Tax Credit for first-home buyers. I decided to copy it here to make it available to my clients:

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?
First-time home buyers who purchas...

Showings are at an 18-month high in Mt. Pleasant and also in Dorchester County (Summerville), according to data compiled by Centralized Showing Service, which records all showings booked for REALTORS via the MLS. Charleston (West Ashley) and areas of Berkeley County also exhibit a similar patter (see graphs). Because showings are an indicator of the level of buyer interest in the market, it can be used as a predictor for future sales, which will normally show up 2-3 months later. Many factors may be contributing to this uptick in showings: Families are back from summer holidays, interest rates are still low, prices have continued to drop, and the $8,000 First-time Home Buyers' Tax Credit ...