buying a home

6 MISTAKES IN A SELLER’S MARKET YOU NEED TO AVOID

If you are buying a home in a seller’s market, you must have a plan set in place so you don’t make mistakes. The real estate market usually fluctuates, which makes it hard to predict if the market will favor sellers or buyers whenever it is your turn to purchase. Buyers who are in a seller’s market can get whatever it is they want. However, they should be decisive and they have to perform to the very best of their ability. Provided below are six mistakes you need to know and some tips to help you avoid them and that includes hiring a reliable real estate agent.

Failing To Make The Best Offer

We are all motivated to purchase whatever we want for the cheapest price possible. So, even though buyers can see the listing price of a house, they will continue to wonder how much they can get the house for. One reasonable approach is to make your offer less than the asking price. You can do this especially if the house is overpriced if you compare it with similar homes that are also for sale within the same area, or when it is a buyer’s market with a lot of available inventory. However, getting a deal in a seller’s market may not be the best method. According to David Dubin, a broker in New York, numerous buyers don’t step up with a good and strong offer in a buyer’s market. There is fierce competition and there is low inventory and that is why buyers must be able to start off with a strong opening offer with the help of a buyers agent.

Over Analyzing The Purchase Cost

Buying a home base on impulse should be avoided at all cost. In line with that, it is also important for you to remember that it is ill-advised to over analyze the purchase price when in a seller’s market. If you wait too long, you will be at risk of losing the property that you like. Once you have identified the kind of home you want, the location, how much you can afford, and meets your requirements, never hold off in making an offer. To provide yourself with much more leverage you have to be prepared to move quickly by making sure that your finances are in order. Additionally, don’t forget to get a preapproval. You should know how much you can really afford, fix any credit problems, have your down payment ready, and postpone other big purchases.

Hiring An Inexperienced Agent

Buyers who are in a seller’s market need all the help they can find. In case you are working with a seasoned real estate agent from Full Potential Real Estate, you will have higher chances of buying the home that you love. In most cases, the sellers and not the buyer will pay the real estate agent. If you are competing against other purchased in a busy market, you need to be ready with your offer. Hiring a real estate professional will save you a lot of stress and time because they know very well the ins and outs of the procedures in the real estate sector. The Myrtle Beach real estate agent will also give you excellent insight about upcoming inventory.

Not Being Prequalified or Pre-Approved For A Loan

You may know that you will be approved for a loan thanks to your steady income, high credit score, and low debt to income ratio. However, the seller does not know that. One great way to prove to the seller that you are a qualified buyer is to make sure that you get prequalified or preapproved from a lender. Prequalification is important. You won’t have any advantage if you do not have the money to buy without a mortgage and have not taken time to talk to a lender. If you don’t get prequalified, you are telling the seller that you are not serious with your house hunting.

Prequalification is like telling your lender your financial story. The pre-approval process involves the submission of a mortgage application along with verifying documents. Getting pre-approved by a reputable lender is paramount. This will show the seller that the buyer has started whatever it is that needs to be done so they can buy the property they love.

Being Unprepared For A Bidding War

Most of the time, a bidding war is imminent during a seller’s market. Buyers usually do not want to be involved in this kind of battle because of their fear that they might go beyond their budget. But there is a way to deal with this and that is by setting your search below your maximum budget so there is room just in case an over asking bidding war happens when buying a home.

Not Learning From Your Mistakes

You should not be ashamed if your offer was declined. However, it can also be frustrating if your offers are being declined all the time. You have to learn from your last transaction so you can finally buy and move into the house of your dreams. Think of buying a house like dating. You may have to let go of a few keepers, endure a few sleepless nights, and return with that serious intent to grab the next great opportunity right in front of you.

