If, after receiving your tax statement, you disagree or have questions concerning the new value assigned your property, you have the right to appeal.
You have until January 15th to submit a signed Letter of Objection to the County Assessor’s Office stating why you believe the assessed value is incorrect. Note that electronic submissions of appeals and/or applications are not allowed, nor are faxed submittals acceptable. All the applications require an original signature. Therefore the original must be sent in or delivered.
The Assessor will review your letter and take one of the following actions:
1. If your letter contains enough information regarding your appeal, such as owner’s opinion of value and evidence to support that value, the Assessor’s Office will review the appraisal of your property in light of the information provided in the letter. After the review is complete, the Assessor will notify you of the results via a reassessment notice.
2. If your letter does not contain information sufficient to conduct an appraisal review, the Assessor’s Office will, within 30 days (or as soon as practical), schedule a meeting with you to discuss your concerns.
The appraiser will review your property record with you and give you information about the appraisal on your property. If your concerns cannot be resolved by the Assessor’s Office, you may appeal to the Charleston County Board of Assessment Appeals. If you disagree with the Board’s decision, you can further appeal to the S.C. Administrative Law Judge Division.
To be sure your reassessment is fair and correct, you should verify: that any items that affect market value, such as size, number of baths, etc., are correct; that your property is not appraised more than recent sales of comparable properties; and that your property is equally appraised when compared with like surrounding properties. Refer to www.charlestoncounty.org for additional information.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions. To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
Thursday, October 15, 2009
Wednesday, October 14, 2009
South Carolina State Housing as a Lending Option
The South Carolina State Housing Finance and Development Authority has various loan programs that may help you buy a home. Interest rates are competitive and depending on your income, there is down payment/closing cost assistance available to assist you in purchasing a home with little or no out of pocket funds. The major benefits to home buyers are lower interest rates and reduced mortgage insurance rates that allow you to have a more affordable monthly payment and save thousands of dollars over the life of a mortgage. First-Time Home Buyer Mortgage Loan Program assists low-to-moderate income S.C. families and individuals by offering a competitive market fixed interest rate mortgage loan. The Authority also offers $3000 down payment assistance based on availability, which may be used toward down payment and closing costs.
All Authority Loan Programs are based on a fixed interest rate loan with a maximum loan-to-value (LTV) of 97% (for conventional or rural housing) or 96.5% (for FHA). Therefore, if you buy a home for $100,000, the minimum down payment that would be required is $3,000 (for conventional or rural housing) or $3,500 (for FHA). Depending on your income, the Authority may have down payment assistance funds available to pay all or part of the required down payment.
For additional information go the SC State Housing finance and Development Authority website http://www.schousing.com/
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions. To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com/
All Authority Loan Programs are based on a fixed interest rate loan with a maximum loan-to-value (LTV) of 97% (for conventional or rural housing) or 96.5% (for FHA). Therefore, if you buy a home for $100,000, the minimum down payment that would be required is $3,000 (for conventional or rural housing) or $3,500 (for FHA). Depending on your income, the Authority may have down payment assistance funds available to pay all or part of the required down payment.
For additional information go the SC State Housing finance and Development Authority website http://www.schousing.com/
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions. To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com/
Tuesday, October 13, 2009
Let's Learn about the Historic Peninsula of Charleston South Carolina
Charleston is located just south of the mid-point of South Carolina's coast line, at the confluence of the Ashley and Cooper Rivers. Charleston's name is derived from Charles Towne, named after King Charles II of England. It is the largest city and county seat of Charleston County. The city was founded as Charlestown or Charles Towne in 1670, and moved to its present location (Oyster Point) from a location on the west bank of the Ashley River in 1680; it adopted its present name in 1783. In 1690, Charleston was the fifth largest city in North America, and remained among the ten largest cities in the United States through the 1840 census. Charleston is known as The Holy City due to the prominence of churches on the low-rise cityscape, particularly the numerous steeples which dot the city's skyline. The population was estimated to be 118,492 in 2007, making it the second most populous city in South Carolina closely behind the state capital Columbia. Downtown offers a wide selection of homes for sale, from massive single family homes to large condos. Pricing is often viewed as being on a sliding scale from the Battery, where the beautiful, carefully restored colonial homes often begin in the million dollar range, to the modest Charleston Singles and town homes in the northwest portion of the peninsula near the Crosstown, where prices are much lower. Above the Crosstown has older homes that are being renovated.
