Category Archives: Buying a home

buying a home

Fall Is The Best Time To Buy A House

buying a homeSpring and summer has long been considered as the best time for buying a home. Meanwhile, the other seasons, like fall, gets tossed aside. Some home buyers think that fall is more about Halloween and turkey dinners and less about house hunting. But contrary to what people think, fall is not only a great time to purchase a house, but it might just be the perfect season to look for your dream home.

Find Affordable Houses

When days turn crisp, the real estate market clears out, just like a beach following Labor Day. Many summer buyers have already found their dream home and that means, fall buyers will encounter less competition for the houses that are currently available in the market. A lot of people drops out of the market until after the New Year, which means fall buyers have more space to roam when visiting open houses. Although there might not be as many homes to choose from, you can still reap big rewards with a bit of patience and perseverance.

Worn Out Home Sellers

Sellers who have put up their homes in the market in fall are people who need to really need to sell their properties. This can serve as a leverage for the buyer when negotiating for a better price. In case you have had your eyes fixed on a certain property all summer, you are going to be in the driver’s seat as far as coming up with an offer that the seller won’t be able to refuse. The buyer will have more negotiating power for a house that’s been sitting on the market for a long time.

The Holidays are Near

Most home sellers are worn out following the summer selling season and they are likewise caught between a hard place and a real estate rock as the holidays come closer. In case they would like to move and settle down just in time to host Thanksgiving and set up their Christmas lights, they need to close, as soon as possible. So when buying a home in Myrtle Beach, be sure to use this pre-holiday period to your advantage by offering to assist them in vacating the place if they give you a good deal.

Year-End Tax Credits

Nobody wants to purchase a house for the sake of making their accountant happy. However, there is a sweet extra incentive too that makes the perfect time to purchase a house when it is almost the end of the fiscal year. On April 15 next year, you may get tax deductions including property tax, closing costs, and even mortgage interest to offset your taxable earnings.

More Quality Time With Your Real Estate Team

As the year comes to a close, less number of buyers mean you will have the full attention of your real estate lawyer, mortgage broker, real estate agent, and all the others who are part of your house hunting team. You will have the time to ask all the questions you might have regarding earnest money, title transfers, due diligence, and more.

Home Improvement Bargains

When you close on that house you found in the fall, you might want to upgrade your appliances. Fortunately, December is when big appliances, like stoves dryers, washers, and refrigerators, are at their cheapest. You will also find good deal on TVs and cookware.

Call Full Potential Real Estate if you the help of a professional real estate agent.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

How To Get The Best Deal On A Model Home

model home

Purchasing a model home is a bit like buying a vehicle that’s been used only for test drives. We all know that the dealer will offer that car at a discount. Builders will usually provide discount the cost on a model home, as well, even though nobody has ever lived in the house. There are several approaches you can take if you want to make sure that you get the best deal on the model home.

Check All The Model Homes For Sale If Possible

Builders usually sell off homes well before they are built according to the layout and appearance of the model home. It is sensible that they want the model to appear beautifully so they will spare little expense when it comes to decorating it. Many Myrtle Beach model homes include designer paint, free upgrades, as well as designer window coverings. Be sure to check them all out and then choose the model that has the best location, upgrades, and layout.

Hire Your Own Agent

When you are going to the office of a new home sale, be sure to bring your buyer’s agent from Full Potential Real Estate, LLC with you. There are some builders who do not allow your agent to represent you in case you come in unescorted the first time around. Most buyers do not even recall signing anything – and that is how smooth the representatives are at their sales offices. The sales agents of the builders is tasked to be the representative of the builder regardless of what they may tell you. Some of them will use tactics that will pressure you to sign a contract. Your buyer’s agent will represent you. He will be your fiduciary and obligated to look out for your interests. He has a responsibility to disclose all the good things and also the bad things about the deal.

Ask If Anybody Has Occupied The Model Home

This question does not necessarily mean that somebody has actually lived in the model home. Perhaps it was used as a sales office. Don’t forget to ask how long. Even though it is unlikely that the kitchen appliances have been overused, don’t be surprised if the bathroom fixtures are not in tip-top shape. All these details can be used to negotiate a lesser price for the model home.