Call Full Potential Real Estate if you want to avoid all these mistakes and land the home of your dreams. You may reach us at (843) 492-4537.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
https://fullpotentialrealestate.com

buying a home

Things To Avoid When Buying A Home

One of the biggest decisions in life that anyone could make is buying a home. And there are plenty of reasons why it is such a huge undertaking. First of all, it’s not easy to buy a home. Finding a property you want to buy is one thing and owning is another game in itself. There are correct ways on buying a home and there are some decisions that you want to completely avoid. If you want professional assistance, you can hire a real estate agent to help you out. For some practical tips, follow the list below:

Things that you should never do when buying a house:

Don’t quit your job (or switch professions, or perhaps become self-employed)

Unless you plan to pay the amount in full, you shouldn’t jump from one job to another while you are in the process of buying a home. Credit providers aren’t too happy with people who they see as financially unstable. Aside from missing out on possible credit opportunities, you’d be having a hard time finding some provider who can grant you a mortgage.

Never provide false info on your loan application

Lying on any kind of application form is just wrong. If you lie on a loan application form, things get even worse. Penalties are steep and you can get blacklisted.

Don’t switch banks

 When you start doing the paperwork for your purchase, don’t switch banks. While in the middle of loan processing, it is necessary that you do not jump from one bank to another. Everything will be verified twice or more. Any reliable Myrtle Beach buyers agent would tell you not to jump banks so you could secure a mortgage.

Don’t think about applying for a new credit card

Lenders want to play it safe with their clients. They want the least amount of risk possible. When you do apply for a new credit card, this sets off the alarm bells. Your new credit card application is seen by credit providers as a red flag and this is not a good thing when you are buying a home.

Don’t be too friendly with the seller

If you want to get a good deal on a property, let your real estate agent handle the negotiations. Befriending the seller is not a bad thing. However, being too close with them often ends up badly. Emotions could run high and mess up your deal.

Don’t let your emotions get the best of you

Most of the time, buyers end up making the wrong decisions because of emotional conflicts. Sometimes deals fall through the cracks because the buyer lets emotions take over. That’s why Full Potential Real Estate, LLC is in business. Real estate agents are there to help you out with every aspect of buying a home. Hiring one is the most logical thing to do when you are planning on making one of the biggest decisions of your life. A buyer’s agent is a useful asset when you are looking for your new home.

Are you planning on settling down in Myrtle Beach? Let Full Potential Real Estate, LLC help you choose the best home for you. Call us today! You may reach us at (843) 492-4537.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
https://fullpotentialrealestate.com

WHAT YOU SHOULD KNOW ABOUT SUCCESSFULLY SELLING A HOME

Many real estate agents Myrtle Beach will agree that successfully and quickly selling a home relies greatly in effective staging. Not only will your house get a lot of attention from potential buyers, you will also be able to sell it in a higher price. The best thing about staging is you do not have to spend a lot of money in order to make the house more appealing to potential buyers. All you need is a little creativity and lots of time.

Here are some staging tips to help you in selling a home quickly and successfully:

Look at the house with a buyer’s point of view

Remember that the first thing that will attract potential buyers to your house is its outside appearance. You must ensure that the outside appearance of your house is highly attractive and buyers will not be able to resist coming inside and taking interest in the house. Ask your listing agent about the things you can do to make to help with the sale.

To do this, stand outside your house and think of yourself as a homebuyer instead of the owner or seller of the house. Look at the house and decide whether you would want to buy the house or not. Is it appealing to you as a home buyer? Does the house grab your interest and attract you to go inside and have a tour? Can you imagine yourself buying the house?

You can also take pictures of the house using your camera or smart phone while standing outside. Once you get inside, look closely at the pictures and write down your observations. It will be easy for you to see the areas that need repair and improvement. Write these down on your pad. Continue creating a list of the things that you need to do to improve the appearance of the house. And do not forget that you are looking at the house as a buyer and not the owner or seller.

Have a tour of the house

Again, do this from a buyer’s point of view. After buyers become attracted to the house, they will want to take a tour of the inside and the entire property. To ensure they will see your house in the best light, a Myrtle Beach real estate agent from Full Potential Real Estate suggest bringing a notepad with you while you tour the house. Use this to jot down what catches your attention in each room and area of the house.

