Real Estate, Uncategorized

It’s Time to Tell Your Landlord, “Hey, Hey, Hey Goodbye…Nah, Nah, Nah, Nah”….

Is buying a home a wiser choice than renting? I get this question ALL THE TIME, especially from twenty-somethings. At this moment in time, buying is the smartest decision.  Please consider the following before your throw one more cent away on that home that you will NEVER own:

While comparing monthly mortgage payments to rent is a good starting point, you need to consider this, part of your mortgage payment is being applied to principal. This is forced savings! For example”e, if you purchase a $200k home with a 30 year mortgage at 4.25%, your monthly payment will be $993 with $285 of that amount going to the principal.

Low mortgage rates have kept homeownership from becoming more expensive than renting. If you are considering purchasing now, be mindful that real estate forecasters are predicting a significant increase in 2015.

As a renter, you have ZERO control over your housing destiny. The landlord is in total control. If S/he decides to sell or are foreclosed on , you will be out of a home. They can also raise your rent at the end of your lease or choose not to rent to you at all. Owning a home will give you a sense of security that you cannot find in renting.

You also have the option of doing whatever it is you want to do with your own home. Paint the walls garnet or orange? Go right ahead! It’s yours! Perhaps you want to add a deck or hardwoods? More often than not, these types of improvements add to the value of your home.

Owning a home will reduce your federal and state tax obligations because of the deductibility of interest payments on your mortgage. When you rent, you end up with 12 cancelled rent checks at the end of the year. However, as a homeowner, you end up with 12 cancelled mortgage checks that are nearly fully tax deductible in most cases.

Yes, owning a home comes with repair expenses down the road, but anyone who thinks that you do not need to worry about a leaking roof or shotty heating & air in a rental home has not met my new buyer client’s former landlord.

In short, the answer to the question of whether you should buy or rent is so obvious that it is hardly worth stating. Property prices and interest rates are going up. Owning a house is a wise move.

If you are considering investing in your future and telling the landlord, “goodbye”, call me today! (803).944.9544. Serving Lexington, Richland, & Newberry Counties.

Uncategorized

This is REAL ESTATE. A handshake IS NOT enough!

Over the weekend, I had an offer come in on one of my listings. My client subsequently countered the offer. The Buyer’s agent advised verbally that the counter was accepted by his client and that he would get the ratified contract over to me right away. That was on Saturday. Sunday morning rolled around and still no contract in my email. I called the agent and did not receive an answer. By lunchtime, the home was being viewed again by another agent and their buyer. I text the agent (who gave me verbal acceptance of the counter) to ask if he had emailed the signed contract and to advise that the home was currently being shown by another real estate agent. His response was, “I will get it to you tomorrow. The Sellers are in agreement, correct”?

My client was indeed in agreement. That being said, had the real estate agent showing the home on Sunday afternoon presented an offer on the home, my duty would have been to submit that offer to my client and if my client chose to accept that offer, they were free to do so. Why?

In South Carolina, contracts for the sale of real property must be in writing to be enforceable. Oral promises are not legally enforceable when it comes to the sale of real estate! There is a serious lack of inventory right now. Do not lose your dream home because the contract wasn’t signed. Know that until all parties have signed off on the agreed upon terms, you do not have an enforceable contract. In real estate, a handshake is NOT enough! See § 32-3-10

Uncategorized

Not All Realtors Are The Same. Don’t Find Out The Hard Way.

In 2009 I was at a Realtor function at Travina’s in Lexington. I had just gotten licensed and was trying to learn as much as possible as quickly as possible. Anywho, an attractive older lady approached me, introduced herself and asked me how long I had been in business. I already knew what her reaction would be, since EVERYONE asked me if I was “ok” and didn’t I know I’d make more money being a real estate paralegal (the profession I had abandoned) . And, honey… do you know what the economy is doing? How was I to know what the economy was doing working for a closing attorney, then a foreclosure attorney, then a closing attorney again?? (insert sarcastic eye roll)


She indeed had the same reaction that most folks did, except this lady followed up with, “oh darling… you should have been a real estate agent when you were a paralegal. I made a KILLING and I didn’t even know what I was doing… I still don’t know what I was doing”. Then she laughed what was quite possibly the most evil laugh I think I’ve ever heard. I never, ever wanted to be that lady and for the life of me I don’t know why anyone would.

The point of this post is this: the market is hot right now….. HIDE YO’ WIFE, HIDE YO’ KIDS! No, seriously, please make sure you have adequate representation. Everyone is flocking to real estate school then popping up big, fancy signs… leading you to believe they actually know what they’re doing. The things I learned as a paralegal are not taught in real estate school. How to negotiate is not taught in real estate school. Marketing is not taught in real estate school. SO, so much more is not taught in real estate school. There are deadlines in contracts that you need to know about. If your agent doesn’t know, how will you? My job lately has been kind of nightmarish and many of my colleagues are feeling the pain. I feel horrible for the clients of these agents, but my job is to represent my client. Please do your homework. Real estate is an expensive buy. You owe it to yourself to have adequate representation. As for me, I’ll just stick around until the economy falls again (and it will) because that is when they all jump out. Fact.         Rant over.noneofmybusiness