Columbia SC short sales are not as easy (or short) as most people might think. Even with reports that some lenders are trying to speed up the process, short sales can be very complex and only attempted by well-prepared buyers and sellers.
Columbia SC Short Sales – What Can Go Wrong?
Columbia SC short sales can go amuck any number of ways, from lenders backing out of the deal, to buyers who just don’t have the patience to endure the months of waiting that it can sometimes take.
The National Association of Exclusive Buyer Agents (NAEBA) released a report a short time ago outlining a list of 51 things buyers need to watch out for with short sales.
The report from NAEBA’s member survey suggests that only about 25 percent of all short-sale purchase contracts actually make it to closing, and only about half of all homes that are offered as short sales end up being sold that way, though the percentages may vary by market.
The NAEBA report is a litany of advice to the wary about insincere and ill-prepared short-sellers; neglected houses that may fall into disrepair in the months it could take to complete a short sale; lenders who force buyers to jump through multiple paperwork hoops, only to change their minds about the whole deal; closing costs that may be difficult to calculate until just days before the closing.
When considering whether to even get involved in Columbia SC short sales or not, consider the real possibility that some sellers may be listing their homes only as a tactic to delay a foreclosure and aren’t serious about following through. Or some sellers may lose motivation and refuse to complete the sale, perceiving there’s little benefit to them, since they won’t receive any funds from the sale and their credit already is damaged.
If you’d like a copy of the 9 page report, you can grab it here.
After you read through the 51 things buyers need to be aware of, you may just decide that dealing with Columbia SC short sales are not the way to go. But if you think you want to dive into the Columbia SC short sales maze, then make sure you don’t try to go it alone.
Contact us for more information about short sales, and some of the possible pitfalls that may await you.
There’s never been a better time for buying a Columbia SC home than right now. Mortgage rates hit a new record low almost on a weekly basis of late, and home prices may have already bottomed and be starting on their way back up. Waiting much longer could mean higher Columbia SC home prices, and interest rates could stop dropping and head back in the northerly direction.
Use Caution When Buying a Columbia SC Home
If your current employment is in jeopardy, be cautious about signing on the dotted line for a mortgage. Once you sign, you’re responsible, no matter what happens. If you buy a home and commit to a mortgage, then lose your job, that’s how people end up in short sales or foreclosures.
Before starting to look for a Columbia SC home, be realistic and patient about what’s available. Inventory of homes is down, and finding that perfect home to fit your needs may take some time.
Also before you begin your home search, use an online calculator to determine your price range for purchasing a house. The debt to income calculator will take your current income and your debts and then calculate the payment that you can afford. You will then have an idea of what price you can afford to pay for a home so you don’t waste your time looking at homes you cannot afford.
Before choosing a neighborhood to settle down in, check the national data base for sex offenders living in the area you’re considering. All states provide public sex offender information, but that doesn’t mean that a seller or even a real estate agent is going to tell you if an offender lives in the neighborhood. Research it yourself for peace of mind.
When making an offer on the Columbia SC home you’re interested in, ask the seller about any financial incentives they may be willing to offer, like helping with closing costs. Some sellers may not want to give you a price break on the home if you ask for financial perks, so don’t be greedy. If you need help with the closing costs or down payment, don’t try to low-ball your offer price.
Buying a Columbia SC home can be a daunting experience, but if you do your research and use some common sense, you’ll find the right home at the right price.
Columbia SC homeowner insurance is getting more and more expensive every year. Finding ways to save on your homeowner insurance can be tricky, but there are a number of things you can do in order to get different homeowner’s insurance quotes from various insurance companies.
You can easily fill out an online form from various insurance websites and get numerous quotes you can choose from. Whenever you use this particular service, make sure you compare the different quotes side by side so you find the best deal on similar quotes.
Often times there may be discounts you might qualify for on your Columbia SC homeowner insurance. You should ask about discounts since it also helps in narrowing down your choices of the most suitable policy for you. When planning to buy homeowner insurance, the following tips are ways you can lessen your premiums.
Columbia SC Homeowner Insurance Savings Possible With Improvements
One thing you can do to possibly save on your Columbia SC homeowner insurance is to make improvements to the general safety of your home. This can be done by incorporating various safety and security features in your house. For example, you can add dead bolts, burglar alarms, or motion detectors as a deterrent to any burglary attempts to your house. To prevent fire, install smoke detectors as well as fire alarms. Doing these things to promote security and safety can cut almost 15 percent off your premiums.
One big area that could affect your policy premiums as much as anything is your deductible. Generally, you should raise your deductible to the highest you can afford. Some insurers are changing deductibles from a set dollar amount to a percentage, which can often represent a sizable change in your premium, but be careful not to raise your deductible to a level you cannot afford, should you have a disaster strike and you lose your home. If you have a $300,000 home, raising your deductible to 5% means you’re responsible for the first $15,000 to rebuild. Can you afford that?
Also, houses that are well-maintained are likely to have lower insurance rates. It is therefore important to maintain your home in good condition since insurance providers are willing to cut down on the rates if they see your house has up-to-date equipment. Another way to take advantage of discounts is by installing a new roof if yours is over 20 years old.
Another way to reduce your cost is to maintain a good credit rating. Since a good credit score suggests that a person is responsible in more ways than one, insurance companies take that into consideration and normally offer lesser insurance premiums for better credit risks.
Combining policies with one company could considerably lower your cost. Most insurance companies offer different plans and packages if you insure your cars and home together. This requires more research and inquiries with the various insurance providers to make sure you’re comparing similar multiple policy discounts.
Make sure you have a full understanding of the coverages being offered by different insurance companies so you will know what all the charges being quoted will cover for your Columbia SC homeowner insurance.