After this, plan on how you can put more focus on each unique features, making sure that a potential buyer will not be able to miss them. Remember that you do not have to spend a lot of money in doing this. You can simply rearrange the things inside a room so that potential buyers will see what you want them to see. And sometimes, an overall cleaning and tidying will do the job. Do not forget, however, that what is important when rearranging furniture is that buyers see their selves living in the house.

Do not remind potential buyers that you are still living in the house

Remember that one of the keys in quickly selling a home is for the buyers to see themselves living in the house. Do not make it difficult for them to do so by leaving constant reminders that you are still living in the house. These include your personal things and belongings such as books, paperwork and pictures. If possible leave a lot of open space in each room to allow the potential buyers to visualize how they will decorate and fit their things in your house. However, make sure you leave enough furniture to give them an idea how each room could best be utilized.

Remove extra decorations and furniture

According to Full Potential Real Estate, if you have a lot of furniture inside a certain room, consider removing some and keeping them in the storage room or attic – any place where they are less likely to be seen by potential buyers. You might want to start with worn out furniture and damaged decorations. Again, you want the buyers to see the house in the best light. And they will not be able to do this if they see wear and tear on some of the furniture. Like clutter, wear and tear can easily turn away your potential buyers.

Make every corner sparkle

This is probably the best and most cost-effective way to quickly sell your house. A house that sparkles, meaning every area is clean and tidy, is a house that is well taken care of. Most potential buyers are actually looking for that factor in every house they visit and tour. They want to buy a house that has been and is well taken care so they will not have difficulties getting the house in tip top shape after buying. Remember that they are not only thinking about the time they will need to spend in improving and getting the house into shape, they are also thinking about the additional costs they will have to go through. Make it easier for them by showing that the house is already in tip top shape by making sure that every area is clean and free of dust and debris.

For more information in selling a home, call Full Potential Real Estate, LLC and speak with one of their professional real estate agents. You may reach us at (843) 492-4537.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-236-0203
https://fullpotentialrealestate.com

real esate agent

GETTING TO KNOW MYRTLE BEACH THROUGH A REAL ESTATE AGENT

Myrtle Beach is filled with beautiful and stunning scenery and beaches. Apart from that, its citizens and the community are strong and close. There are countless tourists who visit Myrtle Beach every year and its warm and friendly community always welcomes new residents. According to a real estate agent, if you are a new resident, you will surely delight in the hospitality and friendliness of the people who are living in Myrtle Beach.

Even though this place is home to several exciting attractions and other fun-filled venues, Myrtle Beach is not as busy as other metro areas. It moves at a much slower pace. You and your family will have a life in a peaceful and beautiful place where you have always dreamed of in a Myrtle Beach home.

Myrtle Beach Real Estate Properties

Myrtle Beach is also an award-winning place. It is lauded for good quality of life and amazing growth of its community and economy in general. If you are looking for a perfect place where you can relocate your family, then Myrtle Beach should be on top of your list. Ask a Myrtle Beach real estate agent to help you find the best home for you. It is a place where you can safely take a stroll on the beach, enjoy outdoor activities under the heat of the sun, and just revel at the beauty of the place. You and your family can create beautiful and lasting memories.

According to the figures presented by the ACCRA on their composite index, the cost of living in Myrtle Beach is at 96.7, with 100 as the national average.  Myrtle Beach has more than 20,000 homes, a number which is anticipated to increase in the next five years.

A new home’s median cost is around $192, 400 while the median electric bill every month is about $112. You will have to pay around $560 if you are planning to rent a two-bedroom apartment. Residents’ median age is 48 years and college graduates account for more than 25% of the population. Meanwhile, the yearly median family income is $46,052.

If you are planning on buying a home and move to South Carolina, be sure to follow their licensing procedures. Out of state licenses can be used for 90 days in South Carolina. Also, you need to know that all out of state motor vehicles should be registered within 45 days after you have established a permanent residency in South Carolina. Don’t hesitate to contact the South Carolina Highway and Public Transportation Department if you need more details about driver licenses in South Carolina.

