With down payment assistance programs going extinct in October, Carolina One Mortgage is focused on providing alternative home-buying solutions for South Carolina home buyers. Know that if you have the will to buy a house, there is usually a way. Here are a couple of new (or forgotten) options for buyers who qualify. Call me for more information. Continue Reading »
While legislators are fighting to stop the end of seller-funded down payment assistance, there are some of you out there who don’t want to take any chances in missing out on using these great programs. So when do they end? How much time do you have? The getdownpayment.com Web site, which is a product of the Nehemiah Program, has a countdown clock running that says there are 54 days, 9 hours, 10 minutes, and a few seconds left before the program is shut down. But still… what does that really mean? Continue Reading »
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On July 26 several hundred people met at the Charleston Area Convention Center to discuss how we should handle the overwhelming growth our tri-county area is experiencing. It was an opportunity for the public to sit face-to-face with elected officials and regional planners to voice their opinions and concerns as more and more people choose to call our home their home. Continue Reading »
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Earlier this week I shared news that Congress is voting to do away with seller-funded downpayment assistance programs. Bad news for most first-time home buyers - and sellers too. However, there is a silver lining. Yesterday The New York Times published an article that tells more about what the bill has to offer. According to the NYTimes, there’s something for everyone in this bill. My personal favorite is the $7500 tax credit Continue Reading »
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Oh no. This is not what we need!
Washington Post, July 22, 2008 (P. D1; ElBoghdady, Dina)
Congress is expected to pass a broad housing package this week that includes language banning seller-funded down payment assistance programs. Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, says Continue Reading »
Posted in Home Financing, Real Estate | 1 Comment »
The South Carolina Association of Realtors (SCAR) recommends all buyers get a tax assessment on their new property before closing. This will eliminate surprises down the road. Taxes tend to go up year after year, so it’s good to know where yours will start once the property is yours.
Primary residences in South Carolina are taxed at a 4% assessment ratio, while secondary residences are taxed at a 6% ratio. The tax assessor may assume your new residence is a secondary one, so definitely check on that after closing to be sure it’s what it should be. Depending on the value of your property, the difference between the two rates can be thousands of dollars per year. Continue Reading »
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Here’s a huge reason to hire a real estate agent to help with your next home purchase: Paragraph 19 Section E of the South Carolina Agreement to Buy and Sell Real Estate says,
…The obligations of Seller terminate on the day of closing or on the day possession is given, whichever occurs first.
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Well, I’m ashamed to say it, but the proof is in the pudding. Offering more money to buyer agents really does work to get home sellers more showings for their homes. Dramatically more. Look at this.
I had a listing that was priced well in a tough neighborhood. Tough meaning we had 114 competitors, with about 15 selling per month and 15 new listings coming on each month. We knew we had our work cut out for us, Continue Reading »
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Ever since the mortgage meltdown last fall, it’s been harder and harder to qualify for a loan to buy a house. Even worse, the days of 100% financing and second mortgages are gone. I don’t know too many people who have enough cash lying around they could afford to put 10-20% down on a house, even if they could get approved for a mortgage. Prices have come down a little, but not that much.
Posted in Home Financing, Real Estate | 1 Comment »
All real estate is local. Yes, that is true… so why does the national media try to cover it? Good question. Most of what you hear and read about real estate nationally may be founded on national statistics, but it’s impossible (and ignorant) to apply those nationwide statistics to any single local market. With that said, The Wall Street Journal announced last week that “The [national] housing crisis is over.” Continue Reading »
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