Home Buying Information Archives

Homes For Sale Near The College Of Charleston

08/27/2020 by billbyrd

We often get inquires about Homes For Sale Near The College Of Charleston. Why you ask? Well, the College of Charleston benefits from being smack in the middle of one of the most beautiful and historic cities in America! The College of Charleston is also in a densely populated Historic District which attracts investors as well as folks that love the feel of its old world charm. Unfortunately for the students, this has translated into off-campus student housing challenges.

The Cistern Yard at The College of Charleston in Harleston Village - Homes For Sale Near The College Of Charleston — The Cistern Yard – College of Charleston

Due to the shortage of student housing at the College of Charleston, most upper class-men have to seek housing off campus. Typically students either find an apartment in the city or in the outlying areas. However some industrious parents have discovered that they can solve a problem with a great solution! They invest in student housing in Charleston by purchasing either condo’s, duplexes or homes in and around Charleston!

Another driving factor for the shortage of student housing at the College Of Charleston is the nearby Medical University of South Carolina. Students from both school’s are often competing for housing in the same areas since the schools are both relatively close to each other. This increased demand for Homes For Sale Near the College Of Charleston is what creates the challenges for many students.

Since Charleston is a very walkable city, most students if they live close enough to campus don’t need a car. Both the College of Charleston and MUSC have great security teams and systems in place to help students feel secure in the area.

Living far off campus poses the other problem of parking in our city. Driving in from the other areas around Charleston is convenient, however the parking is both expensive and or difficult to find at prime hours.

Find Homes For Sale Near the College Of Charleston

When you start to explore our Student Housing Options you might have a little sticker shock. Keep in mind the rents for off campus housing are high. So you may find you can easily offset your expenses by renting to multiple students.

The Byrd Property Group is very in tune with the market for Homes For Sale Near the College Of Charleston and can help guide you to the right property. We help our clients make great buying decisions by completely analyzing the market for them. When you find a property you like, we will help discover what fair market value is for the property and what kind of rental income you could expect. We can help you protect your investment by making a wise choice based on your goals.

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Why Retire in Charleston

07/28/2020 by billbyrd

Getting ready to retire? Researching a new city for your Golden Years? Why not retire in Charleston South Carolina? If Charleston isn’t already on your shortlist, it’s certainly a destination you should consider. According to rankings from U.S. News, Charleston is among the top 25 places in all of America for retirees – and it’s easy to see why.

Charleston has it all: beautiful waterways, a wide variety of housing choices, year-round pleasant weather as well as a charming southern sensibility that’s hard to find. On any given day the streets are filled with the mouth-watering smells from the many high quality dining establishments. Now a culinary destination, the Charleston Wine and Food Festival one of the larger events of the year. Also, having been first settled in 1670, Charleston has a rich history waiting for visitors and new residents to discover. In short, you’ll never have a dull moment in Charleston.

Why not retire in Charleston? Need more convincing? Read on to learn more about the specific reasons why Charleston, SC is the perfect place for seniors to enjoy their retirement.

It’s Easy to Stay Active When You Retire in Charleston

Just because you’re retiring doesn’t mean you need to fully slow down. Choosing a location where you can stay active in your retirement years is a great investment. Both your physical and mental well being benefit from an active lifestyle. Most older adults claim that a huge part of their happiness and overall quality of life comes from maintaining an active life.

Charleston features a great many parks and historic sites for walking, leisurely biking, or exploring. Catching an awesome sunrise while walking along the harbor, is a favorite activity of both locals and visitors alike. Charleston is an especially great choice for retirees who love to golf. The area boasts plenty of world-class golf courses, with reasonable greens fees and amazing scenery.

Retire In Charleston, More Bang for The Buck

Budget is a primary concern for many seniors, especially those planning to subsist on a fixed income. The good news is that Charleston, SC offers a below-average cost of living when compared to much of the rest of the U.S. Especially when it comes to housing. South Carolina is home to some of the lowest property taxes in the country, which helps produce relative savings for retirees each month.

