196 Callawassie Island Drive
Callawassie Island, SC 29909

 

 

Listed MLS#314970

 

 

 

Possibly the finest house in a private gated golf community! Beautiful heart of pine wood floors, tile, carpeted bedrooms, neutral colors, 3 bedrooms 2 baths, approx 2235 sq feet all on a private wooded setting. 2 minute walk to Callawassie Island's River Club which overlooks the Colleton River. Rarely used second home- priced for immediate sale. The best buy on Callawassie Island! Home is in phenomenal shape and turn-key ready. Will sell furnished or unfurnished.



125 Lancaster, Bluffton, SC 29910

JUST LISTED MLS# 319519!!!

 

 

 

 

 

 

Water front living at its finest.  This river front lot, 125 Lancaster, Bluffton, SC 29910, located in Berkeley Hall Plantation, is the best water front lot in Berkeley Hall Plantation.  The highest elevation of any river front lot, this .7 acres is ready for you to build your dream home.  Pass the time by watching sunsets over the Okatie River, playing golf on one of two 18-hole, Tom Fazio designed golf courses, relaxing at the 10,000sf spa, dining in the 14,000sf Jeffersonian style clubhouse, fishing in one of the many rivers in the area or kayak/canoe around the community.  There are endless options for you to do when you own your 'piece of paradise'.  For more information on this rare opportunity call Pete Popovich at 843-338-6737.

The Dodd-Frank Act and the Real Estate Market

In response to the real estate meltdown of 2007/2008 the government thought it was their duty to step in to make sure you, the consumer, were protected. According to the government, in particular Barny Frank and Chris Dodd, one of the reasons for the real estate fall out was the appraisal process and how it was being handled. Barney Frank and Chris Dodd felt you the consumer, weren’t being protected from banks and appraisers who worked in conjunction with each other in obtaining value to make a loan work. They felt that the banks were putting undue pressure on appraisers they chose by holding the appraiser accountable for low values. Never mind the fact that all appraisers are licensed by their individual states and must adhere to the individual states own set of standards.

Theory vs. Reality
The theory behind the Dodd-Frank Act, that appraisers were being influenced by lenders and Realtors was largely driven by the assumption these two groups had the most to gain, financially, from a consummated transaction and therefore must be the reason appraisals were constantly on the rise. What they failed to understand was speculation and the ease in which financing was attainable (another aspect Barney Frank had his hand in creating) played major roles in the increase of property values leading up to the real estate bubble's burst.

As is the case with most politicians, they don't always express their real interest or real values but say what will be attractive to the public at large.  What the Dodd-Frank Act did was state they affected  to look out for the public good.  They might have had good intentions and were sincere but the Dodd-Frank Act ended up working against the people it was meant to help. 

Let me explain how this happened. One of the components to the Frank/Dodd Act requires lenders to use a third party to order appraisals through an Appraisal Management Company. The problem with this is they didn’t anticipate the cause and effect of adding a middle man to the process, both in time constraints and additional costs to the consumer. Since the Appraisal Management Company's are taking approximately half the appraisal fee charged, a vast majority of appraisers are raising their fees to compensate and we know who pays for this….the consumer. Equally troubling is the way in which some of these Appraisal Management Company’s operate. What the Appraisal Management Company does is bid out the job to numerous appraisers in an attempt to get a low quote. This results in a higher percentage for the Appraisal Management Company, but a poor appraisal for the consumer. According to some of the lenders I have talked with on this subject, the appraisal dispute process is a time consumer and very rarely results in the consumers favor. It’s ridiculous to think that the appraiser who did the original job, will agree to “adjust’ their value even if they are given better comps because it’s asking them to admit they did a bad appraisal to begin with. Does this sound logical to you? Also, the HVCC (home value code of conduct) which the government “wrote”allows for the appraisals to be transferred from one lender to another, however, what it fails to admit is that the lender has the last say so….even if it’s allowed per the HVCC guidelines, the lenders are not required to transfer the appraisals which means, a second appraisal fee to the consumer, which they have to pay for. It’s ok to say it’s acceptable but if you do not make it mandatory, it’s not consumer friendly

All in all, the Dodd-Frank Act, which is supposed to help the consumer, ends up costing the consumer more money and leaves them with a higher chance of receiving a bad appraisal. All while telling the consumer it was done in their best interests. And the final insult to injury? Barney Frank is retiring and Chris Dodd is now a lobbyist. Nothing worse than someone creating a mess and leaving it for everyone else to clean up.