Points of interest include Cooper River Bridge Run, The Battery, Charleston Ghost Tours, Meeting Street Bed and Breakfast, Beautiful Churches, South Carolina Aquarium, Downtown Shopping, Spoleto Festival, Great Restaurants, Medical University of South Carolina, College of Charleston, and The Charleston School of Law, The Citadel, and FortSumter.
Subdivisions are, but not limited to South of Broad, Harleston Village, French Quarter, Mazyck-Wraggsborough, Radclifborough, Cannoborough, Elliotborough, Hampton Park, Wagner Terrace, Hampton Park Terrace, North Central, Westside, Midtown, Ansonborough, and Eastside.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions. To look for homes in any of these subdivisions, or anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com/
Points of interest include Cooper River Bridge Run, The Battery, Charleston Ghost Tours, Meeting Street Bed and Breakfast, Beautiful Churches, South Carolina Aquarium, Downtown Shopping, Spoleto Festival, Great Restaurants, Medical University of South Carolina, College of Charleston, and The Charleston School of Law, The Citadel, and FortSumter.
Subdivisions are, but not limited to South of Broad, Harleston Village, French Quarter, Mazyck-Wraggsborough, Radclifborough, Cannoborough, Elliotborough, Hampton Park, Wagner Terrace, Hampton Park Terrace, North Central, Westside, Midtown, Ansonborough, and Eastside.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions. To look for homes in any of these subdivisions, or anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com/
Monday, October 12, 2009
Charleston, Berkeley, and Dorchester County Public Schools
Below is a synopsis of the public schools in Berkeley, Dorchester, and Charleston counties, along with links to obtain more detailed information.
Charleston County
Charleston County public schools serve most residents who live in downtown Charleston, Mt. Pleasant, James Island, John's Island, West Ashley, and North Charleston. The schools in Mt. Pleasant are rated best in Charleston County. Charleston County School District is made up of eight constituent districts to serve the greater Charleston area. Altogether, these districts have more than 48,000 students that range from pre-kindergarten to the twelfth grade.
For additional information use the following link: http://www.ccsdschools.com/Our_Schools/
Berkeley County
Most residents living in Daniel Island, Goose Creek, Hanahan, Ladson (which is part of Summerville), and Moncks Corner are zoned for Berkeley County public schools. The Daniel Island schools are the best schools in the Berkeley County school district.
For additional information use the following link:http://www.berkeley.k12.sc.us/
Dorchester County
Dorchester County public schools serve most residents of Summerville and some residents of North Charleston. There are two Dorchester County school districts, Dorchester 2 and Dorchester 4. The Dorchester 2 School District is consistently ranked one of the best public school districts in the Charleston area.
For additional information use the following links:http://www.dorchester2.k12.sc.us/http://www.dorchester4.k12.sc.us/home.aspx
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
Charleston County
Charleston County public schools serve most residents who live in downtown Charleston, Mt. Pleasant, James Island, John's Island, West Ashley, and North Charleston. The schools in Mt. Pleasant are rated best in Charleston County. Charleston County School District is made up of eight constituent districts to serve the greater Charleston area. Altogether, these districts have more than 48,000 students that range from pre-kindergarten to the twelfth grade.
For additional information use the following link: http://www.ccsdschools.com/Our_Schools/
Berkeley County
Most residents living in Daniel Island, Goose Creek, Hanahan, Ladson (which is part of Summerville), and Moncks Corner are zoned for Berkeley County public schools. The Daniel Island schools are the best schools in the Berkeley County school district.
For additional information use the following link:http://www.berkeley.k12.sc.us/
Dorchester County
Dorchester County public schools serve most residents of Summerville and some residents of North Charleston. There are two Dorchester County school districts, Dorchester 2 and Dorchester 4. The Dorchester 2 School District is consistently ranked one of the best public school districts in the Charleston area.