As another financial benefit, Charleston is considered to be tax-friendly for retirees. Social Security benefits are not taxed, and the state of South Carolina provides a very generous $15,000 deduction for all other types of retirement income. The result? You keep more of your money in your pocket in Charleston. Which frees you up to spend it on whatever makes your retirement years most fulfilling.

When You Retire In Charleston You Have Options

Why Retire in Charleston, lots of options and opportunities! — Cresswind At The Ponds

By choosing to retire in Charleston, you’re opening the door to many different living opportunities. You can, of course, buy a home. However, that’s not always the best choice for every senior. Your health and mobility needs will likely change over time, and you don’t want to begin your Golden Years on the wrong financial footing. Fortunately, Charleston has some of the best Senior Living Options in the country! for both your current and future needs and preferences.

55+

When people are Downsizing in Charleston, many active adults seek out “55-plus” communities. These 55+ communities are designed for adults who are at least 55 years old, although the age limit can vary by community. Most retirees who live in retirement communities have stepped away from their careers, although that is not always the case. These neighborhoods can be made up of single-family homes, condominiums, and apartments. Homes in these communities usually have a universal floor plan, designed with senior-friendly features for aging in place. Features such as no-step entryways, wider hallways, low counters, and shower rails or walk-in bathtubs.

In the Charleston area you’ll find 55+ communities inside The Ponds, Nexton, Cane Bay Plantation, The Elms of Charleston, Pines at Gahagan and others. For more information contact your local Charleston Senior Living Options Experts the Byrd Property Group at 843-972-7670, or send us a question below in the Contact Form below.

Maybe 55+ is not your thing? Click Homes For Sale In Charleston

Retirement Communities

Another for folks retiring to Charleston are Retirement Communities. These facilities are ideal for retirees who anticipate needing extra help or are simply concerned about their future healthcare needs. Here you’ll find a variety of communities that offer a wide range of different living and care options. These can range from independent living to assisted living, memory care and more. There are several top-notch assisted living facilities in the Charleston area. Staffed with caring professionals who are trained to help you enjoy life in a safe and healthy manner.

Ready to Move? Connect With a Reliable Realtor

Contact Byrd Property Group “Senior Real Estate Specialists” today to get started on finding the perfect dream home for retirement in the Charleston area today! Having the right realtor, one that is a “Senior Real Estate Specialist” is a key factor in having a smooth and pleasant experience finding a home. The Byrd Property Group are local experts ready and willing to help you. Call today! 843-972-7670

When our country was first settled, these settlers relied on expert guides to navigate this new world. So as you explore your options, you too can have an expert guide. By taking advantage of our experience and expertise, we can significantly reduce the time you spend looking for the right home! Charleston has so many options and unique areas to choose from, we can guide you to the best choices quickly. Allowing you to focus on what’s most important about your move to Charleston! So come see us and get a little taste of what Charleston has to offer, but be prepared to never want to leave!

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The Author…

Bill Byrd is a Husband, Father, Realtor, Educator, Musician and Athlete. A licensed Realtor since 1986 who loves helping his clients grow their personal wealth through real estate! Having helped hundred’s of families and individuals during his career you can feel comfortable that Bill’s and his Team’s experience and expertise are unparalleled in our market. Plus, Bill’s a great guy and one heck of a guitar player! More About Bill

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Charleston Mid-Year Market Report!

07/05/2020 by billbyrd

July 15, 2020

You can't always get your way when buying a short sale

Here in the Charleston Mid-Year Market Report, Charleston Real Estate Sales continue to be strong. Typically, every spring and summer is a time when we expect sales to be at their highest. However, in light of all of the distractions in the world, the fact that Charleston Real Estate Sales are setting records just about every week, is nothing short of amazing to me!

Having a front row seat to the bursting of the housing bubble back in 2005-2009, I for one, did not expect sales to be at this pace. After the crash of the housing bubble, real estate sales virtually stopped for a few months. Then gradually began to come back but in a much different fashion. Now, during the current pandemic things are very different here in Charleston!