First Impressions: When Selling Your Home

Ever hear the phrase "You can never change a first impression"?  Not only does this apply to you when meeting people, it also applies to your home when attempting to sell it.  The curb appeal your home portrays is the first impression buyers have when looking at your home.  Even if the inside of the house is not as well presented, it is very hard to change their first impression, if the exterior is not cared for.

Curb appeal extends much further than tending to a yard, planting flowers, or trimming trees.  Curb appeal extends to the house as well.  The following are 6 things you can do to catch the eye of buyers and make that first impression one they will remember:

1. Front Door-  The focal point of any home is the front door.  Having a door with cracked paint or worn out hardware leads the buyer to think 'Do they really take care of their home?'.  Replacing the door is the best option.  However, if funds are tight, a fresh coat of paint and replacing the hardware is a suitable option.
2. Windows-  It is a must that windows are cleaned on the inside AND outside.  To make views appear more clear try removing screens and storing them in the attic or garage.  Be sure shudders are not fading or cracked.  If so adding a fresh coat of paint or replacing them altogether is necessary.
3. Garage-  Depending on the condition of the garage door, painting and or replacing are the options.  If the door has chipped or flaking paint a new coat might solve the problem.  If the new paint only band aids the problem a new door might be your only option.  Typically garage doors cost $1,000-$2,000 but have proven to be one of the best returns on investment seller's can get.  On average, sellers, recoup nearly 73% of that investment.
4. Driveway- Driveways are often covered in oil stains or cracks.  These can cause potential buyers to go running for the hills as costs to resurface a driveway can cost $2,000.  Premixed concrete can be used to patch up cracks.  Cracks 1/4" or smaller can usually be filled with concrete purchased in a caulking tube.  For oil stains a common fix is using kitty litter.  If this old wives tale doesn't work most hardware stores have products to clean these eye sores as well.
5. After Dark-  Just because it is dark out does not mean people do not look at your home.  Buyers will often drive through a neighborhood in the evening to view homes on their own without the pressure of an agent.  Keeping interior lights, on a timer, often create a warm glow from the curb.  Having a few outdoor lamps, aimed at the house or nice tree has a lot of impact.  If you do not have outlets in the area for exterior lights, solar powered lights are a great alternative and easy to install.

Source:  Realtor Magazine, Melissa Dittman Tracey 2012

How To Price Your Home for SALE

In today's real estate market selling your home can be filled with many obstacles. Without the help of an experienced Realtor pricing the home correctly, and ultimately attracting a ready and willing buyer, may take longer than you like. Following a few simple steps will allow you to get your home priced correctly and SOLD in a timely manner. Some of these steps are as follows:

1. 
   
   Choose a competent and reliable Realtor- Be careful of the realtor that 'talks' a big game. It is important to take into account a Realtors honesty, integrity and unbiased attitude toward selling your home. Do not be sold by the realtor. It is their job to sell your home to a buyer, not you. If a Realtor comes to your home giving you a sales pitch on why you should choose them, and does not show the integrity and honesty you have perhaps it would be better to thank them for their time and look for someone that does have these qualities. Remember the Realtor is going to represent you.


2. 
   
   Base your list price off what comp's SOLD, not what comp's are currently on the market. Too often sellers like to think their home is worth more than it is. Typically this is a result of talking to neighbors and others in the community and hearing what comparable ACTIVE homes are listed for. A good Realtor will show you what properties have recently sold (within the last year) in your neighborhood as well as show you a multi year history to establish a trend and what direction prices are going. By doing this you and your Realtor can establish the best price to list your home so it can sell in a respectable time frame.


3. 
   
   The Contract-Only half of the equation. In today's world a buyer and seller agreeing on price and terms of a contract is only half of the equation. The buyer obtaining financing (assuming they are not paying cash) is the second half. Since the credit crunch of 2008 lending guidelines have become exceedingly stringent. The appraisal of your home is just one of the things being looked at in more detail. If the appraisal of your home comes in lower than the agreed upon purchase price; the buyer will have to make up the difference, out of their own pocket, or else the deal is dead. This is very important to keep in mind when pricing your home for sale. It must not only be priced at a level that will attract the largest number of buyers and bring an offer but that offer must meet the banks established value of the property or else the buyer will be unable to obtain financing.