For additional information use the following links:http://www.dorchester2.k12.sc.us/http://www.dorchester4.k12.sc.us/home.aspx
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
Sunday, October 11, 2009
Drayton Hall
Drayton Hall is a plantation built in the early 17th century located between Rt. 61 and the Ashley River in the West of the Ashley section of Charleston. It is one of the few plantations that Sherman spared on his march to the Atlantic Ocean. The house and the lands have not been restored, but have been preserved in the condition they were in when it was purchased in 1974 by the National Trust for Historic Preservation.
My wife and I recently visited Drayton Hall and enjoyed the self guided walking tours. The river walk tour encompasses the area from the house to the river. At a leisurely pace you can walk it in a half an hour. Very little remains of the original plantation gardens and agricultural areas, but it is easy to visualize the corridor from the back of the house to the old boat landing on the Ashley River that dissects the agricultural areas. I’m sure that for over 200 years this site bustled with activity resulting from the harvesting and shipping of crops.
The marsh walking tour can be completed in about 20 minutes. On this tour you cross most of the ecosystems associated with saltwater, brackish water and freshwater wetlands. This is a very peaceful area. Once you are past the brackish wetland you enter an area where phosphate was mined after the Civil War. The old pits and sections of the narrow gauge railroad track are still visible. Upon reaching the freshwater wetlands you can see the remains of old rice fields and the system of ditches and dikes to regulate water flow into the rice fields. From there you enter lawn area about a quarter of a mile in front of the house. I feel confident during the plantation era this area would have had many outbuildings, farming implements, livestock and bustling with activity.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
My wife and I recently visited Drayton Hall and enjoyed the self guided walking tours. The river walk tour encompasses the area from the house to the river. At a leisurely pace you can walk it in a half an hour. Very little remains of the original plantation gardens and agricultural areas, but it is easy to visualize the corridor from the back of the house to the old boat landing on the Ashley River that dissects the agricultural areas. I’m sure that for over 200 years this site bustled with activity resulting from the harvesting and shipping of crops.
The marsh walking tour can be completed in about 20 minutes. On this tour you cross most of the ecosystems associated with saltwater, brackish water and freshwater wetlands. This is a very peaceful area. Once you are past the brackish wetland you enter an area where phosphate was mined after the Civil War. The old pits and sections of the narrow gauge railroad track are still visible. Upon reaching the freshwater wetlands you can see the remains of old rice fields and the system of ditches and dikes to regulate water flow into the rice fields. From there you enter lawn area about a quarter of a mile in front of the house. I feel confident during the plantation era this area would have had many outbuildings, farming implements, livestock and bustling with activity.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
Saturday, October 10, 2009
14 Important Things a Buyer Should Do after Getting a Contract Ratified
1. Submit the earnest money to you buyer’s agent if you didn’t do this when you signed the offer.
2. Select a closing attorney and set a closing date.
3. Schedule a home inspection.
4. If this is not a cash offer complete the mortgage application with your lender.
5. Do not change jobs prior to closing on the purchase of your new home.
6. Do not make any large purchases prior to closing on the purchase of your new home. (Both item #5 and #6 could greatly affect your ability to obtain financing.)
7. Address and resolve any contingencies on the ratified contract.
8. Plan an prepare your moving arrangements.
9. Change over all utilities to your name prior to closing.
10. Get your down payment funds in order.
11. At least 3 days prior to closing you should have a HUD-1 (closing settlement statement) for your review.
12. Bring the closing monies in the form of a cahiers check, money order, or wired to the closing attorney ahead of time. A personal check will not be accepted.
13. Attend the closing.
14. Move in your new home and enjoy it!
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
2. Select a closing attorney and set a closing date.
3. Schedule a home inspection.
4. If this is not a cash offer complete the mortgage application with your lender.
5. Do not change jobs prior to closing on the purchase of your new home.
6. Do not make any large purchases prior to closing on the purchase of your new home. (Both item #5 and #6 could greatly affect your ability to obtain financing.)
7. Address and resolve any contingencies on the ratified contract.
8. Plan an prepare your moving arrangements.
9. Change over all utilities to your name prior to closing.
10. Get your down payment funds in order.
11. At least 3 days prior to closing you should have a HUD-1 (closing settlement statement) for your review.
12. Bring the closing monies in the form of a cahiers check, money order, or wired to the closing attorney ahead of time. A personal check will not be accepted.