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Fortunately…having realized a long time ago that “flexibility is one’s greatest asset” in real estate, I’ve learned, “don’t question, adapt”! So now we are looking back at a couple of months worth of market data wondering, “where do we go next”! So let’s take a look at the Charleston Mid-Year Market Report for July 2020.

Hindsight Is 2020

Frankly, I have to admit, I’m baffled by this extreme activity and just simply rolling with it! Funny how the experts always come out and sound so smart when they tell you about what’s happened. And, have you ever wondered why so few make predictions, and even fewer will remind you when they were wrong!

Today’s New Challenges

For the Byrd Property Group we’ve simply been working hard everyday, selling our listings and helping our buyer clients find great homes. But, along the way, it hasn’t been without some new challenges.

Couple crunching numbers after looking at the Charleston Mid Year Market Report

Lending rules for self employee people have gotten tougher and more stringent.
Fewer listings have come on the market and buyers have fewer choices.
In some situations buyers have to compete for homes in multiple offer situations.
On the bright side! Interest Rates are at or near all time lows.
Banks have actually been tightening lending restrictions instead of loosening them.
Banks are in a much better shape than as they were before the housing crisis.

The good news in all of this is that the market didn’t just stop and fall off the cliff like it did after the housing collapse. And, I can honestly tell you I was prepared for the worst when Covid-19 first came on the scene. With that in mind, realistically we have to understand that we are a long way from out of the woods! So depending on all of the volatile elements effecting our planet right now, just know that anything can happen from here!

Charleston Mid-Year Market Report – The Numbers

So to begin with, June 2020 sales just eclipsed June 2017 sales by 11 sales. Not a large beat, but a beat none the less. Previously June 2017 were the best June sales numbers on record. Here is a chart showing the number of sales each year for ten years.

Charleston Mid-Year Market Report – Home Buying On A Tear!

Buying activity in the Charleston area has been impressive! Before May 2020, the highest weekly number of sales was 458 in 2018. And in the previous 3-4 years, 400 to 425 sales per week being relatively normal. So, what’s really impressive is that we have exceeded the old high of 458 sales in 2018 in each of the last 10 weeks. Additionally, we’ve surpassed 500 sales per week in the last 5 out of 6 weeks. In the last week of June we had 539 homes go under contract!

Unique to The Pandemic

Being a sign of the times in the Charleston Metro Area, many homes are going under contract site unseen. And due to the low inventory of homes on the market, some home sellers are experiencing multiple offers on their homes.

Foreclosures

As of this writing foreclosures and short sale have surprisingly been also non-existent. As we move forward this may not continue to be the case but we intend to keep and eye on this important market factor.

Low Inventory

In the Charleston Metro MLS since 2015, the inventory of homes on the market has ranged from around 5,500 to 7,000 homes on the market. However, late in 2019, our homes for sale inventory dropped below 5,500 homes on the market. Now our inventory numbers are getting closer to 4,000. Due to the recent local anti-growth policies of some of our local municipalities, the development and construction of new communities and new home construction is not keeping up with the current demand. So if you ever had any inclination of putting your home on the market, now would be the time! Less competition and shorter market times!

The Luxury Market on Fire!

Yes, that’s right! The Luxury Market in Charleston has been on fire in recent weeks. In the Tri-County area each week we normally have about 12 to 15 sales of homes priced at over a million dollars. Over the past 6 weeks we have had 207 homes go under contract that were priced over 1 Million Dollars! That’s almost 35 sales per week! Many people are speculating that these buyers are coming from the Covid-19 hot spots, as more people leave the densely populated cities in the north. All speculation however, as of yet there is no concrete evidence that confirms this.

Click Here To See….Charleston Luxury Homes Currently On The Market!

Surprisingly, what I’ve discovered is that in May of 2019 the Charleston Real Estate Market had approximately 855 homes on the market at over 1 million dollars. And now, that inventory has shrunk to 623 homes on the market!

