Why should I use a buyer’s agent?
The listing agent works for the seller and therefore does not have your best interest in mind. Having a buyers agent gives you someone looking out for your best interest. A buyer’s agent will help you get the best possible terms and make sure the transaction goes as smooth as possible.
How much does it cost for me to have a buyer’s agent?
Nothing. Sellers pay all commissions in South Carolina.
What are the steps in the home buying process?
What are my closing costs going to be?
How much are real estate taxes in Horry County?
Do I need an attorney to close a real estate transaction?
Yes. We use attorneys, not title companies in South Carolina.
What is a short sale?
A short sale is defined as the sale of a property yielding an amount less than what is owed on the balance of the note. Generally, this is because of a financial hardship that is experienced by the property owner. After negotiating with the bank, the homeowner will typically sell the property and hand over the proceeds of the sale to the bank. This may or may not fulfill the obligation of the loan, dependent on how the transaction is structured. Short sales are usually an alternative property owners will consider prior to going into foreclosure. In quite a few instances, short sales are more cost-effective and significantly less difficult than the foreclosure process. This process typically takes 60-120 days.
What are HOA or POA fees?
Home Owners Association or Property Owner Association fees. Usually paid monthly.
How much are the HOA fees and what do they include?
The amount and what they include varies from community to community. In some cases they include cable, landscaping, pool service, and even insurance.
Why should I get pre-approved?
To make sure you can qualify for a loan before looking at properties. To be certain you are looking at properties in your price range. And because in the case of foreclosures and short sales the seller will not even look at your offer without having a pre-approval letter or proof of funds.
How much is my insurance going to cost?
It can vary from property to property. It is best to speak with an insurance agent.
What is an earnest money deposit?
The initial escrow deposit that usually accompanies an offer. Most sellers require a copy of the deposit before they will consider an offer.
What is title insurance, and why do I need it?
What does a home warranty cover?
Do I need flood insurance?
Depends on where the property is located. Most properties do not require it even though it is always recommended in coastal areas.
What is a 1031 exchange?
What does pending/contingency contract mean?
It means there is an accepted offer on the property. They are waiting for all contingencies, etc to be met and then the property will close.