13. Attend the closing.
14. Move in your new home and enjoy it!
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
Friday, October 9, 2009
12 Items Not to Overlook on a Final Walk-through
It’s guaranteed to be hectic right before closing, but you should always make time for a final walk-through. Your goal is to make sure that your home is in the same condition you expected it would be. Ideally, the sellers already have moved out. This is your last chance to check that appliances are in working condition and that agreed-upon repairs have been made. Here’s a detailed list of what not to overlook for on your final walk-through:
1. Requested repairs have been made.
2. There are no major changes to the property since you last viewed it.
3. All items that were included in the sale price are still there.
4. Screens and storm windows are in place or stored.
5. All appliances are operating, such as the dishwasher, washer and dryer.
6. Intercom, doorbell, and alarm are operational.
7. Hot water heater is working.
8. No plants or shrubs have been removed from the yard.
9. Heating and air conditioning system is working
10. Garage door opener and other remotes are available.
11. Instruction books and warranties on appliances and fixtures are available.
12. All personal items of the sellers and all debris have been removed.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com”
1. Requested repairs have been made.
2. There are no major changes to the property since you last viewed it.
3. All items that were included in the sale price are still there.
4. Screens and storm windows are in place or stored.
5. All appliances are operating, such as the dishwasher, washer and dryer.
6. Intercom, doorbell, and alarm are operational.
7. Hot water heater is working.
8. No plants or shrubs have been removed from the yard.
9. Heating and air conditioning system is working
10. Garage door opener and other remotes are available.
11. Instruction books and warranties on appliances and fixtures are available.
12. All personal items of the sellers and all debris have been removed.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com”
Thursday, October 8, 2009
5 Property Tax Questions Buyers Should Ask
1. What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information.
2. How often are properties reassessed, and when was the last reassessment done? In general, taxes jump most significantly when a property is reassessed.
3. Will the sale of the property trigger a tax increase? The assessed value of the property may increase based on the amount you pay for the property. And in some areas, such as California, taxes may be frozen until resale.
4. Is the amount of taxes paid comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate.
5. Does the current tax bill reflect any special exemptions that I might not qualify for? For example, many tax districts offer reductions to those 65 or over.
To determine South Carolina property taxes by county go to this link:http://www.sccommerce.com/docdirectory/ResearchFolder/Property%20Tax%20Rates%20by%20County%20in%20South%20Carolina%202008.pdf
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
2. How often are properties reassessed, and when was the last reassessment done? In general, taxes jump most significantly when a property is reassessed.
3. Will the sale of the property trigger a tax increase? The assessed value of the property may increase based on the amount you pay for the property. And in some areas, such as California, taxes may be frozen until resale.
4. Is the amount of taxes paid comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate.
5. Does the current tax bill reflect any special exemptions that I might not qualify for? For example, many tax districts offer reductions to those 65 or over.
To determine South Carolina property taxes by county go to this link:http://www.sccommerce.com/docdirectory/ResearchFolder/Property%20Tax%20Rates%20by%20County%20in%20South%20Carolina%202008.pdf
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
Wednesday, October 7, 2009
Understanding Capital Gains in Real Estate
When you sell a stock, you owe taxes on your gain — the difference between what you paid for the stock and what you sold it for. The same holds true when selling a home (or a second home), but there are some special considerations.How to Calculate GainIn real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate, follow these steps:
1. Purchase price: _______________________
The purchase price of the home is the sale price, not the amount of money you actually contributed at closing.
2. Total adjustments: _______________________
To calculate this, add the following:
a. Cost of the purchase — including transfer fees, attorney fees, and inspections, but not points you paid on your mortgage.
b. Cost of sale — including inspections, attorney fees, real estate commission, and money you spent to fix up your home just prior to sale.
c. Cost of improvements — including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.
3. Your home’s adjusted cost basis: _______________________
The total of your purchase price and adjustments is the adjusted cost basis of your home.
4. Your capital gain: _______________________
Subtract the adjusted cost basis from the amount your home sells for to get your capital gain.
A Special Real Estate Exemption for Capital GainsSince 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria:
a. You have lived in the home as your principal residence for two out of the last five years.
b. You have not sold or exchanged another home during the two years preceding the sale.
c. You meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com/
1. Purchase price: _______________________
The purchase price of the home is the sale price, not the amount of money you actually contributed at closing.