For any information regarding active job search assistance as well as unemployment benefits, you can call their Employment Security Commission while the Department of Revenue in Columbia, South Carolina deals with concerns about retail business licenses. Make sure you take care of all the preparations needed so your relocation to Myrtle Beach will be as seamless and problem free as possible. Don’t hesitate to ask the assistance of a trustworthy Myrtle Beach real estate agent.

For any concerns when it comes to buying a home or selling your property, you can call Full Potential Real Estate.

If you need help in finding the best property in Myrtle Beach and its surrounding areas, do not hesitate to call Full Potential Real Estate for professional help. You may reach us at (843) 492-4537.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
https://fullpotentialrealestate.com

buyers agent

Reasons Why You Should Hire A Buyers Agent

Buying a home is one of those things that you will find hard to do on your own. Yes, you can accomplish a lot things by yourself but you will only get so far. Most real estate professionals would advise against taking up all the responsibilities of purchasing a home. Whether it is your first or fourth time buying a home, the process doesn’t get any easier. That’s why you should get a buyers agent if you choose to look for a home in Myrtle Beach. The entire process of buying a home is simpler when you have an expert working for you.

Here are four reasons to hire a buyers agent

Knowledge of the local market

There’s no better person to tell you the ins and outs of the real estate market than a local Myrtle Beach buyers agent. If you really want to get the best deal, you should hire a real estate agent to work for you. A local understand the current condition of the market, the inventory, and knows the neighborhood like the back of his hand. Insider information is essential when buying a home and you can only get such through a real estate agent. Doing the groundwork on your own will take a lot of time and you’ll find that you’ve only scratched the surface.

Understanding of potential hazards

If it is your first time buying a home, you have more reason to hire a real estate agent. Most of the time, first-time homebuyers overlook some critical issues that can be considered deal-breakers. On the other hand, a buyer’s agent can point out everything that’s wrong with a house partly due to their expertise. A buyer’s agent can tell you a number of issues that you might otherwise overlook. Of course, an in-depth home inspection will reveal more.

Someone to act on your behalf

A listing agent will work for the seller and not you. On the other hand, a buyer’s agent will have your best interests in mind. It makes sense to hire an expert like Full Potential Real Estate for critical transactions to make sure that everything goes accordingly. A real estate agent will give their opinion, advice, and works for the sole purpose of finding a great deal for you. The agent will also work on your behalf during transactions such as negotiations with the buyer and other involved parties.

Provides more negotiating power

If there’s one thing that a real estate agent is good at, that’s going to be negotiating with buyers and sellers. Unless you are skilled with negotiating, you should hire a buyer’s agent to help you out. There’s no easy way of buying a home. You need to go through certain processes in order to get what you want for the price you desire.

Are you looking for a good place in Myrtle Beach to settle down? Call Full Potential Real Estate, LLC to help you out. You may reach us at (843) 492-4537.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
https://fullpotentialrealestate.com

real estate agent

TOP REASONS WHY YOU NEED A REAL ESTATE AGENT IN MYRTLE BEACH

Regardless of whether you are a home buyer or a home seller, you would benefit from working with a real estate agent. Keep in mind that a real estate investment process can be long, stressful, and tiring. Even if there is a wide availability of helpful information and how-to videos that you can access via the internet, you can ensure a less difficult route to success if you opt to work with a real estate agent.

If you are still doubtful of whether or not you should hire a real estate agent, here are some good reasons that you should consider.

  1. A real estate agent in Myrtle Beach can also be your friend and confidante.

Everyone realizes that selling or buying a home requires making a decision that will affect you emotionally and financially. If you are doing this on your own, the emotional ride can be more anxious and can even affect your health.

If you are working with a Myrtle Beach real estate agent, you will have someone to speak with should you find yourself torn apart by the decisions you need to make. They will be there to listen to your situation and support your decision even if you call them in the middle of the night. The real estate agents with Full Potential Real Estate treat their clients as their friends. They listen when necessary and offer their advice and recommendations when needed.

