Fort Mill SC

New and Improved Mortgage Forms

By Les Christie, staff writerDecember 31, 2009: 3:39 PM ET

 

NEW YORK (CNNMoney.com) — Starting Jan. 1, new rules go into effect that simplify and clarify exactly what mortgage lenders will charge for a loan.

The initiative from the Department of Housing and Urban Development (HUD)requires that a new “Good Faith Estimate” form be given to all applicants, one that makes it easier to compare true costs of loans from different lenders.

For the full story go to:http://money.cnn.com/2009/12/31/real_estate/new_mortgage_rules/index.htm

Buying or selling in 2010? Call Becky Smith of RE/MAX Metro and Carolina Realty Team at 803-804-3375 or e-mail Becky@CarolinaRealtyTeam.com.

Fort Mill SC

10 Big-Impact, Low-Cost Remodeling Projects

Although there are some remodeling projects that do not offer a return on investment, there are 10 listed below that can make a big difference when you decide to sell your home which can make your home more appealing to potential purchasers. Source: Realtor Magazine

1. Tidy up kitchen cabinets.

2. Add or replace tile.

3. Add a breakfast bar.

4. Install granite tile instead of a slab.

5. Freshen up a bathroom without retiling.

6. Freshen up the basement.

7. Add a room.

8. Spruce up Cabinet Fronts.

9. Replace light fixtures.

10. Tech-up the garage.

These budget minded enhancements can really make your home standout. If you decide to list your home for sale with my team, we can also provide a certified Home Staging Coordinator to help you add the finishing touches to make your home stand out above the competition.

To schedule a listing appointment with me, please contact me at 704-968-1965. I look forward to speaking with you.

 

Fort Mill SC

The Rescue

Fort Mill SC

Making An Offer on a Short Sale? What You Need To Know!

This is a helpful article in Realtor magazine provided by Ed Butler of Starkey Mortgage.

Are you looking to buy a new home? Are you thinking that now’s a great time to find bargains? Before you make an offer, it pays to know a little about the seller’s situation.

If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.

You’re a good candidate for a short-sale purchase if:

You’re very patient. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.

Your financing is in order. Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set. If you’re preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.

You don’t have any contingencies. If you have a home to sell before you can close on the purchase of the short-sale property—or you need to be in your new home by a certain time—a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.

If you’re serious about purchasing a short-sale property, it’s important for you to have expert assistance. Here are some people you want to work with:

Experienced real estate attorney. Only about two out of five short sales are approved by lenders. But a good real estate attorney who’s knowledgeable about the short-sale process will increase your chances getting an approved contract. Also, if you want any provisions or very specialized language written into the purchase contract, a real estate attorney is essential throughout the negotiation.

A qualified real estate professional.* You may have a close friend or relative in real estate, but if that person doesn’t know anything about short sales, working with him or her may hurt your chances of a successful closing. Interview a few practitioners and ask them how many buyers they’ve represented in a short sale and, of those, how many have successfully closed. A qualified real estate professional will be able to show you short-sale homes, help negotiate the purchase when you find the property you want to buy, and smooth communications with the lender. (All MLSs permit, and some now require, special notations to indicate that a listing is a short sale. There also are certain phrases you can watch for, such as “lender approval required.”)

Title officer. It’s a good idea to have a title officer do an initial title search on a short-sale property to see all the liens attached to the property. If there are multiple lien holders (e.g., second or third mortgage or lines of credit, real estate tax lien, mechanic’s lien, homeowners association lien, etc.), it’s much tougher to get that short sale contract to the closing table. Any of the lien holders could put a kink in the process even after you’ve waited for months for lender approval. If you don’t know a title officer, your real estate attorney or real estate professional should be able to recommend a few.

Some of the other risks faced by buyers of short-sale properties include:

Potential for rejection. Lenders want to minimize their losses as much as possible. If you make an offer tremendously lower than the fair market value of the home, chances are that your offer will be rejected and you’ll have wasted months. Or the lender could make a counteroffer, which will lengthen the process.