And what’s even more compelling is that the Months Supply of Homes number for Luxury Homes In Charleston over 1 million dollars has come down to an 8.5 months supply on inventory! That’s the lowest it’s been in 15 years! So if there was ever a time to sell a Luxury Home in Charleston…the time is now! Less competition and shorter market times!

Charleston Mid-Year Market Report – Summary

These are simply unprecedented times. With so much volatility in the world and influences outside of real estate, the only advice I have is to pay attention! Having lived and worked through several different real estate market cycles and events from Desert Storm, 9-11-2001, the Housing Bubble and now the Covid-19 Pandemic we survived and thrived! And we came out on the other side much stronger and wiser. This time will be no different.

So keep your head on a swivel, your mind sharpe, stay safe and smart during these crazy times! And as always, if you or anyone you know needs expert real estate advice or assistance, please do not hesitate to call us! We are here for all our friends, relatives, present clients and new clients. Byrd Property Group

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The Author…

Buying A Short Sale In Charleston

05/13/2020 by billbyrd

Discover why Buying A Short Sale is unlike a normal sale.

If your considering buying a short sale house, there are a few things to consider. The most important thing to understand is that buying a short sale is not a typical transaction. After the housing crisis fall out in the 2007-2012 era it seemed like all I was doing in real estate was selling foreclosures and short sales. So I can confidently speak with authority on this subject! As I often quote the Farmers Insurance commercial, “we know a thing or two, because we’ve seen a thing or two”!

So the biggest benefit of buying a short sale is that you have the potential of getting a great deal! Over the years we have sold short sale homes well under market values with buyers walking into substantial equity. However, the flip side to the gain, is you have to be flexible, understanding and most of all patient!

1 – When Buying A Short Sale – Know The Market

Whether you are buying a short sale or buying a home from an equity seller, knowing the market is the first place to start. Is the market strong or weak? Are homes selling fast or taking months on the market? What is the list price to sale price ratio for homes where your considering purchasing? Knowing these answers is the only way you are going to know whether or not a home is listed as a good deal! As Professional Realtors, as well as Short Sale Experts, we study homes and prices everyday. We can provide you with the numbers you need to understand any real estate market.

Also, you’ll want to make sure you get advice from the right sources. Unfortunately we see too many home buyers rely on advice from out of state or online sources. Keep in mind it’s important to consult with people that know our local market, contracts or customs. Each state has different laws and rules regarding how real estate transactions are handled. You’ll want to develop your own understanding of our market. This way your decisions will be based on local benchmarks and not experiences from another state. Therefore, our recommendations are to use your local resources and learn the market with our help and guidance. In the end you’ll be much more confident and well equipped to make great deal.

2 – When Buying A Short Sale – The Seller’s Mindset

Short Sale Sellers can be stressfully challenged.

The first thing to realize is you’ll need to understand what a short sale is, and the impact it has on the seller. Briefly, a short sale is necessary when due to some hardship, the seller can no longer afford to make their payments. And, the home is worth less than the amount owed on the loan. Thus the payoff will be “short” when the home is sold.

Here you have a distressed seller that most likely is not maintaining the home. Typically deferred maintenance is usually a given. Why would they fix their home before feeding their family! The other element here is the sellers mindset. They are typically not happy about their situation, maybe a little embarrassed, so you need to approach the situation with empathy. Compassion early on will always go a long way when it comes down to the end of the transaction if things get stressful. Which can happen with a short sale.

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3 – Understand When Buying A Short Sale “The Bank Calls The Shots”

When you are preparing to make your offer, understand that the bank calls the shots. The reason for this in the banks point of view, is that they are taking the hit and eating the difference between the amount owed and the sale price. So they are going to call the shots! But that’s okay, if your patient you may be rewarded with a great deal. But, you may have to put up with a little inconvenience along the way.

4 – Know Your Limitations When Buying A Short Sale

If you have to move in by a certain date, you probably should not attempt to buy a short sale.