  1. A real estate agent is also your best project manager.

One of the many reasons why many real estate investments succeed when there is a real estate agent is because the agent works not only to persuade the buyer or seller to proceed with the deal but also takes on the role of a project manager. Most often, there are other processes and procedures involved in a real estate transaction. Considering these, a trained and experienced real estate agent should be able to organize and make the connections to ensure every process and procedure goes through effectively.

For example, before buying or selling a home, it needs to undergo some essential repairs and upgrades. The real estate agent will call in a home inspector to verify and confirm the areas that need repair. With the permission of the buyer or seller of the house, the agent will build a team of home renovation experts to make the house up to date and suitable for their next owners. With the agent’s amazing project management skills, all these are completed in a timely manner.

  1. A real estate agent in Myrtle Beach is well connected.

This is what many buyers and sellers need, particularly those who are looking to sell at an attractive price and at the best rate.  Real estate agents, especially those who have been working in the industry for years have lots of connections in the industry. They know someone who can help you expedite your approval for a mortgage loan. They know home inspectors and home renovation professionals like Full Potential Real Estate who can provide their services for a lower fee. With these connections, you can expect to sell or buy a home in less than a month, something that you can never do on your own.

  1. A real estate agent will continue to be in contact with you even after the deal is closed.

Because real estate agents are also your friend, most of them tend to continue being your friend for years after the deal closes and you have already made the move. Thus, if you need information about the house or need someone to do some repairs or additions to the house, a real estate agent can surely help.

Looking for a trained real estate agent in Myrtle Beach, call Full Potential Real Estate, LLC now. You may reach us at (843) 492-4537.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
https://fullpotentialrealestate.com

selling a home

Prepping Mistakes When Selling A Home

Putting your home up for sale is easy. However, fetching a good asking price for your property is the hard part. You need to make all the preparations to make the sale as smooth as possible and for a great deal. That’s why you should take the time to consider all the preparations before selling a home. Decluttering, splashing a fresh coat of paint, staging, and cleaning all work together to for the good of the home sale. This article will focus more on the preparations you need to make in order to boost easily sell your home.

Preparations you need to make for the home sale:

Make sure the area surrounding your front door is given attention

When you enter any home, it’s the front door and the surroundings that you notice. Make sure that everything the eye can see is clean and that there are no issues. The small things matter when it comes to selling your Myrtle Beach real estate. Here are a list of things that you can do:

  • Clean your mailbox.
  • Replace your old welcome mat with a new one.
  • Give your front door a fresh coat of paint.
  • Buff your door hardware for a nice shine.
  • Dust off any cobwebs.

Clean your roof to remove any unsightly issues

Getting a new roof is expensive. That’s why most homebuyers want to make sure that the house they are buying has a roof that’s in mint condition. And you should give buyers what they want – a nice and clean roof. Any listing agent will tell you to fix any roof issues before putting your property on the market. This is to add to its value and not the other way around.

Depersonalize your house

If you’ve owned and lived in the same house for years, you’ve probably made some customizations. You should undo these changes to make it less personalized and more open for new owners. Potential buyers would want to add some of their own personal touch to the real estate. It will be in your best interests to make sure that your house is welcoming and attractive to buyers.

Neutralize odors and eliminate the source

Staging a home isn’t just about setting the look and feel of the house. It is also about controlling how the house smells. Any foul odors must be eliminated and the source removed. Foul smells are off-putting and can sometimes cost you a deal. Any potential buyers will be pleased to know that your home looks, feels, and smells welcoming.

Hire a real estate agent to help you out with the sale

Probably the best thing that you can do to help you out with your home sale is to hire a professional like Full Potential Real Estate. While you can make all the home preparations, your real estate agent can deal with all the legalities involved with selling a home.

