buying a home Myrtle Beach

Learning About Closing Costs When Buying A Home

buying a home Myrtle BeachThe down payment is not the only cost you should be paying attention to and preparing for when buying a home. There are other fees and costs that you need to settle before you finally call that house yours. One of these is the closing costs. This is why it is important that you assess your finances first before starting the home buying process. You need to ensure that you have sufficient money and savings to allow you to efficiently go through the entire purchase process without any problems and difficulties.

What are closing costs?

These are fees from the lender and other third party companies in the home purchase transaction that you are required to pay at the closing of the transaction. Generally, most closing fees are 2 percent to 5 percent of the purchase price, depending on the lender or third party company requiring the fees.

Closing costs can be recurring or non-recurring when buying a home in Myrtle Beach. Recurring closing costs are due every month that will start at the closing of the purchase transaction. Non-recurring costs are one-time fees that you will have to pay at the closing. These costs are often allocated to the processing of your mortgage loan and the closing of the purchase transaction.

Recurring closing costs when buying a home

The primary recurring closing costs that you need to pay include fire insurance premiums, home owners’ association dues, property taxes, homeowners’ insurance and prepaid loan interest. Property taxes are shouldered by the owner of the house. Thus, until you sign the purchase contract, these are the responsibilities of the home’s seller. After you sign the contract, you will become liable to pay for the property taxes which will start from the next billing cycle following the date of purchase. Property taxes are paid by the year and are prorated at closing. The buyer of the property will reimburse the owner for the taxes that have already been paid.

Generally, buyers are required to pay for the total annual premium of the homeowners’ insurance at the closing. In addition to this, however, you may be required to pay an additional 2-3 months worth of monthly homeowners’ insurance payments. Prepaid loan interest, on the other hand, are paid every month starting from the closing of the purchase transaction. If you are unsure what to do, contact a real estate agent from Full Potential Real Estate, LLC for assistance.

Nonrecurring closing costs that you need to pay for when buying a home

Nonrecurring costs at the closing of a home purchase transaction generally include all lender fees. These fees differ depending on the lender you are working with. It helps if you spend time to discuss these fees with the lenders you are considering for your home purchase before proceeding. This way, you can negotiate for the best deal where you and the lender will both benefit. If you don’t know what to do, don’t hesitate to seek out the help of a real estate agent.

Here are some fees that are included in the nonrecurring costs that you need to pay your lender at the closing.

  • Origination fee, which is allocated in the processing of your loan.
  • Wire transfer fee, which is required when your lender wires the money you borrowed to pay for the house you are buying.
  • Document prep fee for the preparation of your loan documents.
  • Credit report fee that is used by the lender to get a copy of your credit report.
  • Appraisal fee which is what the lender will use to pay for a professional to estimate the market value of the house you are buying.
  • Underwriting fee for evaluating and verifying your application.
  • Survey fee which is what the lender uses to verify the property lines of the house that you are buying.

There are other fees that you may have to pay for depending on the lender you are working with. Note that you can still negotiate these fees with the lender. On the other hand, you need to allocate time to speak and discuss possible options with the lender. Also, keep in mind that the lender should also benefit from the negotiations that you are proposing.

To ensure successful negotiations to decrease your closing costs, be sure to work with a trained and experienced professional. Full Potential Real Estate, LLC will help you negotiate closing costs and ensure a smooth transaction when buying a home. Call them now to inquire about their services.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

Real Estate Agency Myrtle Beach

Mistakes To Avoid When Buying A Home

Real Estate Agency Myrtle BeachBuying a home can be an exciting and a thrilling experience. It is one of the biggest investments you’ll make in your life. Given that it is a huge expense, you need to temper your excitement so that your emotions will not get the best of you. If you don’t, you’ll be prone to making mistakes which can make the process of buying your dream home into an experience that you will regret forever. So, if you are thinking of buying your dream home, here are the most common mistakes that you need to avoid.

Forgetting To Set A Budget

Whatever your financial circumstances are, you need to consider your finances before you purchase a home. Setting a budget is important and given that, here are some things that you need to complete before setting a purchase price budget. Keep in mind that your budget must include additional expenses and not only the actual price of the property. Getting a mortgage loan is also an important aspect of setting your purchasing budget. Be sure that you know everything like the cost and fees that are associated with the loan that you have chosen. If you want to know more about the costs that are associated with homeownership, it is best to consult a buyers agent as well as other homeowners. You should also keep in mind that borrowing the amount that a lender will allow is different from determining how much you can afford to pay.