The process of approving a short sale is unpredictable for a variety of reasons. Over the years we’ve discovered every bank and person processing a short sale has a different way of doing things. Basically you are dealing with a transaction where everyone has a different set of procedures they follow. And from one sale to the next we are dealing with new sets of guidelines we have no control over.

Knowing where you stand financially will allow you to make better decisions.

So if you go into this process needing to close on a certain date, you might want to think twice about buying a short sale. You may be very surprised that your demands to close on a specific date will not matter. The folks at the bank will only move as fast as they will move. You see the seller has no input either here because the seller is not paying for anything! The bank is paying the realtor commissions, the closing costs, sometimes (but infrequently, don’t expect them) repairs and all other fees.

What this means to you, you have an unattached party making the decisions on the selling side with nothing to gain. The guy or gal working on the file is still going to have a job if you walk away from the transaction! And since the seller is already asking to be bailed out, the seller has no influence on the bank either.

I Hear The “Yea Buts”

Yes, I hear and have heard all of the “yea buts”! “If I walk away the bank will have more carrying costs”! True. “They’ll have to put it back on the market, maybe they will end up with less”! True. “It doesn’t make any since that they would do that”. True. “It’s a bad business decision”! True. And I’m sure you can come up with a few more reasons why a bank should respond to a buyers demands and threats of walking away. But the bottomline is you are not dealing with decision makers that have skin in the game! They don’t care about the deal and that’s the hard reality!

So, go into your purchase of a short sale knowing it’s going to be a ride! I’ve seen short sales approved in as little as 30 days, and one that took over a year. However the one that took a year was back in the early days of the housing crisis when the bank were still training people to process them. The problem then was not the process but the shear number of short sales in the pipeline at that time. It’s not like that now, however we have all know change happens, so who knows what tomorrow will bring!

A Recent Experience

The Actual Short Sale Sold by Waverly Byrd — Actual Short Sale Home Sold By Waverly Byrd

The last short sale we did was just a few months ago. Waverly Byrd on our team had a client that bought a short sale in North Charleston that took about 3.5 months to close. The contract was ratified on January 22, 2020, the short sale was approved on February 20, 2020 and closed on April 3, 2020. The processing of this sale was fairly quick because the seller had two previous contracts that fell apart. However, we had counseled our client well in the beginning, so they knew what to expect when buying a short sale. They were in this for the long haul and their efforts were rewarded!

We were told that in both cases the buyers walked away from those sales because they either were not, or could not be patient and wait for the short sale to be approved. So my conclusion is that the agents representing them didn’t have the experience or skills to advise them properly from the start. We’ve found is that when we help our clients understand what to expect, positive results will follow. Consequently, our client bought a nice brick home on a lake for $270,000 that comped out in the $350,000 range! Not bad! Patience was rewarded and Waverly helped our client get the deal that the others left behind!

If you’re not ready and willing to make or pay for repairs, you probably shouldn’t buy a short sale.

Not that all short sales are in bad shape but you should be ready for repairs just incase. You see, often short sales are sold “as is”. Meaning, it doesn’t matter what your home inspector tells you about the homes condition. In most cases the bank will not authorize money for repairs. So our best advice is to have some money set aside for a few improvements once you take possession. Keep in mind as I mentioned in the beginning of this article, sellers of short sales are typically not maintaining their homes.

5 – When Buying A Short Sale – Your Lender

The most important thing to know regarding your lender, is how they will handle any appraiser required repairs if they come up? Most lenders will not lend on a home that doesn’t meet certain condition guidelines established by their underwriters.

Let say the appraiser notices some typical deferred maintenance, like rotten wood siding and chipping paint on the home. The appraiser may require this to be corrected before they will give you the money to close! In most short sales, the seller has no money for such repairs. Then the bank, that’s eating the loan, may not authorize funds for such repairs! What do you do?