Bad terms. Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially desperate sellers. In that case, the sellers may refuse to go through with the short sale. Lenders also can change any of the terms of the contract that you’ve already negotiated, which may not be agreeable to you.

No repairs or repair credits. You will most likely be asked to take the property “as is.” Lenders are already taking a loss on the property and may not agree to requests for repair credits.

The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.

* Not all real estate practitioners are REALTORS®. A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS® and is bound by NAR’s strict code of ethics.

Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.

  

The Ed Butler Team is one of our preferred lenders. If you would like more information on purchasing a Short Sale property, please contact me today 704-968-1965 for a free consultation.  The Carolina Realty Team and the Ed Butler Team are working together to ensure your next Real Estate transaction is a successful and hassle free experience.

Fort Mill SC

Great Investment Potential

I have had the opportunity of taking on 3 listings that have tremendous investment potential. I have blogged briefly about these listings before, but we now have a virtual tour to show of one of the homes listed.

The first home that I would like to talk about is:

2079 Sugar Pond Ct., Fort Mill, SC 29715

This home has 4 Bedrooms, 3.5 Bathrooms and a  3 Car Side load Garage.

This is a Custom Full Brick home located on a large wooded cul-de-sac lot. Home offers extensive hardwood floors, 2 story Great Room with Stone Fireplace, Gourmet Kitchen with Granite CT’s and Custom Cabinets, over sized Master Suite, Master Bath with Whirlpool Tub andCustom Tile Surround Shower. There are large secondary Bedrooms, a Jack & Jill bath, upstairs Office and Huge Great Room. Priced to sell below tax value!

Added Features: In-Ground Irrigation, Outdoor Fireplace, Screened Porch, Ceiling Fans, Network Ready, Surround Sound, Whirlpool, Ceramic Tile, Carpeting and Wood Flooring.

  Click on the tab to view the Virtual Tour

This home is on the market for $640,000. Bring All Offers!

Disclaimer: REO Property is being Sold AS-IS. Title to be conveyed using a Special Warranty Deed. RE/MAX Metro to hold EMD. Fax all offers to 803-802-0641. Call Dean Hagey with any questions 704-968-1965 Mobile, and 803-802-0640 Office. The information contained herein is to the best of our knowledge, but is subject to verification by the Purchaser and agent assumes no responsibility for corrections. 

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The second home that has been recently added to our inventory is:

2035 Sugar Pond Ct., Fort Mill, SC  29715

This home has 4 Bedrooms, 5 Full Bathrooms and 2 Half Bathrooms. This home also includes a 3 Car Side load Garage.

There is Lots of Potential in this large Custom Built home that has never been lived in.  It sits on over a 2 acre lot. This home offers 2 Fireplaces, a dramatic entry with extensive staircase detail and a 2 story foyer. Unique Recreational room which is elevated above the 2nd floor overlooking the 2 story foyer. This is a perfect home for someone looking to add their own finishing touches. Priced Considerably Below Tax Value!!

Disclaimer: REO Property is being Sold AS-IS. Title to be conveyed using a Special Warranty Deed. RE/MAX Metro to hold EMD. Fax all offers to  803-802-0641. Call Dean Hagey with any questions 704-968-1965 Mobile and 803-802-0640 Office. The information contained herein is to the best of our knowledge but is subject to verification by the Purchaser and agent assumes no responsibility for corrections.

 _________________________________________________________

The last property is a piece of vacant land.

2084 Sugar Pond Ct., Fort Mill, SC 29715

This property includes 1.52 acres located in a Cul-De-Sac. Mobile and Modular homes are not allowed.

Beautiful Cul-De-Sac Lot in Trinity Ridge Subdivision backs up to wooded land which offers tons of privacy. Estate home site surrounded by homes in the upper 600’s and above. Priced to Sell, will not last! Convenient to Ballantyne and minutes from I-77.

Disclaimer: Title being conveyed with a Special Warranty Deed. RE/MAX Metro to hold EMD. Fax all offers to 803-802-0641. REO Property priced to sell. Call Dean Hagey at 704-968-1965 Mobile or 803-802-0640 Office with any questions. Well & Septic will have to be installed SOLD AS-IS!!