2. Total adjustments: _______________________
To calculate this, add the following:
a. Cost of the purchase — including transfer fees, attorney fees, and inspections, but not points you paid on your mortgage.
b. Cost of sale — including inspections, attorney fees, real estate commission, and money you spent to fix up your home just prior to sale.
c. Cost of improvements — including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.
3. Your home’s adjusted cost basis: _______________________
The total of your purchase price and adjustments is the adjusted cost basis of your home.
4. Your capital gain: _______________________
Subtract the adjusted cost basis from the amount your home sells for to get your capital gain.
A Special Real Estate Exemption for Capital GainsSince 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria:
a. You have lived in the home as your principal residence for two out of the last five years.
b. You have not sold or exchanged another home during the two years preceding the sale.
c. You meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com/
Tuesday, October 6, 2009
What to Have on Hand for the New Owners
1. Owner’s manuals and warranties for appliances left in the house.
2. Garage door opener.
3. Extra sets of house keys.
4. A list of local service providers — the best dry cleaner, yard service, plumber, etc.
5. Code to the security alarm and phone number of the monitoring service if not discontinued.
6. As a courtesy, you could provide numbers to the local utility companies.
7. If it’s a condo, leave information on how to contact the condo board.
8. As a courtesy, leave them your contact information in case they have a question.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com/
2. Garage door opener.
3. Extra sets of house keys.
4. A list of local service providers — the best dry cleaner, yard service, plumber, etc.
5. Code to the security alarm and phone number of the monitoring service if not discontinued.
6. As a courtesy, you could provide numbers to the local utility companies.
7. If it’s a condo, leave information on how to contact the condo board.
8. As a courtesy, leave them your contact information in case they have a question.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com/
Monday, October 5, 2009
What to Ask When Choosing a REALTOR®
1. How long have you been in residential real estate sales? Is it your full-time job? While experience is no guarantee of skill, real estate , like many other professions, is mostly learned on the job.
2. What designations do you hold? Designations such as GRI and CRS® — which require that agents take additional, specialized real estate training — are held by only about one-quarter of real estate practitioners.
3. How many homes did you and your real estate brokerage sell last year? By asking this question, you’ll get a good idea of how much experience the practitioner has.
4. How many days did it take you to sell the average home? How did that compare to the overall market? The REALTOR® you interview should have these facts on hand, and be able to present market statistics from the local MLS to provide a comparison.
5. How close to the initial asking prices of the homes you sold were the final sale prices? This is one indication of how skilled the REALTOR® is at pricing homes and marketing to suitable buyers. Of course, other factors also may be at play, including an exceptionally hot or cool real estate market.
6. What types of specific marketing systems and approaches will you use to sell my home? You don’t want someone who’s going to put a For Sale sign in the yard and hope for the best. Look for someone who has aggressive and innovative approaches, and knows how to market your property competitively on the Internet. Buyers today want information fast, so it’s important that your REALTOR® is responsive.
7. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? While it’s usually legal to represent both parties in a transaction, it’s important to understand where the practitioner’s obligations lie. Your REALTOR® should explain his or her agency relationship to you and describe the rights of each party.
8. Can you recommend service providers who can help me obtain a mortgage, make home repairs, and help with other things I need done? Because REALTORS® are immersed in the industry; they’re wonderful resources as you seek lenders, home improvement companies, and other home service providers. Practitioners should generally recommend more than one provider and let you know if they have any special relationship with or receive compensation from any of the providers.
9. What type of support and supervision does your brokerage office provide to you? Having resources such as in-house support staff, access to a real estate attorney and assistance with technology can help an agent sell your home.
10. What’s your business philosophy? While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals and business emphasis mesh with your own.
11. How will you keep me informed about the progress of my transaction? How frequently? Again, this is not a question with a correct answer, but it reflects your desires. Do you want updates twice a week or do you not want to be bothered unless there’s a hot prospect? Do you prefer phone, e-mail, or a personal visit?