Ignoring The Importance Of Talking To A Lender

The process involved in getting a mortgage loan is more complicated than it looks. You need to see a lender first before you go to a realtor. You have to consider your qualification range or the amount that will likely be approved if you apply for a loan. For instance, you are currently looking for a home that is worth $150,000. But then you find out that the lender is only willing to lend you $125,000. The difference in the amount means you will have to find another home, which may not have the features that were possessed by the first house that you wanted to buy. Since you have to scale back, there is a possibility that you won’t be happy in buying a less expensive house.

Neglecting A Home Inspection

When it comes to buying a home in Myrtle Beach, never forget to have the home you want to buy inspected first. With the help of a professional home inspector, you will know if the property has existing or potential problems that may make the house not worth buying. Although you have to spend a few hundred dollars, spending this amount is nothing compared to how much you’ll pay if the foundation of your newly purchased home collapses.

Not Hiring A Real Estate Agent

Hiring a real estate agent offers a lot of benefits. These professionals have access to Multiple Listing Service or MLS, which gives real estate agents updated information about homes that are for sale in a certain area. They are knowledgeable about the area where you are considering to buy a home. They are also good at negotiating the best price for the house you want to buy.

If you are considering to buy a home, call Full Potential Real Estate, LLC for expert assistance.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

Myrtle Beach Homes For Sale

10 Step Home Buying Guide

Myrtle Beach Homes For SaleBuying a home can be an experience that is thrilling, strenuous, and nerve-wracking especially if you are first time buyer. You will find it hard to determine exactly what you should expect. The learning curve when it comes to understanding the basics of real estate can be steep. However, most of the primary concerns can be addressed by performing some basic financial homework. To help increase your chances of having a stress free home buying experience, provided below are 10 simple tips that you can follow.

How Much Can You Borrow and Spend?

  • Determine how many homes you can afford with the help of an affordability calculator. This calculator will consider factors like your income and debt to identify your spending limit.
  • Know your credit score and ask for a credit report.
  • Figure out your monthly payment by using the mortgage calculator. You can plug in varying potential numbers for the purchase price, interest rate, and loan amount, which you most likely don’t have a precise idea, so you can get a good picture of the expenses you need to expect before you actually make a purchase.

Look For A Mortgage Lender

  • Look for the best terms and rates
  • Know what the best type of mortgage is for you by talking to lenders and brokers.
  • Ask for an estimate of the closing costs, which includes attorney fees and taxes.
  • Get pre-approval for your home loan. You will not only a good understanding of the amount you can borrow and also appear as a serious buyer in the eyes of the seller.

Create A Must-Haves List

  • Look for the best location. Choose between city, suburban, or rural life.
  • Choose the price range that will let you live a comfortable lifestyle while meeting your monthly dues.
  • Know how many bedrooms and bathrooms as well as your desired home’s general size that can accommodate you and your family.
  • Differentiate must-haves from the things that you would like to have. You have to categorize the features of your dream home by importance to avoid potential headaches down the road.

Pick Your Target Neighborhoods

  • Check out listing pages to get details about market trends, schools, amenities within the neighborhoods like grocery stores, cafes, parks, and the like.
  • Check the internet about the crime rates in areas that you are interested in.
  • Choose the specific streets where you would possibly like to reside. Picking a town or city, in general, may not be sufficient in terms of catering your specific needs. Keep in mind that neighborhoods vary greatly.

Find The Best Agent

  • Look for an experienced agent in your area.
  • Pick the best agent for you by taking into account the reviews and recommendations about the agent who are looking to hire.

Search For Your Dream House

  • Go to open houses and check online listings with the help of your agent.
  • Ask your real estate agent to arrange private tours of potential homes so you will have enough time to check it out, take measurements if needed, and evaluate the home’s features.
  • Don’t forget to take down notes when you visit since it can be very hard to remember all the things you have observed in all the homes that you have visited.

Ask For The Details About The Properties You’re Considering To Buy

  • Once you’ve narrowed down your research to a list of favorites, request for a list of comps to estimate the fair market value of each of the properties that are on your final list.
  • Figure out the reason why the seller placed the property out on the market. It may eventually help you with your negotiation strategy. If the seller is in a hurry to relocate, he or she may be more willing to negotiate the asking price.
  • Take into account the additional expenses that are associated with the buying and owning phases, and request for copies of the most recent bills such as property taxes, HOA fees, and utility bills.