In this situation, it’s not advised that you spend your money to repair a house that you don’t own yet. And unless you have enough cash to buy the home without getting a loan, the deal could fall apart. In some cases there may be way’s to save transactions like this but not always. Keep in mind every situation is very different and having the right real estate professionals guide you is very important.

Pay Cash

So there are two ways to avoid this situation. One is to pay cash. Not everyone can do this, so what do you do? The best practice is to look closely at the condition of every home you consider purchasing. And with our guidance we can give you a good idea of whether or not a bank will lend on it. Sometimes you’ll just have to pass and move on no matter how good the deal looks. If you can’t get the money or don’t have the money, it make no sense to pursue a damaged home.

The Rehab Loan Solution

There are a few lenders out there that do rehab loans for homeowners and investors. We have access to several. What you will find though is that these type of loans come with a cost. Typically they will have higher interest rates, more upfront fees and many will have inspection fees. This is because this is what is considered a non-conforming loan and is seem as having a higher risk to the lender. In the past many of our clients have not gone this route due to the added expense.

Our recommendation is that you do your research ahead of time so you completely know the in’s and out’s of this type of loan product before you’re under contract. This will save you time and in the heat of the battle of buying a new home, time is precious.

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Conclusion

So in conclusion, when buying a short sale you can insure your success a couple of ways. First of all, hire the right real estate professional to help you. (We would like to apply for the job!) Have them help you do your homework on the market. Follow our 8 Steps to Buying a Home and follow the guidance of your agent. Lean on local professionals for advice, from Lenders to Home Inspectors and others. Lean on your agent. Your agent has a trusted network of professionals that service every type of need in a real estate transaction. And most of all be flexible, it will be your greatest asset!

Our team’s goal is that you have the most successful experience working with us that you rave about us to your friends and family! And when they need real estate service you refer them to us! This has been the cornerstone of my business since 1986!

If you are planning to buy or sell a home in Charleston, I can help! Call Bill Byrd at 843-972-7670 for a free, no obligation consultation.

The Author…

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Byrd Property Group’s Virtual Options

04/27/2020 by billbyrd

Virtual Options Made Easy!

Virtual Options requires teamwork and planning.

Discover your virtual options with us today! Whether you’re buying of selling a home in today’s challenging market we can help. Our experience in handling long distance transactions over the years, makes todays virtual world an easy fit for us! So take a look below at the useful resources we have available to assist both buyers and sellers.

Our Virtual Options

The first step would be a Virtual Consultation. Basically, this is the same consultation we have performed in person, now it’s just done online of over the phone. First we will educate you on the steps and process of either buying or selling a home. For homebuyers we will discuss your needs, wants and desires. And for home sellers, the marketing price and objectives. After that, if you are comfortable to move forward we will design a plan together and start the process!

Second is our teamwork approach to your virtual options! We will provide you with both our mobile/ipad app and web site link so you can look at homes online. Whether you’re searching for a new home or want to see your seller competition, our tools are the most updated you’ll find.

We also show homes via Virtual Tours. We will be more than happy to provide virtual tours of any listing that any buyer would like to see. And we show our listings to prospects virtually too! We can do this live or we’ll record it for future viewing.

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Paperwork to Close

When it comes time to make offers and sign contracts we will do that virtually too! After we do a full review of the paperwork with you online, we help you Digitally Sign the paperwork.

Earnest Money Deposits are not a problem either. Your Earnest Money Deposit can be wired directly from your bank to the closing attorney or we can have it picked up and delivered to the attorney if need be.

You don't have to attend a home inspection with our virtual options

Additionally, you don’t have to be present for the Home Inspection either. Our inspectors produce fully detailed reports with high definition photos and will be more than happy to answer all of your questions over the phone or online.

When everything is all said and done, Closing can be done virtually as well. We can arrange for you to sign the documents however you would feel more comfortable. And…you won’t even have to go to the attorneys office!

And then, after closing…we will Deliver Your Keys to you! Virtual Options made easy!

The Author…

Contact Us To Discover More About Our Virtual Options!