Are you planning on selling your home? Call Full Potential Real Estate to help you out. You may reach us at (843) 492-4537.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
https://fullpotentialrealestate.com

listing agent

QUESTIONS TO ASK WHEN HIRING A LISTING AGENT

If you plan to sell your home and find a listing agent to assist you, there are several points you need to think about before making a decision. Experience is a crucial variable, however, there are other facets to consider when putting your home on the market and this includes finding a good representation.

Continue reading to find out the important questions you should ask a potential listing agent before hiring one.

How often have you represented a home seller over the past year? There are various kinds of agencies out there including those that represent the seller, buyer, and those that cater to both, the dual agents. Looking for an agent that concentrates on selling homes and providing seller representation will boost your odds of having a more successful and hassle-free selling experience. Keep in mind that seller representation is different from buyer representation. This is one important thing you have to think about when interviewing listing agents.

You should also ask how many homes did the potential Myrtle Beach listing agent was able to sell in the past year. There are millions of practicing professionals in the real estate market today. Some agents work full time while others work part-time. Knowing how many homes he or she managed to sell over the past year will give you a good idea as to how the listing agent works with his or her clients.

You also need to ask about the final price of the last three listings that they managed to sell. Don’t forget to inquire about the original asking prices of these three properties. These questions will help you determine if the real estate agent knows how to price a property correctly or if he or she is a chronic overpricer. This will also give you an idea as to their skills in price negotiation.

There are real estate agents who push for the biggest price reduction every three weeks after they become your listing agent. You need to hire a listing agent who will represent your interest and respect the transaction the way you do. You need to know about their success in negotiation and what their marketing practices are since these are both essential to your investment.

Where do you sell the most homes? This is another question that you need to know. The listing agent you end up hiring should know the town like the back of their hand so he or she can answer all questions or objections that a potential buyer may have. The listing agent will also be able to explain everything about your property confidently. These may include information about future developments in the neighborhood, schools, commercial establishments, transportation, and so on.

Knowing more about the potential listing agent will make you more comfortable about working with him or her. Call Full Potential Real Estate if you want reliable services. It will also help you openly discuss different aspects of selling a home like the final sale price and what you need to expect all throughout the transaction.

Call Full Potential Real Estate, LLC if you are looking for a reliable listing agent. You may reach us at (843) 492-4537.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-236-0203
https://fullpotentialrealestate.com

buying a home

7 ESSENTIAL TIPS WHEN BUYING A HOME FOR SALE IN MYRTLE BEACH

Buying a home for sale in Myrtle Beach is a huge investment whether you are buying for real estate investing or buying a home for your family. If this is your first venture into the real estate industry, the following tips will help you ensure a smooth home buying process.

Your Guide To Buying Homes For Sale In Myrtle Beach

Buy only when you plan to stay for a long period of time

Make sure the house you are considering buying is located in a neighborhood where you see yourself staying for a long period of time. Keep in mind that buying a house is not only about the house, it should also be about the neighborhood, schools, and community where the house is located. This is why you should also take a closer look at the neighborhoods when you start browsing through homes for sale in Myrtle Beach.

Build a clean and impressive credit history

This is especially true if you are planning to get a mortgage loan to help you with your home purchase. You should do this several month before you decide which house to buy because getting approval for a mortgage loan can take months, depending on the state of your credit report.

Getting approved for a mortgage loan before deciding which house to buy will make it easier for you to find the most suitable house for you and your budget. Because you know how much money you are working with, you can easily choose the best house according to your needs. Plus, the mortgage approval will give you an edge over potential buyers who have not yet applied for a mortgage loan.

Look for the best mortgage loan deal

There are lots of lenders and financial institutions in Myrtle Beach that offer low-interest loans and require you to pay a small down payment. Spend time looking for the best deal to help you in buying a home. Remember that you do not have to spend all your money or rob a bank in order to buy a house. Seek professional assistance from a real estate agent Myrtle Beach to help you find the best mortgage loan deal in Myrtle Beach.

