Great! You have a real estate contract, now what?
Posted by Mike Ciucci on
Congratulation on your purchase contract! A job well done on being masters of HGTV staging, landscaping pros, and social media sellers. It is now time to relax and coast to closing. Right?
A lot of buyers and sellers feel it's now okay to ease up, and all that's needed is paperwork for the lender, and frequent communication from your realtor that everything is rolling smoothly. But as any realtor will tell you- now is when the difficulty or success begins (it's all how you look at it).
Whether you're a seller or a buyer, there are a number of items that need to fall into place in order to have a smooth, successful closing. But what are those items? I've come up with a list that I've used over the years here in Charleston that I hope you'll find…
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What an incredible home for two of our very special clients from Charlotte. They initially had wanted a 'second home' to get away from the hustle and bustle work they do out of state, and had honed in on a few different areas of consideration in Mount Pleasant, Kiawah, and Seabrook Island. Well, Seabrook Island won and they found one heck of a deal (and a foreclosure in great condition!).
estate market, foreclosures and short sales comprise anywhere between 25 and 35% of the total market. In some areas of Charleston, those numbers can even be higher. With fall coming up, and winter right around the corner, the pressure is on for banks to unload these bank owned properties and get them sold.
The benefit of this HAFA program is that you would no longer be responsible for the difference between what you owe on your mortgage and the amount that your home sells for. You see, in South Carolina, most banks would order a deficiency judgment against the borrower for the difference in what the home sells for, and what is owed. The HAFA program would be the contrary. Sellers would also receive $3,000 at closing as an incentive to selling as a short sale, as opposed to…
There have been a lot of recent headlines about the foreclosure moratorium put in place by several of the nation’s largest banks and I felt it appropriate to communicate a brief explanation of where we are and how this may, or may not, impact our market and to also update you on the latest headlines.
The Charleston real estate market has been in a slump for the past four years...When will this trend end?
Just a quick reminder to all of you buyers out there trying to get a steal on the next short sale deal in Charleston. A lot of the time, there are wonderful deals (read in: steals) that can be made when purchasing real estate via short sales in Charleston. Most of the buyers I’ve encountered fully understand that a short sale is basically a seller that is behind on mortgage payments. They can be 2 months behind, or 7 or more months behind in their monthly mortgage payments. A short sale is when a seller is trying to get the bank to accept a loss on the property, or for the bank to accept a contract for an amount that is less than what the seller owes on the note. The seller basically owes more than the property is worth, or is in financial trouble and…