Contact Us at 843-972-7670

8 Steps To Buying A Home

04/02/2020 by billbyrd

In this post, the 8 Steps to Buying a Home we’ll give you a simple overview of the home buying process. Buying a home can be intimidating while at the same time exciting. For some, just getting over the fear is the first step. What we’ve discovered is that the more educated a home buyer is, the easier buying a home is for them.

Start off on the right foot by beginning your home search here!

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Yes, there is a specific process to buying a home? It’s pretty simple actually and when our clients follow these 8 steps to buying a home, they have great results!

The 8 Steps To Buying A Home:

Decide to buy!
Hire us…as your agent!
Secure financing.
Find your home.
Make an offer.
Perform inspections.
Close the sale!
Protect Your Investment!

Pretty simple right! So let’s take a look!

Step 1: Deciding To Buy!

If your renting and have a stable job with some savings, and a credit score in the high 600 range, you can likely qualify for FHA or conventional financing at today’s low rates.

Many of our clients save thousands by using Keller Mortgage!

Start Your Pre-Approval with Keller Mortgage Here

Step 2 Of The 8 Steps To Buying A Home

Hire Us….As Your Agent…

Having someone on your side when comes to buying a home is the most important part of the process. Great agents like us at as fiduciaries and put our clients needs and interests first! And the best part…our services to you are FREE!

How We Help You

Educate you about your market.
We focus on your wants and needs.
Guide you to homes that fit your criteria and meet your needs.
Coordinate the work of other professionals like Home Inspectors, Attorney’s, and others.
We help you negotiate the best possible price and terms.
Check and double check the paperwork and deadlines.
Solve any problems that may arise.

Step 3: Secure Financing

Most people don’t automatically know how much of a mortgage they can qualify for! It’s normal. That’s why we always recommend that you get with one of our preferred lenders as soon as possible. Not only will they help you discover how much you qualify for, but they can also make helpful recommendations. When you are Financing a Home in Charleston you need to know your options. Your lender can suggest a variety of different mortgage programs to fit your unique situation best! And…you may discover a strategy that your weren’t aware of!

Proper mortgage planning is the key to an efficient and smooth experience.

A mortgage loan specialist will tell you what you can afford, but you decide and tell us what your comfortable spending!

The 6 Steps to Financing Your Home

Choose a Lender.
Make a loan application and get pre-approved.
Determine what you want to pay and select a loan option.
Submit to the lender an accepted purchase contract.
Get an appraisal and clear title.
Obtain funding and close!

If it sounds challenging it’s not! That why we are here. We help our clients with every step!

Also…we have worked with the best mortgage professionals in the area and will be happy to introduce. Using a lender that has a relationship with your agent adds another layer of accountability that can be helpful to the process.

Step 4 Of The 8 Steps To Buying A Home

Find Your Home

So…once you’ve completed the pre-approval process you’ll then be ready to begin your search!

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At this point the most beneficial thing that we can do, is sit down and have a brief home buyer consultation. During our meeting we will accurately pinpoint what you are looking for in a home and area. Since this is likely the biggest purchase you’ve made, we want to take our time and really focus on what you want and need.

Questions we will discuss:

Where do I want to live?
How much space do I need?
Which is more important: location or size?
Fixer upper, turn key or a new home?
Is future appreciation important?
Is neighborhood stability important?
Would a condo be an option?
What features and amenities do I want or need?
HOA or No HOA?

Hopefully by now you’ve been looking at homes on our web site: byrdpropertygroup.com However, we can never stress the importance of seeing homes in person enough!

When you visit homes for sale in person, not only will you see the homes:

you’ll see where they are located
how the neighbors take care of their homes
what the neighborhood is like
what’s nearby and more

You’ll never get the “real feel” for an area until you visit the homes and neighborhoods. There are a few downsides to just viewing homes online. What you’ll discover is that listing agents are very cleaver at not showing you the things that you need to see online! And…photographers are very clever at using creative photography to make the homes and yards look bigger and better online than in person! For a closer look into how we work check out this post How We Help You Buy A Home

Step 5 Of The 8 Steps To Buying A Home

Make Your Offer

Their a 3 basic components to any offer.