Find a house that you can afford

Now that you know how much money you have to buy a house – with your approved mortgage loan – you will be able to conduct a more thorough and organized search for homes for sale in Myrtle Beach. Note, however, that aside from the purchase price of the house, there are other costs and expenses that you will have to pay for when you buy a house. Thus, you need to leave a wiggle room in your home buying budget to be able to pay for these additional expenses.

Look at schools when browsing for homes for sale in Myrtle Beach

As mentioned earlier, the establishments and community where the house is located should be considered when you are choosing a house to buy. Even if you do not have school-aged children in the family, it still helps to buy a house that is near a good school, particularly when the time comes for you to move into a new location and sell the house.

Hire a real estate agent

A buyers agent will help you find the best homes for sale in Myrtle Beach and the best mortgage deals in the area. Plus, they also have access to information – such as crime reports, neighborhood statistics, etc. – that you may need when deciding which house to buy.

Full Potential Real Estate, LLC places a high value on your best interests to help you build and implement effective strategies during the entire home buying process. Give them a call now to inquire about their services.

Work with a home inspector

Before placing a bid on the house, hire a home inspector to conduct an overall and thorough inspection of the house. The primary purpose of this inspection is to identify and locate areas that need repairs and replacements throughout the house. Have the inspector layout estimates on how much these repairs would cost. Show these to the seller and work out a plan on how you can go about the repairs. You can have the seller pay for the necessary repairs or ask for discounts in the total purchase price.

Need help looking for homes for sale in Myrtle Beach? Give Full Potential Real Estate a call now and they will assist you all throughout the entire home buying process. You may reach us at (843) 492-4537.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
https://fullpotentialrealestate.com

buying a home

HELPING FORMER OWNERS IN BUYING A HOME FOR THE SECOND TIME

According to research by the National Association of Realtors, former owners who underwent foreclosure during the great recession are considering buying a home for the second time. These return buyers are gradually coming back to the real estate market for a second chance at homeownership after spending the time to rebuild their credit.

Industry experts believe that despite ending in foreclosure, the primary reasons why these former owners are returning to the real estate market include easily building equity over a long-term period through homeownership as well as the social benefits of being homeowners, which include belonging in a strong community. If you are among these former owners considering becoming homeowners for the second time.

Here are some tips to help you in buying a home:

Spend time to clean up your credit – similar to first-time homeowners, it is important for former owners to carefully assess their finances and make sure they have clean credit before looking for a house to buy. In fact, it is more important for former homeowners who have gone through foreclosure, which can negatively impact their credit report for as much as seven years. How the previous foreclosure will affect your credit report will depend on which financing institution will fund your current mortgage loan. On the other hand, there are financial institutions that look at your current credit report and your credit history to assess whether or not you are ready for another home mortgage loan.

Secure a pre-approved mortgage loan – Once you have ensured a clean and impressive credit report, you will want to secure a mortgage loan before the entire process of buying a home begins. Many Myrtle Beach real estate agent professionals agree that this is the first step in the home buying process. This will help you gain an edge over other potential buyers. Plus, knowing how much money you have for the purchase will help you easily find a house to buy.

Prepare your down payment – This may be a new step for second-time buyers since down payments were not necessary several years ago when they first purchased a house. Today, things have changed and down payments have become an important aspect of the home buying process. If before you were required to pay little to no down payment, now you will need to pay at least 3.5 percent of the purchase price for the down payment if you were approved for an FHA loan. If you have a conforming loan without mortgage insurance, you will need to prepare at least 20 percent of the purchase price for the down payment.

Work with a licensed and experienced real estate agentFull Potential Real Estate will help you access the necessary information and other important resources that will help you gain an edge over other buyers – including first time buyers – in the industry. Many buyers agent believe return buyers deserve another chance at becoming homeowners because they already know and have gone through the challenges of homeownership.

Give Full Potential Real Estate, LLC a call today to speak with a real estate agent about your second chance in buying a home. You may reach us at (843) 492-4537.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
https://fullpotentialrealestate.com