Check The Comparable Sales

Your buyer’s agent will not be able to get comparable sales from MLS if the builder does not list there, and a lot of them don’t. However, you can still get the data from a title company. You might not be able to know which houses have been sold with what upgrades. The promoted sales price will mean very little. Check how many deeds have been mailed to the property address. How many were mailed on other addresses? This could imply that a few of the homes may owned by some investors, who are usually the first ones who will bail once the market plummets, and one of the reason you are purchasing in a new subdivision is to be close to other buyers who are similar to you and not by tenants.

Get Legal Advice Before Signing A Purchase Contract

You need to hire a real estate lawyer who can review your purchase contract before signing it. Standard purchase agreements exist to prevent people from getting sued however the language used on these agreements do not necessarily protect the homebuyer. Many of these contracts, which can run up to 100 pages, focus on protecting the builder.

Think Of Using Your Own Lender

Builders usually want to work with their own lender because they will keep them informed of your progress. It works something like a one-stop shopping on the builder’s part. However, that lender may not be able to give you the best interest rate or loan. Apart from that, the builder may even own the lending company.

Hire A Home Inspector

You should also hire a qualified and reputable inspector – this should not be anybody within the family or circle of friends. You have to get a real inspector. Be there when the inspection is conducted and be sure to ask all the questions that are running in your head. Defects are not only for old homes, even new ones can have them. Construction workers are humans and they can make mistakes.

Check The Reputation Of The Builder

When a buyer has had a very bad experience with a builder, that will spread like wildfire throughout a community. However, you will not know if that bad reputation is just an isolated experience or maybe the builder has a history of poor service. Whatever it is, be sure to check and of course, verify public records for any lawsuit.

Negotiate The Price

Leaving the furnishings in the model home is a standard practice. The artwork on the walls, the furniture, and things like that remain in the house – if you ask them to be there. You should let them know that you want to keep them without any consideration as well as without warranty when you are putting these things into the purchase contract. You must never be intimidated if the builder’s agent says the price is firm because it is rarely firm. You must learn how to negotiate home prices from a place of strength. Talk to your real estate agent, ask for recommendations.

Try To Purchase The Last Model Home

Watch out of closeout sales because in most cases they come with the best deals. You don’t have to worry that future home sales will carry lower prices. So, if possible, go for the last model home.

Call Full Potential if you are looking for a real estate agent who can help you buy a model home.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

Questions To Ask Before Buying A Home In A Hurricane Prone Area

buying a home

Several homebuyers are drawn to the distinctive culture possessed by beach towns. But what if the beach town where you are considering buying a home you like is also a hurricane zone? Your home will definitely be at higher risk of getting seriously damaged. So how will you know if the property that’s located in a hurricane zone, is worth buying? Here are a few questions that you need to ask yourself.

How much will you pay for insurance?

Whether a hurricane hits or not, you have to pay for insurance. Insurance rates run the gamut. According to the numbers provided by the Insurance Information Institute, in 2012, Idaho had the lowest premiums at $528 while Florida had the highest at about $2,084 per year. What does this mean? Before you begin searching for a house, talk to an insurance agent first. Although it may seem as if you are doing this backward, meeting with an insurance agent will give you an estimate of the insurance cost you need to cover every year.

Should I Buy A Property On The Beach Or A Few Blocks Away?

The location of the property that you wish to purchase will have a significant impact on your risk and premiums, even if you go with a house that is located just a couple of miles inland. It will all be based on the flood hazard locations defined by the National Flood Insurance Program’s Flood Insurance Rate Map. The spots that were considered as Special Flood Hazard Areas are places with the highest risk. They have a minimum of 1 out of 4 chance of flooding throughout a 30-year mortgage.

Keep in mind that you do not need to be close to the water to be considered in a flood hazard area, like the communities in Oklahoma and central Texas. So if you are house hunting together with your Myrtle Beach real estate agent, you need to take into account where each property falls on the map and their flood zone designation.

What Kind Of House Should You Buy?

According to the experts from Full Potential Real Estate, the house type you wish to purchase will also make a big difference since there are a few homes that were made to specifically stand up against hurricanes. Some of these houses are dome-shaped, which lessens the wind damage, while a few are built on stilts to lower risks of flooding. These houses might also obtain a much better rating from your chosen insurance company.