Price – What you’re willing to pay based on the market and your financial qualifications.
Terms – Include financial, inspections, condition and timing concerns.
Contingencies – Condition related and financial. Anything that might need to be resolved prior to closing.

How We Help!

Once we’ve helped you find a home that you want to buy…we will analyze the other comparable sales in the area. Then, we will share our analysis with you so we can determine together what the homes current fair value is.

Additionally, we’ll contact the listing agent in an attempt to discover more information about the property. Knowing what’s important to both sides of the negotiations will help us construct a better offer for you.

Also, if need be, we can explore other resources for more information. ie: tax records, the local planning office, public utilities, school data, HOA details and more! Whatever is important for you to know prior to making an offer, we will make every attempt to find the resources for that information for you.

So rest assured…we make sure our clients are comfortable and confident in their choice of home before making an offer.

Step 6 Of The 8 Steps To Buying A Home

Home Inspection

Just because you love a particular property, it’s doesn’t mean that it’s perfect! Chances are it’s not! In fact I’ve never seen a perfect house! This is where reason will have to prevail over emotion.

8 Steps to buying a home - Home Warranty Protections

Our team always recommends that you have a home inspection, that you attend, to learn about your property. This way you’ll see first hand the properties true condition before you close. Check out this post on Choosing A Home Warranty

For your protection, in South Carolina every home seller is required by law to provide you with a Sellers Property Condition Disclosure. On this document the seller is required to disclose any and all know defects in the property.

What your looking for are the major things.

Are there any structural issues, does the heating and cooling work, are there roof leaks, do the plumbing and electrical systems work, is their moisture damage and more. Cosmetic issues should be handled in the offer. Like cleaning and painting etc. The home inspection is for the big ticket items!

In South Carolina we have 2 approaches in the contract to handle inspection contingencies.

The Repair Procedure
Due Diligence

Both of these have many details and I will be happy to review them with you anytime!

Step 7: Getting Ready To Close

Now that all terms have been agreed to by all parties and all contingencies are removed! Your contract is considered ratified! You’re now in the “home” stretch, pun intended.

But you need to be aware that you have a few pre-closing responsibilities, and these include staying in control of your credit and finances, first and foremost.

Don’t buy anything on credit until you close!
No new cars, no furniture…nothing!
Do not create any new leases! Cars, furniture, appliances…nothing!
Other than your normal paycheck all bank deposits will be questioned.
Continue paying your bills on time and notify your lender if anything changes!
People often accidentally disqualify themselves without even knowing it!

8 Steps to buying a home. Keep your lender in the loop.

You will also need to keep in touch with your agent and lender and return all phone calls and paperwork promptly. Any communication delays could potentially delay your move in date!

You might need to communicate with your agent at least once or twice a week, and verify with your lender that all mortgage funding steps are completed.

If possible, conduct a final walk-through of the home with your agent as well.

And finally, be sure to confirm with your agent, home insurance professional, and lender that you have the certified funds, and evidence of insurance lined up prior to closing.

8 Steps To Buying A Home

Step 8: Protect This House!

Once you’ve closed and moved in, you’ll need to protect your investment for years to come. And you can do so by performing routine maintenance on your home’s systems, depending on their age and condition.

A good rule of thumb is to watch for signs of leaks, damage, and wear. If you fix small problems early, you will save yourself from having to spend big money later.

And remember that kind real estate professional who assisted you throughout the process? Well, after closing your agent can still help you with such things as providing information for your tax returns, finding contractors and repair services, and even tracking your home’s current market value.

We hope you’ve found this post outlining the 8 steps to buying a home helpful. We have been helping folks since the 1980’s and have had plenty of years to refine our process. What you’ll discover is that it’s simple, it works, it’s not stressful and can be a whole lot of fun!

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