 

Dean Hagey  – 704-968-1965 – deanhagey2@yahoo.com

Please contact me for more information or to schedule a showing on these properties. 

 

 

 

 

 

 

 

Fort Mill SC

Boating on Lake Wylie, Part 5

December on Lake Wylie is a completely different experience than boating during the summer months.  There  are only a few boats out on the water. The lake itself is still beautiful with wildlife and scenic views. 

 

 

 

Interested in waterfront property?  Call Becky Smith of RE/MAX Metro and the Carolina Realty Team at 803-804-3375 or e-mail Becky@CarolinaRealtyTeam.com.

Fort Mill SC

Renovation Returns

Fort Mill SC

Twelve Tactics to Become a Savvy Saver

Spend Less:

• Wait 30 days before buying anything you don’t absolutely need; chances are the urge to buy it will pass if you wait, and if not, you may find the item on sale.
• Avoid temptation by opting out of catalogs or e-mail announcements from companies trying to sell you things you don’t really need.
• Purchase birthday and holiday gifts throughout the year and keep them in a designated box or closet; making a list of every one’s special occasion needs will make it easy to take advantage of sales.
• Try frugal gift-giving, like giving the gift of spending time with someone, giving something you baked or made yourself or helping them out with a project; it doesn’t have to cost a lot to be a generous gift.
• Create a sleeve for your credit card(s) with pictures of things you really care about to remind you of what you are saving for…or the debt you’re paying off.
• Exchange your books, DVDs, CDs, video games and other items with friends and family, or use an online service to swap or sell.

Spend Smart:

• Prevent unnecessary or poor-quality home and auto repairs by finding skilled, honest professionals from a trusted source.
• Evaluate your cell phone plan options regularly to make sure they match your needs; check to see if another plan would save you money. Also get rid of the excess channels on your cable package that you rarely watch; it’s cheaper to rent a movie once in a while.
• Start shopping for airline tickets about four months before departure; look for trends and use technology like e-mail alerts to help you see when your destination has the cheapest airfare.
• Use flexible spending accounts to pay certain medical, dental and child care expenses using pre-tax dollars; check with your HR department for more information.
• Save on your insurance premiums by paying them annually or semi-annually instead of monthly or quarterly.

• Consider buying pre-owned; you can buy almost anything in a resale environment locally or online at a great price.

Don’t Get Ripped Off.

With businesses focused on increasing profits, it’s an everyday battle to hold onto your hard earned dollars.

Consider These Facts:

• Banks, thrifts and credit unions take in billions each year on fees. In 2006, they took in $36 billion, up from $24.4 billion in 2000.
• In 2003, credit card companies made $20.7 billion in credit card fees.
• The value of unused gift cards was estimated to be $8 billion in 2006.
• A recent study by Consumer Reports found that 25 percent of rebates are never claimed.
• Approximately 78 percent of cell phone minutes paid for remain unused.

There are many ways to save money these days. Buying Real Estate is still a great investment and it is important to take advantage of the new Tax Credits that are available if you qualify for them. Please contact me at 704-968-1965  for more information on the new Tax Credits available and to see if you qualify.  Don’t wait to long. Rates are still low, but they will not be for long.

Fort Mill SC

Lake Wylie Boat Parade Pictures

Lake Wylie boat parade took place on December 12, 2009.  It was festive and an  exciting time to be at the lake!  The parade started at T-Bones.  T-Bones and the adjacent public access to Lake Wylie was buzzing with activity! 

 

 

Looking for property in  Lake Wylie or surrounding area?  Call Becky Smith at 803-804-3375 or e-mail Becky@CarolinaRealtyTeam.com.

Fort Mill SC

Fort Mill Christmas Parade

The Carolina Realty Team participated in the Annual Fort Mill Christmas Parade on Saturday morning. it was a chilly and overcast day, but it was so much fun!

I am including some photos from the parade…

If you are looking for a Realtor this holiday season, look no further…the Carolina Realty Team can help. We have a team of agents ready to assist you. Please call 803-802-0640 to schedule an appointment today!

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