Come Up With An Offer

  • When you finally have the house that you wish to buy, be sure to come up with an offer that is based on the fair market value.
  • With the assistance of your real estate agent, negotiate when needed and agree on a final purchase cost.
  • Don’t forget to include your personal requests for repairs as well as your desired move-in date, well before you sign the Purchase and Sale Agreement.

Don’t Forget A Home Inspection and Appraisal

  • Ask your real estate agent Myrtle Beach to recommend a certified and reliable home inspector as well as other professionals who may be needed for the inspection of your desired home.
  • Refer to a home inspection checklist to make sure nothing is missed. It is better to be safe than sorry.
  • The property must also be appraised professionally and use the findings you get to renegotiate the purchase price if needed.

Close The Deal

  • Once you have completed the loan process with your lender, be sure that you everything is in order for the closing costs and down payments.
  • During the closing day, be sure to order a final title search as well as the property title to be transferred from the seller to you.
  • Now that you own your dream home, the next step is to make preparations required so you can move in.

Call Full Potential Real Estate, LLC if you need help finding your dream home.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

Homes For Sale Myrtle Beach

Why You Do Not Need An Open House For Selling Home Myrtle Beach

Homes For Sale Myrtle BeachIn the real estate business, an open house is a common event. Many real estate agents perform open residences, and home sellers anticipate a representative to have an open house. Yet, for some reason, even if every person is doing it does not imply that you should do it also.

The advantage of an open residence is a lot less clear compared to what most individuals understand. Actually, there could be drawbacks to open up homes, drawbacks that actually exceed the advantages.

Did you know that you can market your home without an open house? An open house is an old type of marketing and advertising strategy and not doing an open house does not imply that selling home Myrtle Beach is nor possible.

However, there are real estate representatives who do not want you to know about this. They would even tell you to conduct an open house to sell your home faster.

The Real Deal About Open Houses

The inquiry most homeowners ask is, do open homes work to sell homes faster? Statistically, they really do not and there are numerous disadvantages listed below.

The most important thing to understand is that homebuyer who attend open houses are also the one qualified to buy houses. So there is really no mix of qualified and unqualified individuals who can see your home.

In this digital age, you do not need to an open house anymore because you can offer your home for sale even on the internet.

Representatives that promote open houses seldom discuss the disadvantages to homeowners because this is an opportunity for these real estate agents to scout for other clients. Seldom does an open house lead to a sale?

Unqualified Purchasers

From all individuals that decide to see and examine your home, few will be certified to acquire your residence. Open houses are genuinely “open”, which suggests any person with a pulse could go through your door and can take a look at your home. Snoopy next-door neighbors, couples planning to buy their dream home, arbitrary drive-bys and other home sellers seeking to take a look at the competitors– there are the types of individuals who will surely attend open houses. But only a few will be qualified to be able to purchase your home.

Burglary And Safety And Security Problems

The other significant concern with an open home is that these events are prime opportunities for deceitful individuals to take advantage of you. Some site visitors might swipe from you outright, once they find a possibility while checking out your residence. Much more uneasy are the site visitors that are a lot more patient and also shrewd– those that scout houses for protection defects, or produce protection defects (like opening home windows), and also return later on to make use of those weak points when you are asleep, at the office or from community vacationing.

Work With A Great Real Estate Agent To Sell Your Home Myrtle Beach

This is where working with a great real estate agent benefits you– they have the ability to recognize these types of customers. Great advertising and marketing determines great leads as well as obtains the message bent on drawing in those leads.

  • A wonderful representative additionally recognizes an open house is never ever required when you value a residence properly and also do an exceptional work of advertising.
  • Actual customers get on the net seeking houses every day. When a serious customer wishes to see a residence, they will immediately call their representative and schedule an ocular. It is as straightforward as that. But other agents will tell you otherwise.
  • Great real estate agents make sure their customers are pre-approved for a home mortgage prior to heading out and showing them houses! Do you desire unqualified customers seeing your residence? Individuals that cannot manage your house will certainly be a sector of the visitors coming via.

Does this seem like something you want to happen to you? By having an open residence, you drastically enhance the probabilities that it will!

Work with a great real estate representative to discuss the best option for selling home Myrtle Beach. Call Full Potential Real Estate now!

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577


home buying Myrtle Beach

Why Some People Become Fearful of Buying Home Myrtle Beach

home buying Myrtle BeachAlthough buying a home should be an exciting event, it can also be one of the scariest events for some. There are lots of things that home buyers are afraid of when it comes to making a real estate investment. Below are some of their most common fears.