Don’t forget to ask your real estate agent to show you all the houses that were designed to withstand wind and water or if you prefer a conventional home, be sure to hire a reputable home inspector who can help set realistic expectations regarding the home’s capability to withstand a hurricane before you make an offer.

You may have lower insurance costs if the house you wish to purchase was built to code and can stand up against any hurricane or storm. In case the house is not up to code, you need to work with a contractor who can make improvements on the property. However, don’t forget to calculate the costs before you make any commitment. In case the insurance savings are not bigger compared to the cost to remodel, then the house may not be worth it.

In Case Damages Do Not Happen, What Will Be My Deductible?

Regardless of where you live, your homeowner’s policy will cover hurricanes. However, these policies are different depending on your financial responsibility in case you need to file a claim that is hurricane related. Although you might not be able to get yourself out of a hurricane deductible, you can still manage to cut costs by shopping around. Insurance companies offer different costs so be sure to obtain a minimum of three estimates before you finally choose a carrier.

Should I Also Have Flood Insurance?

You need more than a regular homeowner’s insurance if you live in a coastal region. Generally speaking, damages associated with high powered winds of tropical storms and hurricanes are covered by homeowners insurance. However, it does not include one major problem, flooding. You need to keep yourself protected by getting a flood policy. It will be issued by the National Flood Insurance Program. The policy will cover property damages if the toppled levees, as well as the heavy rains, have caused flooding to your house. Ask the insurance agent to explain everything about your insurance in detail. Be sure to ask questions if there is anything that you do not understand. If you don’t want to have any regrets, be sure to get a flood insurance.

Call Full Potential Real Estate, LLC if you want to know more about homes located in hurricane zones. 

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

Real Estate Myrtle Beach

Making Competitive Offer On Homes For Sale In Myrtle Beach

Real Estate Myrtle BeachIf you are a home buyer who has been checking out Myrtle Beach homes for sale but is having difficulties securing a real estate deal, you may have a problem with the offers you are making and submitting to sellers. Keep in mind that these offers are where you make your first impression to the seller. Although you have probably already met the seller, your proposal is where the seller will be able to get to know you and decide whether or not to sell the house to you.

If you want to make an irresistible and impressive offer to your sellers, here are some key points to remember.

  1. Consider what the seller wants. Every buyer and seller of homes for sale in Myrtle Beach wants to achieve a thing or two from the sale. You as a buyer primarily want to get the house. For you to achieve it, you need to make sure that the buyer achieves what he wants from the sale.

To know what the seller wants, you can ask for assistance from the listing agent. Ask questions that will help you determine the goal that the seller wants to accomplish from selling the house. For example, is the seller selling because he already closed a deal for a house that he has bought? If so, you will need to assure the seller that you will provide him with a clean and quick transaction so he can immediately move into his new home.

  1. Be ready to pay a competitive price. This is particularly true if you are buying in a highly competitive market, where you are likely to be caught in a bidding war. If you really like the house, think about making an offer that is slightly higher than the purchase price by the seller. Make sure your offer remains realistic and within the price range of similar houses in the same area. Enlist the professional assistance of a real estate agent to ensure that you are making the right offer that will look good to the seller but will not get you bankrupt.
  2. Inform the seller that you already have an approved mortgage loan. Your best weapon to make the seller say yes to your offer is to show him proof of your approved mortgage loan. This is especially true if the seller is looking to sell the house quickly. Having an approved loan means you are ready to buy the house and you are nearly halfway through the purchase transaction. Plus, it also tells the seller that you are done looking at homes for sale in Myrtle Beach and are genuinely interested to buy his house at the soonest possible time.

Give Full Potential Real Estate LLC a call today if you need professional assistance in buying homes for sale in Myrtle Beach.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

buying a home in Myrtle Beach

Why Choose Older Homes When Buying A Home In Myrtle Beach

buying a home in Myrtle BeachIf you are considering buying a home in Myrtle Beach, you may want to look at an older home. Not only because there are lots of older homes for sale in the area, but also because these homes offer unique charm and timeless beauty. And more importantly, they are reasonably priced; some even offer significant discounts.