12. Could you please give me the names and phone numbers of your three most recent clients? Ask recent clients if they would work with this REALTOR® again. Find out whether they were pleased with the communication style, follow-up, and work ethic of the REALTOR®.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
2. What designations do you hold? Designations such as GRI and CRS® — which require that agents take additional, specialized real estate training — are held by only about one-quarter of real estate practitioners.
3. How many homes did you and your real estate brokerage sell last year? By asking this question, you’ll get a good idea of how much experience the practitioner has.
4. How many days did it take you to sell the average home? How did that compare to the overall market? The REALTOR® you interview should have these facts on hand, and be able to present market statistics from the local MLS to provide a comparison.
5. How close to the initial asking prices of the homes you sold were the final sale prices? This is one indication of how skilled the REALTOR® is at pricing homes and marketing to suitable buyers. Of course, other factors also may be at play, including an exceptionally hot or cool real estate market.
6. What types of specific marketing systems and approaches will you use to sell my home? You don’t want someone who’s going to put a For Sale sign in the yard and hope for the best. Look for someone who has aggressive and innovative approaches, and knows how to market your property competitively on the Internet. Buyers today want information fast, so it’s important that your REALTOR® is responsive.
7. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? While it’s usually legal to represent both parties in a transaction, it’s important to understand where the practitioner’s obligations lie. Your REALTOR® should explain his or her agency relationship to you and describe the rights of each party.
8. Can you recommend service providers who can help me obtain a mortgage, make home repairs, and help with other things I need done? Because REALTORS® are immersed in the industry; they’re wonderful resources as you seek lenders, home improvement companies, and other home service providers. Practitioners should generally recommend more than one provider and let you know if they have any special relationship with or receive compensation from any of the providers.
9. What type of support and supervision does your brokerage office provide to you? Having resources such as in-house support staff, access to a real estate attorney and assistance with technology can help an agent sell your home.
10. What’s your business philosophy? While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals and business emphasis mesh with your own.
11. How will you keep me informed about the progress of my transaction? How frequently? Again, this is not a question with a correct answer, but it reflects your desires. Do you want updates twice a week or do you not want to be bothered unless there’s a hot prospect? Do you prefer phone, e-mail, or a personal visit?
12. Could you please give me the names and phone numbers of your three most recent clients? Ask recent clients if they would work with this REALTOR® again. Find out whether they were pleased with the communication style, follow-up, and work ethic of the REALTOR®.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
Sunday, October 4, 2009
Forms You Will Need to Sell Your Home
1. Listing Agreement. This form is a contract between the Realtor and the seller. It contains the length of the contract, the commission rate, and the obligations of both the Realtor and the seller.
2. Property disclosure form. This form requires you to reveal all known defects to your property. Check with your state government to see if there is a special form required in your state.
3. Lockbox form. This form gives the Realtor permission to place a lock box on the home. If you have a rental property the tenant must also sign the form.
4. Lead-based paint disclosure pamphlet. If your home was built before 1978, you must provide the pamphlet to all sellers. You must also have buyers sign a statement indicating they received the pamphlet.
5. Sales contract. This is the agreement between you and the seller containing the terms and conditions of sale. If you have any questions about the terms have your attorney review it prior to signing.
6. Sales contract contingency clauses. In addition to the contract, you may need to add one or more attachments to the contract to address special contingencies such as the buyer’s need to sell a home before purchasing yours.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
2. Property disclosure form. This form requires you to reveal all known defects to your property. Check with your state government to see if there is a special form required in your state.
3. Lockbox form. This form gives the Realtor permission to place a lock box on the home. If you have a rental property the tenant must also sign the form.
4. Lead-based paint disclosure pamphlet. If your home was built before 1978, you must provide the pamphlet to all sellers. You must also have buyers sign a statement indicating they received the pamphlet.
5. Sales contract. This is the agreement between you and the seller containing the terms and conditions of sale. If you have any questions about the terms have your attorney review it prior to signing.
6. Sales contract contingency clauses. In addition to the contract, you may need to add one or more attachments to the contract to address special contingencies such as the buyer’s need to sell a home before purchasing yours.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
Saturday, October 3, 2009
10 Tips for Lowering Homeowner’s Insurance Costs
1. Review the Comprehensive Loss Underwriting Exchange (CLUE) Report on the property you are interested in buying. CLUE reports detail the property’s claims history for the past five years, which the insurers may use to deny coverage. Make the sale contingent on a home inspection to ensure that problems identified in the CLUE report have been repaired and the buyer’s ability to obtain satisfactory homeowner’s insurance.