Reasons Why People Are Scared of Buying Home Myrtle Beach

Hidden problems of the house

Home buyers are well aware that houses are staged so that buyers will focus more on its assets rather than its flaws, including those areas that need home repair. This is why home buyers always hire a house inspector to go through the house and check for necessary repairs, replacements, and renovations. This is what many home buyers are afraid of. They are scared of the results of the inspections and to learn about the hidden problems of the house. What makes home buyers more afraid is the added costs of these repairs and replacements.

Home buyers should clarify with the inspector the current condition of those areas that need repair. They should ask the inspector if the repairs are postponed or if they are needed immediately. Then the home buyer should go to the seller and renegotiate the price of the home based on the extent of the repair needed. They should remember that when buying home Myrtle Beach, the costs of necessary home repairs should be shouldered by both buyer and seller.

Losing the deposit

This is more of a myth rather than a fear. No buyer has ever lost their deposit. The fear of losing the deposit probably stems from not being able to follow your time frame, especially with regards to loan contingencies. In some home purchase transactions, there is a contingency date. And for some home buyers, they feel like they need to close the deal before the said date or their deposit will be forfeited.

In reality, however, contingency dates can be extended or removed from the contract. If you want to extend it, have your real estate agent remind you of the date so you will know when you should make an extension. You can also opt to have it removed from the contract with the help of your real estate agent.

Losing the house

This often happens when buying a home in a highly competitive market. There are homes that receive lots of proposals after being listed on the market and, thus, become sold even before its first open house event. To avoid losing the house to another buyer, home buyers should learn to move quickly. Enlist the assistance of an experienced agent from Full Potential Real Estate to help you schedule an appointment with the seller as soon as you see a house that you want to buy. It is extremely important to be among the first ones to make an offer to the house because there are sellers that take the first offer, especially if they are looking to sell the house quickly.

Failure to find a home in time

This primarily applies to home buyers who have a deadline for finding a home. These home buyers are often those who are facing an expiring lease or starting a new job. The nearing deadline only adds to the pressure of finding the right and affordable home in a suitable neighborhood. Should this be the case, home buyers should consider setting up an alternate plan with their real estate agents. Remember that real estate agents are always there to guide and support you with all your home buying decisions. They are also there to listen to your problems and work out a solution or an alternate plan for you.

To help overcome these fears, it helps if home buyers work with a professional real estate agent when buying a home. Call Full Potential Real Estate, LLC now and speak with one of their agents.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

Myrtle Beach Real Estate

Why Winter Is A Good Time To Buy A Home

Myrtle Beach Real EstateMany people believe that summer and spring are the best seasons to buy a home. Buyers are more likely to shop around if the weather is nice. These seasons are pleasant times of the year and sellers know very well that their property looks great because it is not covered in snow. However, there are also several reasons why consumers should go shopping for a new home during winter.

As we know very well, real estate and relocating usually go together and even though we wish to decide when we want to move and buy a home, there are instances when we are forced to sell, buy, and even move anytime of the year. However, purchasing a home during the winter season isn’t the worst thing that can take place. Provided below are some good reasons why you should buy a house during winter.

Fewer Competition

One obvious advantage of buying a property during winter is that you will be competing with fewer buyers. Lesser people will be looking for homes during this time because of the common notion that this should be done during spring and summer. You can also use the low competition to your favor. Considering the basics of economics, low demand means better prices for you. For those looking for an excellent deal in the real estate market, buying in winter could very well be an excellent choice. In most housing markets, winter also means that there is lower inventory. Although there is less houses available, you can still find the right place for you and your family.

Motivated Sellers

The low activity during the winter season will make way for more motivated sellers. Real estate agents are aware that the slow cold winter months are the time when sellers are in the mood to negotiate, may it be on the closing cost, selling price, terms of the sale, and more. These are all the key reasons why many real estate agents ask their clients to delay listing their properties at least until spring season. But there are instances when property owners are forced to sell. These includes receiving a job offer or personal issues such as financial problems, divorce, and so on. It is safe to say that winter is not a great time for sellers but for buyers, it is a great time to purchase a new home.

Real Estate Agents Work Harder

Since there is low activity during this season, you can expect your real estate agent Myrtle Beach to provide you with his or her undivided attention. Your realtor will also work harder for you because these lean months will encourage them to try harder to negotiate and close a deal.

You don’t have to worry if it is winter. Get your winter coat and shop around for your dream home. Call Full Potential Real Estate, LLC. now.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577