There are different types of older homes that you can consider buying. Most of them have unique historical features, adding to its timeless beauty. They also offer some distinctive qualities that are not present in ordinary homes, unless you choose to add them through a renovation. These distinctive features include exposed brick and crown molding.

When buying existing or average homes, location and price play a major role in the home buying process. A home buyer’s agent can assist you in finding the property that will suit your needs and preferences. There are attractive and affordable older homes that are located in neighborhoods that may not be appropriate in raising children or may be inconvenient when getting to and from your place of work.

It is worth noting that the total price value of an older home is not the only expense you will need to spend money on. Full Potential Real Estate, LLC highly recommend considering further expenses on renovation and repair when you buy older homes. The great thing is you can avoid spending a lot of money in buying an older home if you spend time researching the property and negotiating with the seller.

Always have the house inspected by a professional when buying a home

Whether you are buying an older home or a new home, it helps if you hire a professional to inspect the house before you begin negotiating with the seller. The home inspection will help reveal areas that need improvement and repair on the house. You can then include these as part of your negotiations with seller.

Aside from pinpointing problems in the house, a trained and licensed inspector will also check and test all the major systems and important elements of the house to determine its remaining lifespan. You will then have information and estimates on when repairs and/or replacements are due on the house’s roofing, HVAC system, electricity and wiring, plumbing and other systems. You can use all these details and information to decide whether or not pursue with buying an older home with or without the help of a real estate agent.

Think about doing a renovation

Having the house renovated after the purchase is very common when buying a home. This is especially true if you are buying an older home that is located in a desired and convenient neighborhood but the physical layout of some of the areas of the house is not suitable for you and your family.

This is not a problem nowadays because there are mortgage loans that include the costs of renovation into the financing. Just be sure to provide the mortgage lender complete information regarding the work that needs to be done to the house. It is recommended that you make arrangements for your loan approval early to give the lender sufficient time to review your proposal.

What’s great about having an older home renovated is that it does not only improve the quality and functionality of the house, it also helps to significantly increase its value, which is beneficial when you think about reselling the house after several years.

Be sure you work with a licensed and experienced real estate professional to help you find the best older home and guide you through all the aspects of buying a home.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

Real Estate Agent Myrtle Beach

Buying A Home In Myrtle Beach Through Open Houses

Real Estate Agent Myrtle BeachOpen houses have made buying a home in Myrtle Beach, SC easier especially for first time home buyers. These open houses have become an integral part of buying and selling of houses for years. Many professionals believe it will remain to be an instrumental tool in the real estate industry for several years to come. However as a purchaser, are you getting the most from these open houses? Below are important things buyers should keep in mind whenever going to an open house.

1. Open houses allow you to learn more about the house and the current state of the market.

New purchasers and first time home buyers must make the most of open houses to get a feel for the marketplace. In today’s property markets, a buyer can begin to get a feel for prices and the market prior to committing to a representative using online search devices, mobile apps and the open home. Most significantly, open houses are a few of the best methods for a purchaser and real estate agent to begin a strong and lasting professional relationship.

2. It’s alright to decline signing in but always say hello and greet the agent.

It is a common scenario for agents to come and harass buyers whenever they go to open houses for the purpose of buying a home. What most buyers are not aware of when going to open houses is that it is alright to decline to sign in. On the other hand, it’s also typical courtesy to at least acknowledge and greet the real estate agent at the open house. Keep in mind that part of the job of the home seller’s real estate representative is to check out the people coming and going to the open house. Yes, they are there to primarily sell the house. But they are also there to keep the security and safety of the property. Thus, you should keep in mind to always be polite and say hello. Introduce yourself to the real estate agent from Full Potential Real Estate, LLC and if you prefer not to sign in, politely decline.

3. Open houses allow you to observe other buyers.

If you really want to buy the house, you should take time watching other buyers while you are in the open house. This will help you determine how much competition you have in the house or if you have competition. More specifically, if you see a lot of individuals walking in and out rapidly, there is probably some problems with the house. On the other hand, if you see purchasers asking the listing agent concerns and then discussing privately with their partners or real estate agents Myrtle Beach, it might be an indication that the house is well-priced and a “hot” listing.