2. Seek insurance coverage as soon as your offer is approved. You must obtain insurance to buy and you don’t want to be told at closing that the insurer has denied your coverage. Also, in areas susceptible to hurricanes insurers will not issue policies if there is a named storm in the tropics.
3. Maintain good credit. Insurers often use credit-based insurance scores to determine premiums.
4. Buy your home owners and auto policies from the same company and you’ll usually qualify for savings. But make sure the discount really yields the lowest price.
5. Raise your deductible. If you can afford to pay more toward a loss that occurs, your premiums will be lower. Avoid making claims under $1,000.
6. Ask about other discounts. For example, retirees who tend to be home more than full-time workers may qualify for a discount on theft insurance. You also may be able to obtain discounts for having smoke detectors, a burglar alarm, or dead-bolt locks.
7. Seek group discounts. If you belong to any groups, such as associations or alumni organizations, they may have deals on insurance coverage.
8. Review your policy limits and the value of your home and possessions annually. Some items depreciate and may not need as much coverage.
9. Investigate a government-backed insurance plan. In some high-risk areas, federal or state government may back plans to lower rates. Ask your agent.
10. Be sure you insure your house for the correct amount. Remember, you’re covering replacement cost, not market value.
For additional information contact Wally Burbage, with All State Insurance, at 843-881-1921, or 843-766-1221, or email WallyBurbage@AllState.com, or go to his website http://www.allstateagencies.com/WallyBurbage/Welcome/.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
2. Seek insurance coverage as soon as your offer is approved. You must obtain insurance to buy and you don’t want to be told at closing that the insurer has denied your coverage. Also, in areas susceptible to hurricanes insurers will not issue policies if there is a named storm in the tropics.
3. Maintain good credit. Insurers often use credit-based insurance scores to determine premiums.
4. Buy your home owners and auto policies from the same company and you’ll usually qualify for savings. But make sure the discount really yields the lowest price.
5. Raise your deductible. If you can afford to pay more toward a loss that occurs, your premiums will be lower. Avoid making claims under $1,000.
6. Ask about other discounts. For example, retirees who tend to be home more than full-time workers may qualify for a discount on theft insurance. You also may be able to obtain discounts for having smoke detectors, a burglar alarm, or dead-bolt locks.
7. Seek group discounts. If you belong to any groups, such as associations or alumni organizations, they may have deals on insurance coverage.
8. Review your policy limits and the value of your home and possessions annually. Some items depreciate and may not need as much coverage.
9. Investigate a government-backed insurance plan. In some high-risk areas, federal or state government may back plans to lower rates. Ask your agent.
10. Be sure you insure your house for the correct amount. Remember, you’re covering replacement cost, not market value.
For additional information contact Wally Burbage, with All State Insurance, at 843-881-1921, or 843-766-1221, or email WallyBurbage@AllState.com, or go to his website http://www.allstateagencies.com/WallyBurbage/Welcome/.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
Friday, October 2, 2009
Which Loan Type Is Best For You?
1. Mortgage terms. Mortgages are generally available at 15-, 20-, or 30-year terms. Typically the longer the term, the lower the monthly payment. However, you pay more interest overall if you borrow for a longer term.
2. Fixed rates. A fixed rate allows you to lock in a low rate as long as you hold the mortgage and, in general, is usually a good choice if interest rates are low.
3. Adjustable interest. Adjustable-rate mortgage is designed so that your loan’s interest rate will rise as market interest rates increase. ARMs usually offer a lower rate in the first years of the mortgage. ARMs also usually a limit as to how much the interest rate can be increased and how frequently they can be raised. These types of mortgages are a good choice when fixed interest rates are high or when you expect your income to grow significantly in the coming years.
4. Balloon mortgages. These mortgages offer very low interest rates for a short period of time — often three to seven years. Payments usually cover only the interest so the principal owed is not reduced. However, this type of loan may be a good choice if you think you will sell your home in a few years.