These are just a few things to keep in mind when putting your property on the market for sale. There are more components you should be made aware, which a competent Realtor will be able to discuss with you. If your Realtor does not bring these things to your attention perhaps you should find one that does.

If you would like to know more about listing your home and how to go about doing so feel free to call Pete Popovich at 843.338.6737 for a no-obligation consultation.

Banks, Government and Real Estate Loans

Since the real estate bubble burst in 2008, it has been much more difficult to obtain a loan for the purchase of real estate. Prior to the bubble bursting almost anyone could get a loan regardless of credit rating, income, etc. This in large part is what lead to the rapid rise, and fall, of the real estate market. Some feel it was the government forcing the banks to lend money to any and everyone or else the federal government was going to cut off the banks federal funding. Others believe it was the fault of the lending institutions. You could argue both sides until the cows come home but the end result is the same; it is much more difficult to obtain a loan today than ever before. Or is it?

Who you are, where you are looking to purchase, and what type of real estate you are looking to purchase play a vital role in obtaining financing in today's market. Since the crash of '08 banks have significantly tightened their lending policies. It is our opinion they have tightened them too much leading to a stall in the sale of real estate. This is a complete 360 from just a few years ago. Prior to 2008 just about anyone that applied for a loan received one. Now you have a better chance of getting water from a rock than getting a loan, even if you have great credit scores, plenty of money saved, a good job and low expenses. However, this is if you are getting a loan from a traditional lending institution for a private party purchase; i.e. buying a home from another home owner. If you are purchasing the home that is a foreclosure and currently owned by Fannie Mae or Freddie Mac OR are obtaining a loan through one of these government lending institutions the criteria you have to go through for approval is much less severe than if you were going through a traditional bank, mortgage broker, etc.

What does this mean to you and I?

The government continues to make it easier to purchase the properties they own. Lower prices and ease of obtaining financing are just a few of the ways they are doing so. For example, if you have a 600 credit score and don't make over a certain amount of money (typically <$75,000/yr.) you can buy one of these Fannie Mae or Freddie Mac owned homes with less money down and less hassle. Yet if you make over the above stated amount and want to purchase a home from a private party homeowner Fannie and Freddie won't give you the time of day. From this perspective it appears the feds are setting us up for another financial disaster that is all tied into real estate. Lending to those that barely have the ability to pay vs lending to those that have more than the ability to pay is something that doesn't add up.

Selling Your Home-The Offer

When a contract is presented to you you should be provided with the following information:

• Contract terms, contingencies and addendum's
• Information about the buyer (if available)
• A record of recent showings
• The most recent market information

When a contract is presented, on your property, you may...

1. Accept it
2. Reject it
3. Make a counteroffer

As a Realtor my job is to negotiate the best possible terms on your behalf. After the contract is accepted ,we are there to get you through to a smooth closing.

The Steps: From Offer, to Accepted Contract, to Closing.

1. The purchaser applies for financing as soon as possible after meeting with the sales associate.
2. Purchaser makes an offer with an initial deposit
3. When the offer is accepted, it becomes a binding contract.
4. The home inspection is done if called for in the contract, and purchaser releases inspection contingency if no major problems are found.
5. Seller, or Seller's agent, provides the lender with a current lien holder's name, address, and account number and a copy of the deed.
6. Lender orders the appraisal
7. Appraiser calls seller or seller's agent to set appraisal appointment. Once the processor and originator receive and review the documentation, and establish it is complete and correct, the loan is packaged and sent to underwriting.
8. Underwriting approves (with or without conditions) or rejects the loan request, or sends for further information.
9. Once all additional requirements are satisfied, then the loan is approved and all parties are notified.
10. Insurance, necessary inspections, repairs, survey, title, etc., are ordered. Closing is scheduled by the lender and all parties are notified.
11. The closing takes place and title is transferred from the seller to the purchaser. The new deed and mortgage are recorded and made part of the public record at the County Clerk's office.