4. Open houses give you an opportunity to ask questions when buying a home.

Do not forget that the listing agent and real estate representative who are present at the open house are direct lines to the seller. Thus, if you want to learn more about the house or the seller, you should not hesitate to ask the agents. Surely, they must know more than anybody about the home and the seller.

If it’s a competitive market, ask questions such as: “Why is the seller selling?” “Is there a specific day to examine offers or have you had a lot of showings?” In a sluggish market, ask how long the building has actually been on the market and what the seller’s inspirations are. An excellent agent will engage you since it’s good for his seller.

5. Open houses allow you to observe real estate agents before deciding to work with them.

When considering a new physician, legal representative or CPA, you don’t get to see them in actually working until you’ve actually hired them. When thinking about hiring a real estate agent, on the other hand, you can watch them carefully as they assist you or other people in the open houses. This, thus, allows you to make the right decision regarding choosing a real estate agent to work with. If you sense the representative could be someone you might want to represent you, ask some open-ended concerns, such as “How’s the market?” and “What areas do you cover?”.

Looking for real estate agents to work with you when you are buying a home? Call Full Potential Real Estate, LLC now.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

Real Estate Myrtle Beach

6 Steps To Be A Successful Home Buyer

Real Estate Myrtle BeachAs purchases go, house buying is one of the most substantial you will ever make. It’s also among the most complicated. With some planning, you can be a savvy and successful Myrtle Beach home buyer.

Here is the 6-step checklist you ought to be utilizing when buying a home:

Know Your Credit Score
A credit score is also referred to as your FICO rating. This score matters when it pertains to receiving a loan. The better your score, the better your financing chances. You can check your score totally free on Annual Credit Before you acquire a home, it’s vital to comprehend what you can fairly afford. There are online calculators that can assist in approximating some numbers for you. It’s particularly important for newbie house buyers to comprehend the monetary side to acquiring a home.

You’ll Need a Down Payment
A common problem some house buyers deal with is having enough for a deposit, especially if they’re young or very first time house purchasers. When buying a home in Myrtle Beach you will need somewhere between 10 and 20 percent of the home’s value as a down payment. Any reputable mortgage broker can assist with calculating the needed down payment based on your credit history. There are also online monetary calculators which can give you a rough idea.

Meet a Mortgage Broker
Early on you need to consult with a respectable home mortgage broker to be pre-approved for a loan based on your FICO score, earnings and the amount you have saved for a down payment. Other elements enter into getting approved for a loan, and a great home loan broker can discuss these to you so you can begin to plan accordingly. Typically, most loan providers think your home mortgage payments should not amount to more than about 1/3 of your gross earnings.

Some banks think it can be closer to 28% consisting of mortgage, taxes and insurance coverage. Always go over closing expenses both with the home mortgage broker and later with your real estate agent. In some cases they are negotiable, however you will not understand unless you ask!

Interview Real Estate Agents
It’s always smart to consult with a number of real estate agents. Ask family, friends and coworkers for a suggestion. A great representative will be thorough, ethical, and assist you get the best possible purchase price.

Be prepared to have frank discussions with them about your home needs, perfect communities, schools, and, obviously, your cost range. It’s crucial to keep in mind that an ethical real estate agent acts on your behalf, not the seller’s!

Do Your Research!
If you haven’t already done so, do your research on neighborhoods and schools, if this relates to your family. There is a lot of information you can research online. Full Potential Real Estate can provide you with information regarding any area in the Grand Strand that is of interest.

Order a Home Inspection
When you are buying a house, it’s vital to ensure that it is safe, and there are no covert surprises when you’ve relocated. An extensive examination by a credible and competent inspector is a must, and in some locations of the country, it is needed by some lending institutions. A competent Myrtle Beach home inspector can perform a range of services including a pre-purchase home inspection and others tests such as air-quality and mold testing if required.

You should ask to do a walk-through with your home inspector to see precisely what he sees and what he is trying to find. This will assist in providing you a much better total image of the home. You must make a note of concerns about the home and ask him during the walk-through. An inspector uses an extensive checklist and evaluates all of a house’s major systems such as electrical and plumbing. Order your evaluation as early as possible in the due-diligence duration in case an evaluation uncovers any issues and you have to renegotiate your initial offer.

