Questions and Answers
From contract ratification to closing can take up to 6 weeks. The process can be shortened when a buyer pays cash. Also the appraisal, inspections, and repairs can be tightly scheduled to make the process take less time.
This is typically done using an FHA loan for first time buyers. Some lenders will loan 100% to buyers willing to live in select rural areas. This is a benefit to help Farmers employees.
There is an array of closing costs associated with buying a home. Things like deed stamps, taxes, title search, and numerous other costs will add up to generally 1-3% of the value of the property.
Sometimes yes. It depends on the the appraisal, the loan-to-value and the agreed upon sales price
Yes. The seller can agree or not agree to help the buyer with the expense of some or all of the closing costs
There are two things involved here. There is the days-on-the-market and there is the time from contract ratification to closing. Days on the market can vary greatly depending on the location, economy, and the job market. Think of it as three months. An accurate and current days-on-the-market is available by request. The time from ratified contract to closing is approximately 6 weeks
It does not cost anything to list a home. A real estate brokerage asks for a commission to be paid if the listed home sells. If it does not sell, there are no costs to the seller. Real estate commissions can vary greatly from 4 to 6 to 8 to 10 percent. The higher commissions are associated to commercial real estate.
As a general residential-sales rule, a seller will typically agree to pay a real estate brokerage 6 percent (of the sales price of the home). The brokerage agrees (within written contracts) to handle all the aspects of selling the property. The brokerage will typically offer-out 3 percent to all the brokerage houses in the area. The 3 percent will be paid-out to any Realtor that brings a qualified buyer to the table. There are 6000 Realtors in Charleston SC and many of them are working with buyers.
The real estate market is expected to grow in Charleston SC in 2021. The reasoning is based on the influx of people and the expected growing job market
My opinion is absolutely yes. When you are shopping for a loan a Mortgage Broker makes all the sense in the world. The Mortgage Broker has information on hundreds of lenders and is familiar with the character, traits, and rules, of each individual one. He as worked with the lenders over many years and immediately knows which dozen or so to approach with your information.
The simple answer is a Lender is an institution that loans money and a Mortgage Broker is a middle-man that shops for a loan (for you)
The first thing they do is determine what you are wanting to accomplish. They then gather your financial data. They then turn to their long list of Lenders. They select the ones they think best fit you situation. They submit you information to many lenders. They then make a recommendation to you as to the Lenders they recommend and why. With your agreement, they finalize your loan prior to closing.
Mortgage Brokers generally charge between 1% and 2% of the loan value. Check on this rate before you go forward with a Broker. If they are charging over 2% I personally would not use them.
This is down to a fine science. Lenders have a math formula in which they put your financial numbers. They will give you a price range for you to stay within.
Down payments vary between 0-20%. The problem with loans more that 80% of the value is that they require Mortgage Insurance. Mortgage Insurance can increase your monthly mortgage payment 20%. So as you pay down your loan and your home value goes up, you can look forward to eliminating your mortgage insurance payment with your loan to value becomes 80%. You may want to try for a 100% FHA loan. The Lenders may only be willing to loan you 94% or 97%. Everybody’s financial picture is different
Yes. Realtors have access to detailed information of new subdivisions and new construction. Home builders are happy to work with Realtors. They know that Realtors are bringing them buyers. They are in the business of selling homes so they want all the buyers they can get.
If you are buying a new home a Warranty is unnecessary because all new items have a factory warranty. When purchasing an older home, everything has some use on it. If your HVAC quits the day after closing, who are you going to call? If you have a Home Warranty it becomes a simple matter. Home Warranties are always good to have but they are especially good in the beginning because you do not “know” the house.
This is a matter of personal choice. The persons(or person’s) name on the mortgage is responsible for paying for the house, where-as the person’s(or person’s) name on the title is the owner of the house.
Yes. Absolutely. This is especially helpful when moving from out-of-town. The longer the Realtor has lived in the area the better it is for the Buyer.
This is a stipulation that is written into the contract. If the Buyer’s home does not sell in time then they are released from the contractual obligation
-Room over the garage?
-Rear wooden deck?
Yes. When a Realtor is given a list of must-haves, the Realtor will only show the Buyer houses that have the features the Buyer desires.
Yes. We have school district information available by request.
Yes. We have places of worship information available by request.
Yes. We have demographics information available by request.
Yes. We have flood insurance and hurricane insurance requirements information available by request.
If there is a Home-Owners-Association in the subdivision you are interesting in, we will gather all the information necessary for you to make an educated decision
-A loan appraisal? 250-400 once
-A termite inspection? 75-200 once
-Property Taxes? 1200-1800 year
-Homeowners Insurance? 1200-1800 year
-Mortgage Insurance? 150-250 month
These items vary significantly and depend on the individuals circumstances
Yes. Absolutely. We are very familiar with the closing Attorneys in and around Charleston SC
Real Estate Transactions
Call or text: 843-303-3901