Posts by : Alan Donald

White Lies Sellers Should Avoid Telling...

Many states have mandatory "Seller Disclosure" laws to protect the public.

Some Sellers may be tempted to tell a few "white lies" when they want to sell their home - after all - how will the Buyers find out if any issues were fixed? Sellers may think no harm is done by omitting facts or "bending the truth". 

However, very few people will tolerate being lied to. Litigation often follows the failure to disclose a known material fact about the house... 

The fact is there are some issues that call for brutal honesty or they may come back to bite you later! As your REALTORS, we always recommend our Seller clients to tell nothing but the complete ...

BUYER’S DUE DILIGENCE - INSPECTIONS AND REPAIRS

After you conclude negotiations and “ratify” (sign) a contract to buy a home, you will usually have 30-45 days to do your Buyer's “due diligence” before the closing. Most buyers will request both a home and a termite inspection to be done, to make sure the home does not have any major problems. 

Your home inspector and your termite inspector may spend anywhere from one to four hours going over the home with a fine tooth comb, noting any defects and items that need attention or repair.

As a Buyer, you will need to produce a Repair Addendum with all your requests for repairs (within 48 hours of the scheduled deadline) for the Sellers to con...

BE PROACTIVE - DEAL WITH THE DEFECTS 


In any residential real estate transaction, the Buyers will likely conduct home and termite inspections as part of their "due diligence" to make sure the home is in good condition (for the price). Even if you are selling your home "as-is" (which means you are not willing to pay for any necessary repairs), most buyers will include an inspection contingency clause in their offer. 

These contingencies will allow them to hire any number of experts (including a home inspector, a termite inspector and a structural engineer) to make sure that the house is safe, structurally sound, free of leaks and that all the systems are working properly (i.e. that th...

Sunday July 14, 2013   2:00-4:00

View more details on this property!

Help me BUY a home!

MOVE-IN CONDITION AND NOT A SHORT SALE OR FORECLOSURE, SO YOU CAN MOVE INTO THIS HOME TODAY! ONE-STORY HOME ON BEAUTIFUL CORNER LOT, WITH FENCED BACKYARD. FRESHLY PAINTED INTERIOR (NEUTRAL COLORS) AND NEW CARPET - GREAT STARTER HOME OR RETIREMENT RETREAT. FULLY FENCED BACK YARD, IRRIGATION SYSTEM IN THE FRONT YARD AND ATTACHED, TWO CAR GARAGE. INSIDE, AN EAT-IN KITCHEN WITH SEPARATE DINING ROOM LEADS TO A GREAT ROOM WITH VAULTED CEILINGS, FIREPLACE AND LAMINATE WOOD FLOORS. THE MASTER SUITE HAS VAULTED CEILINGS, WALK-IN CLOSET, DUAL SINKS AND SEPARATE TUB AND SHOWER IN THE MASTER BATH. IV...

CURB APPEAL - FIRST IMPRESSIONS COUNT!!

We make thousands of small and big decisions every day. Our senses (eyesight, smell, feeling, hearing) are constantly telling us a story about our surroundings.

When we are looking to buy a home, those INITIAL impressions from the first few seconds after we stop in front of a home may make a positive or negative emotional impression that may outlast later impressions (remember that “an image is worth a thousand words”?).

This initial impression makes a statement about your home and yourself as the owner. Whether your home is contemporary or traditional, older or newer, its architectural features and curb appeal will impact potential buyers.

Yo...

SHOWINGS AND PETS

Most of us REALTORS are animal lovers and have pets of our own, but we also share many stories about showing homes where our clients went into a sneezing fit, we got bitten by a cantankerous furry creature, or opened the front door only to helplessly see a cute kitty scoot toward the nearest busy street.


It is essential to take pets and its effects into consideration if you want to put your house on the market.

Initially, make sure that you bring a friend who does NOT have any pets to do the "sniff test" and make sure your home does not have any pet odors. Steam clean carpets and vacuum all furniture. Wash all pet bedding and toys. Make sure to shampoo and comb your ...

Feeling Stressed? Patience is a Virtue (That Helps Get Deals Done!)

Sellers deal with anxiety, especially if they are also buying a home and depending upon the sale and closing of their existing home. In addition, As a Seller, you may have to also deal with the Buyers' anxiety!

For example, you may have reached an agreement with the Buyers and signed the contract for the sale of your home. After the contract was ratified, you notice that the Buyers begin to behave strangely, getting somewhat agitated and making additional (sometimes unreasonable) demands, like asking you to include your new washer and dryer (that did not convey), or may start questioning the structural integrity of your...

Who Represents Whom?

In South Carolina, state law maintains that the REALTOR must represent at least one of the parties in the transaction (cannot be neutral). 
Consumers have the option to hire an agent (become a CLIENT with fiduciary responsibility from the agent) or remain a CUSTOMER 
(at arm’s length) and represent him/herself in the transaction.

The LISTING AGENT always represents the seller. Sometimes a buyer will purchase a home with the help of the listing agent. 
In this case, known as DUAL agency (common in new construction), the agent assists both the buyer and the seller in the transaction. However, it is also possible 
that the buyers want an agent representing their inte...