Once you have done your homework, give Full Potential Real Estate a call to schedule a time to start looking for your Myrtle Beach dream home.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

buying a home Myrtle Beach

Learning About Closing Costs When Buying A Home

buying a home Myrtle BeachThe down payment is not the only cost you should be paying attention to and preparing for when buying a home. There are other fees and costs that you need to settle before you finally call that house yours. One of these is the closing costs. This is why it is important that you assess your finances first before starting the home buying process. You need to ensure that you have sufficient money and savings to allow you to efficiently go through the entire purchase process without any problems and difficulties.

What are closing costs?

These are fees from the lender and other third party companies in the home purchase transaction that you are required to pay at the closing of the transaction. Generally, most closing fees are 2 percent to 5 percent of the purchase price, depending on the lender or third party company requiring the fees.

Closing costs can be recurring or non-recurring when buying a home in Myrtle Beach. Recurring closing costs are due every month that will start at the closing of the purchase transaction. Non-recurring costs are one-time fees that you will have to pay at the closing. These costs are often allocated to the processing of your mortgage loan and the closing of the purchase transaction.

Recurring closing costs when buying a home

The primary recurring closing costs that you need to pay include fire insurance premiums, home owners’ association dues, property taxes, homeowners’ insurance and prepaid loan interest. Property taxes are shouldered by the owner of the house. Thus, until you sign the purchase contract, these are the responsibilities of the home’s seller. After you sign the contract, you will become liable to pay for the property taxes which will start from the next billing cycle following the date of purchase. Property taxes are paid by the year and are prorated at closing. The buyer of the property will reimburse the owner for the taxes that have already been paid.

Generally, buyers are required to pay for the total annual premium of the homeowners’ insurance at the closing. In addition to this, however, you may be required to pay an additional 2-3 months worth of monthly homeowners’ insurance payments. Prepaid loan interest, on the other hand, are paid every month starting from the closing of the purchase transaction. If you are unsure what to do, contact a real estate agent from Full Potential Real Estate, LLC for assistance.

Nonrecurring closing costs that you need to pay for when buying a home

Nonrecurring costs at the closing of a home purchase transaction generally include all lender fees. These fees differ depending on the lender you are working with. It helps if you spend time to discuss these fees with the lenders you are considering for your home purchase before proceeding. This way, you can negotiate for the best deal where you and the lender will both benefit. If you don’t know what to do, don’t hesitate to seek out the help of a real estate agent.

Here are some fees that are included in the nonrecurring costs that you need to pay your lender at the closing.

  • Origination fee, which is allocated in the processing of your loan.
  • Wire transfer fee, which is required when your lender wires the money you borrowed to pay for the house you are buying.
  • Document prep fee for the preparation of your loan documents.
  • Credit report fee that is used by the lender to get a copy of your credit report.
  • Appraisal fee which is what the lender will use to pay for a professional to estimate the market value of the house you are buying.
  • Underwriting fee for evaluating and verifying your application.
  • Survey fee which is what the lender uses to verify the property lines of the house that you are buying.

There are other fees that you may have to pay for depending on the lender you are working with. Note that you can still negotiate these fees with the lender. On the other hand, you need to allocate time to speak and discuss possible options with the lender. Also, keep in mind that the lender should also benefit from the negotiations that you are proposing.

To ensure successful negotiations to decrease your closing costs, be sure to work with a trained and experienced professional. Full Potential Real Estate, LLC will help you negotiate closing costs and ensure a smooth transaction when buying a home. Call them now to inquire about their services.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

Real Estate Agency Myrtle Beach

Mistakes To Avoid When Buying A Home

Real Estate Agency Myrtle BeachBuying a home can be an exciting and a thrilling experience. It is one of the biggest investments you’ll make in your life. Given that it is a huge expense, you need to temper your excitement so that your emotions will not get the best of you. If you don’t, you’ll be prone to making mistakes which can make the process of buying your dream home into an experience that you will regret forever. So, if you are thinking of buying your dream home, here are the most common mistakes that you need to avoid.

