Ten Easy-to-Avoid Mistakes When Buying a Home

#1 Not knowing your credit score. Buyers with better credit scores get better mortgage rates.

 

#2 Looking at homes before being pre-approved for a loan. You need to meet or talk with a lender first to understand the process and know what you can AFFORD. You may need to talk to couple to find the right loan officer that will take the time to explain the process.

 

#3 Spending all your savings to buy a home.  Keep yourself an cushion “emergency fund” for un expected costs personally or due to homeownership.

 

#4 Know your Conditions, Covenants and Restrictions, we also call these CC&Rs and to also know if there is an HOA and a fee.

 

#5 Not researching the neighborhood or area.  Make sure you are satisfied with location to amenities, schools, crime, driving time to work or any other item else that is important to you.

 

#6 Waiving the rights to all inspections.  It makes your offer more attractive to the seller but if a major repair would devastate your finances, it may not be worth it for you.

 

#7 Signing and not reading documents. Completely read and understand what you are signing. Contracts are a commitment, don’t get excited, be in a hurry and take 30 minutes to review and read.

 

#8 Not asking questions, it’s important to understand all facets of the home buying process, agency and home buying contracts. 

 

#9 Setting realistic housing goals and expectations.

 

#10 Not working with an experienced real estate professional that will represent your best interests.

Do your research and choose your buyer’s agent carefully who will go to work to achieve your real estate goals.

 

It’s a big decision, we know

We’re here to help.

 

Brandi Cook and Vikki Crossland

Meybohm Real Estate

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Is a Ring Doorbell a Real Estate Fixture? Should it remain with the House? Aiken, SC

First, Let’s define the word fixture in real estate.

 

A real estate fixture is any object permanently attached to a property by way of bolts, screws, nails, glue, cement or other means.

 

Ring door bells and other smart devices such as; smart switches, smart thermostats, smart doorbells, and security cameras may be hardwired, which would firmly place them under the “fixtures” category.

 

Often sellers are likely to consider those items as personal property, but they are real estate fixtures by definition. Just as much as a light fixture, blinds, rods and anything attached to the wall like shelving.

We recommend if you are selling your home, you remove any fixture you want  to not go with the sale in advance of showing your home.  

Once you put your home on the market; for example that Ring doorbell is not removed, it can be an attractive item the buyer will want but can’t have and can cause unnecessary trouble.

 

I read a humorous commentary it goes something like this.

 

You don’t invite children into your house and leave a cake and big bunch of candy on the table and tell them they can’t have any of it. You put that away before you invite them inside.

 

It’s the same thing when selling your home, remove the temptation or the source of potential frustration. Remove that “eye candy” and replace it with what you are going leave with the home.

 

Thinking of selling?  Have other questions or curious the value of your home in the current market? DM or call us.

It’s a big decision, we know,

 

We are here to help.

 

Brandi Cook and Vikki Crossland

Meybohm Real Estate

 

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Real Estate Lingo w/ Brandi & Vikki: Earnest Money VS Termination Fee in SC

 

Earnest money is good faith money from the buyer. Which is most commonly delivered with the offer or not long after signed contract to purchase. 

As we stated its good faith to show the seller you are serious about purchasing the property. If you, as the buyer adhere to the terms and deadlines of the contract it will show up as a credit at closing. 

Earnest money can be refundable back to a buyer under agreed upon contingencies like finance, appraisal or even unclear CL100 pest letter.

VS

A Due Diligence TERMINATION Fee is very different than earnest money.

In SC, the termination fee amount is negotiated between the seller and buyer when negotiating a purchase contract on a property. It’s non-refundable.

Here are 3 important items all buyers and even sellers need to understand.

#1

The termination fee amount is the money that is tied to the Due Diligence period which is an agreed upon time the buyer can do their “due diligence” on the property.

Example Due Diligence items are: home inspections, researching zoning, reviewing Covenants, Conditions and Restrictions, measuring sq. ft. or room sizes or anything of importance to the buyer. [This is not designed for other contingencies like subject to financing or property appraising for purchase price].

#2

When should the termination fee be delivered or paid?

The termination fee is only owed if the Buyer chooses to terminate the contract during the Due Diligence period.

In South Carolina a termination fee should not be prepaid or included with the offer. We understand other states proceed differently but this is how it is in SC at this time.

This fee is only paid upon Buyer’s termination, it is paid directly to the seller along with a signed termination notice and needs be delivered within the due diligence period.  

#3

Buyers know your comfort level and risk tolerance.  

Determine the amount of money you are willing to risk if you decide it’s not the home for you and you do not wish to purchase the property.

As a buyer you may ask why should I agree to any amount termination fee.

Here are a couple examples why:

Your offer will stand out when a seller is reviewing offers.

Sellers look for offers that reflect buyers who are most serious, committed and capable of buying their property. 

Termination fee often shows commitment to a seller.

Buyers, if you are terminating under appraisal, financing, or CL-100 contingencies set forth in the contract and not under their Due Diligence termination rights a termination fee is not owed to the seller.

 

Looking for more guidance on your next real estate transaction? It’s a BIG decision, we know. We’re here to help!

 

Brandi Cook and Vikki Crossland

Meybohm Real Estate

 

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Explore Eudora Wildlife Safari Park

An adventure was had! And we will definitely be going back! Eudora Farms is a special place...

"Eudora Wildlife Safari Park was built with the mindset of providing a Drive-Thru Safari experience that would address the education, preservation, conservation, and the protection of the environment for the entire community. The safari allows the public to view and feed exotic animals from around the world from the comfort of their own vehicles.

There is also an enclosed petting zoo area nearby, along with a Parakeet Adventure where over 200 parakeets make their dwelling. Eudora Wildlife Safari Park, with over 200 exotic animals, plans to acquire more animals as part of the safari expansion." [eudorafarms.net]

 

Grab your family and/or friends and head over to Salley for an adventure today!

 

Brandi Cook and Vikki Crossland

Meybohm Real Estate

 

#thesearchisover #aikenhomesteam #meybohmrealestate #theplacetobe #salleysc #eudorafarms #wildlifesafaripark #southcarolina #southernliving #adventures #familyfun #animallove #weeklyvideo #brandiandvikki #tipsandtrends #homeowners #sellers #buyers #Responsive #Experienced #Authentic #Loyal #generationsofREALservice #yourhomeyourlifestyleyourteam