A Moving Experience

You have a ratified contract, getting ready to close escrow - the transaction is looking like it's going to happen on track and  - you realize you need to arrange the move ASAP!

We recommend you contact a few different moving companies, they each offer different service options and price ranges, whether you are moving across the country or just within the neighborhood.

 Shopping for movers is like shopping for any other service. Call several companies for estimates, and ask each company exactly how their charges are calculated and what is included. How much insurance is included in the estimate? What is the cost for additional coverage? Are there special provision...

Higher Interest Rates – Who Cares? 

I have always maintained that buying a home is only one of the “life puzzle”. But recent announcements by the US Federal Reserve Bank caused a quick spike in mortgage interest rates of about 1%, so the 30-year fixed mortgage rate jumped from about 3.5% to 4.5% overnight. This event may signal the beginning of a trend to a period of rising interest rates that may lower housing affordability indices in the months and years to come.  

So, who cares?  The following analysis is intuitive, and based on logic and my own experience in the Charleston, SC real estate market, as no formal research has been done.

Local, First-Time Home Buyers:  These potential b...

THE REAL ESTATE CLOSING

After the buyers have finished their due diligence process, agreed repairs have been done, and the buyers have received their 
final loan approval from their lender, the buyer’s agent will normally schedule a closing with their attorney of choice.

As a seller, you have the right to be represented by a different attorney at the closing, but this will cost you more. Although the 
closing attorney represents the buyers, he/she also has to represent the lenders (discharge your existing mortgages and sign 
the new ones), and can represent the sellers.

In theory, the closing attorney will produce the closing statement (HUD-1) showing the financial balance of the t...

TO "LOCK" OR TO "FLOAT"?

It is very important for home buyers or for those who want to re-finance to be aware that in these volatile financial markets we are living in, interest rates on mortgages can fluctuate substantially in a matter of hours! A case in point: A few hours after the Chairman of the Federal Reserve announced their plan for decreasing the purchasing program of long-term bonds, mortgage interest rates jumped up almost a whole percentage point!

I have heard many stories from mortgage lenders about how they were able to lock a fantastic interest rate for a loan using a 2-3 hour "window of opportunity" that disappeared afterward, or others that missed out because they flo...

Patience is a Virtue (That Helps Get Deals Done)

Buyers may deal with anxiety, especially if they are also selling a home somewhere else and the purchase depends upon the sale of their existing home.

In addition, Buyers may have to deal with the Sellers' anxiety. For example, after a Buyer has reached an agreement with the Sellers and signed (ratified) a contract, the Buyer may notice that the Sellers could begin to behave strangely, getting somewhat agitated and making additional (sometimes unreasonable) demands, like asking you to not access the home during weekends, or making it difficult for your inspections to be scheduled or for your blinds contractor to come in to measure the w...

THE "DRY" CLOSING...

Buyers and Sellers have agreed terms and conditions, the Buyers have done their inspections, all the repairs have been negotiated and agreed, the Sellers have done the repairs, the closing attorney has done the title work, insurance has been ordered, the appraisal has been received and came back OK, everything seems going perfect to close on time...

Enter, the lender's UNDERWRITER/AUDITOR/FINAL CHECK...

During the housing boom that ended a few years ago, underwriters were just an extra check, and they were not really very concerned about confirming every little detail on the loan application, the contract and the origin of the deposit money. Maybe that's one of the...

CLEAN HOUSE - SMOOTH SALE - LOOK AFTER THE LAST DETAIL

Most purchase agreements contain language that requires the seller to hand over a home free of trash and debris and "broom clean" at closing. 
While most times this language is not precise, the general idea is that you should convey a clean house to your buyers, one in the same condition 
that you hope to find your new home.

When the movers leave with your furniture, you may even want to consider hiring a professional cleaning service to thoroughly clean the home, 
steam clean the carpets and get rid of any odors.

It is also important to make sure the yard is looking the same as when the property was on the market. Mow the lawn one...

Home Affordability

Watch this video to hear me discuss the recent increase in interest rates!

Help me buy a home!

Affordability has two components:

        1. Market price for the homes

        2. Interest rate for the mortgage loans

As you know, the Federal Reserve announced last week that they will stop buying long-term bonds and that created almost a one percent hike in interest rates for mortgages.  What does that mean for you? 

In the Real Estate market prices are starting to climb back up again.  With interest rates on the rise buyers across the U.S. should be feeling more pressure to act sooner, rather than later, as the expectation is for home prices to ri...

The Home Inspection: What Are you Really Getting?

When you buy a home (whether new or existing), it is always recommended to perform "buyers' due diligence" by commissioning all the necessary inspections (including home, termite, moisture, mold, structural, etc.).

Always choose licensed, insured and experienced professionals to perform these duties (after all, if you ask your buddy Joe - who has a contractor's license - to do your home inspection and he misses an important issue - it can cost your friendship, and it may also cost you a lot of money in the future!).

After financing, inspections and repair negotiations are some of the most common causes for contracts to fall through! Onc...