5. Government-backed loans. These loans are sponsored by agencies such as the Federal Housing Administration, see their website www.fha.gov, or the Department of Veterans Affairs, see their website www.va.gov. These programs offer special terms, including lower down payments or reduced interest rates to qualified buyers.
For specific questions please feel free to contact Renee Hodges or Zack Larichiuta at 843-763-1180. On weekends contact Renee at 843-270-6256. You can email Renee at renee.hodges@gbmail.com or go to website www.charlestonlending.com. Tell them “Carolina Joe” said to call.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
2. Fixed rates. A fixed rate allows you to lock in a low rate as long as you hold the mortgage and, in general, is usually a good choice if interest rates are low.
3. Adjustable interest. Adjustable-rate mortgage is designed so that your loan’s interest rate will rise as market interest rates increase. ARMs usually offer a lower rate in the first years of the mortgage. ARMs also usually a limit as to how much the interest rate can be increased and how frequently they can be raised. These types of mortgages are a good choice when fixed interest rates are high or when you expect your income to grow significantly in the coming years.
4. Balloon mortgages. These mortgages offer very low interest rates for a short period of time — often three to seven years. Payments usually cover only the interest so the principal owed is not reduced. However, this type of loan may be a good choice if you think you will sell your home in a few years.
5. Government-backed loans. These loans are sponsored by agencies such as the Federal Housing Administration, see their website www.fha.gov, or the Department of Veterans Affairs, see their website www.va.gov. These programs offer special terms, including lower down payments or reduced interest rates to qualified buyers.
For specific questions please feel free to contact Renee Hodges or Zack Larichiuta at 843-763-1180. On weekends contact Renee at 843-270-6256. You can email Renee at renee.hodges@gbmail.com or go to website www.charlestonlending.com. Tell them “Carolina Joe” said to call.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
Thursday, October 1, 2009
Getting Your Finances in Order
1. Develop a household budget. Instead of creating a budget of what you’d like to spend, use receipts to create a budget that reflects your actual spending habits over the last several months. This approach will factor in unexpected expenses, such as car repairs, as well as predictable costs such as rent, utility bills, and groceries.
2. Reduce your debt. Lenders generally look for a total debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net household income. So you need to get monthly payments on the rest of your installment debt — car loans, student loans, and revolving balances on credit cards — down to between 8 and 10 percent of your net monthly income.
3. Look for ways to save. You probably know how much you spend on rent and utilities, but little expenses add up, too. Try writing down everything you spend for one month. You’ll probably spot some great ways to save, whether it’s cutting out that morning trip to Starbucks or eating dinner at home more often.
4. Increase your income. Now’s the time to ask for a raise! If that’s not an option, you may want to consider taking on a second job to get your income at a level high enough to qualify for the home you want.
5. Save for a down payment. Designate a certain amount of money each month to put away in your savings account. Although it’s possible to get a mortgage with only 5 percent down, or even less, you can usually get a better rate if you put down a larger percentage of the total purchase. Aim for a 20 percent down payment.
6. Keep your job. While you don’t need to be in the same job forever to qualify for a home loan, having a job for less than two years may mean you have to pay a higher interest rate.
7. Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills, too. Pay off the entire balance promptly.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
2. Reduce your debt. Lenders generally look for a total debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net household income. So you need to get monthly payments on the rest of your installment debt — car loans, student loans, and revolving balances on credit cards — down to between 8 and 10 percent of your net monthly income.
3. Look for ways to save. You probably know how much you spend on rent and utilities, but little expenses add up, too. Try writing down everything you spend for one month. You’ll probably spot some great ways to save, whether it’s cutting out that morning trip to Starbucks or eating dinner at home more often.
4. Increase your income. Now’s the time to ask for a raise! If that’s not an option, you may want to consider taking on a second job to get your income at a level high enough to qualify for the home you want.
5. Save for a down payment. Designate a certain amount of money each month to put away in your savings account. Although it’s possible to get a mortgage with only 5 percent down, or even less, you can usually get a better rate if you put down a larger percentage of the total purchase. Aim for a 20 percent down payment.
6. Keep your job. While you don’t need to be in the same job forever to qualify for a home loan, having a job for less than two years may mean you have to pay a higher interest rate.
7. Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills, too. Pay off the entire balance promptly.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
Subscribe to:
Posts (Atom)