Forgetting To Set A Budget

Whatever your financial circumstances are, you need to consider your finances before you purchase a home. Setting a budget is important and given that, here are some things that you need to complete before setting a purchase price budget. Keep in mind that your budget must include additional expenses and not only the actual price of the property. Getting a mortgage loan is also an important aspect of setting your purchasing budget. Be sure that you know everything like the cost and fees that are associated with the loan that you have chosen. If you want to know more about the costs that are associated with homeownership, it is best to consult a buyers agent as well as other homeowners. You should also keep in mind that borrowing the amount that a lender will allow is different from determining how much you can afford to pay.

Ignoring The Importance Of Talking To A Lender

The process involved in getting a mortgage loan is more complicated than it looks. You need to see a lender first before you go to a realtor. You have to consider your qualification range or the amount that will likely be approved if you apply for a loan. For instance, you are currently looking for a home that is worth $150,000. But then you find out that the lender is only willing to lend you $125,000. The difference in the amount means you will have to find another home, which may not have the features that were possessed by the first house that you wanted to buy. Since you have to scale back, there is a possibility that you won’t be happy in buying a less expensive house.

Neglecting A Home Inspection

When it comes to buying a home in Myrtle Beach, never forget to have the home you want to buy inspected first. With the help of a professional home inspector, you will know if the property has existing or potential problems that may make the house not worth buying. Although you have to spend a few hundred dollars, spending this amount is nothing compared to how much you’ll pay if the foundation of your newly purchased home collapses.

Not Hiring A Real Estate Agent

Hiring a real estate agent offers a lot of benefits. These professionals have access to Multiple Listing Service or MLS, which gives real estate agents updated information about homes that are for sale in a certain area. They are knowledgeable about the area where you are considering to buy a home. They are also good at negotiating the best price for the house you want to buy.

If you are considering to buy a home, call Full Potential Real Estate, LLC for expert assistance.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

buying a home Myrtle Beach

Common Fears When Buying Homes For Sale In Myrtle Beach

buying a home Myrtle BeachMany homebuyers have different fears when buying a home in Myrtle Beach. And these fears are what often holds them back and prevents them from proceeding with the real estate transaction. Although most of these fears are reasonable, they should not hinder homebuyers from pursuing their dream homes. Fortunately, there are things that homebuyers can do about their fears.

Fear #1: Home repairs and renovation

When checking out homes for sale in Myrtle Beach, it is necessary for the buyers to have the house inspected by a third party professional before closing the deal. This inspection will provide the buyer with detailed results on the current condition of the house and whether there are necessary repairs or not.

What most homebuyers fear are the results of the inspection, particularly the time and money needed to bring the house up to tip top condition. However, homebuyers should know that not everything on the inspector’s report should be accomplished immediately. To confirm which of the repairs need to be done right away, discuss the results with the inspector. Allow him to explain each of the issues, pointing out how long each repair be held off. For those issues that need immediate repair, homebuyers will have to negotiate the costs with the seller.

Fear #2: Losing the deposit

This deposit that most homebuyers are afraid to lose is the earnest money that they paid at the beginning of the negotiation with the seller. Most often, this is equivalent to 3 percent of the total purchase price agreed by both seller and buyer. Upon payment of the earnest money, buyer and seller will sign a contract detailing a timeframe of the entire purchase process.

Buyers will not lose their deposit if they complied with the timeframe that is indicated in the contract. To make sure buyers keep up with the timeframe, it is important that they work closely with their real estate agents. Realty professionals from Full Potential Real Estate LLC work with buyers to ensure a timely process when buying a home in Myrtle Beach.

Fear #3: Losing the house

This actually depends on the house as well as the current state of the market. If buyers are buying in a competitive market and the house they are looking to buy accepts lots of proposals in a day, they should act quickly to close the deal. Note that some homes for sale in Myrtle Beach are sold even before the open house.

Aside from acting quickly, buyers should also maintain constant contact with their real estate agent, especially if they are busy with work or lives in a different city or state. The real estate agent will work to find potential homes as well as coordinate with the seller regarding the status of the house they are looking to buy.

A trained and licensed real estate agent will help you find homes for sale in Myrtle Beach as well as provide you with the professional support you need to pursue with the home buying process. Contact Full Potential Real Estate LLC today and speak with their professional real estate agents.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577