Myrtle Beach Real Estate

BUYER INFORMATION

After A Foreclosure When Can You Buy Another Home

If you lost your home to foreclosure you may not have to wait 7 years for a conventional mortgage to purchase another primary residence.  Depending on your situation and if you have a credit score of 680+ a Portfolio mortgage may be available after only 1 year.  FHA allows lower credit scores and will provide mortgages if at least three years have passed since a primary residence foreclosure.  Fannie Mae mortgages may be available after 4 years. 

Buying Property in Another State

How can I buy a home or condo in Myrtle Beach, South Carolina while still residing in Anytown, USA?

If you vacation every year in Myrtle Beach you may know a bit about the area but buying real estate can still be a challenge if you live in another State.  Then there are those people who have never been to Myrtle Beach but want to buy real estate because they know someone who has, or they realize that no where else in the Country can you find real estate close to the beach priced much lower.

While vacationing in the area for many years we stayed at different locations, beginning at Surfside Beach and then every few years moving north until we ended our renting days in North Myrtle Beach.  After purchasing a second home here and determined to make use of it we realized how fantastic this place is all year.  It only took a few bad winters in Maryland for us to decide to make South Carolina our permanent residence. Yes, we moved away from our grown children and grandchild (now grandchildren) but we actually see them more now.

Even though we had extensive knowledge of real estate we did not know that we should have had a Realtor as our Buyers Agent working in our best interest. It was not until I went to school to become a Realtor that I found out that real estate buyers can choose a Realtor to be their Agent and it is free even if they never make a purchase. So that would be the first thing you will want to do after you verify that the Realtor will show you all properties of interest listed in the MLS, not limiting them to their real estate company or their own listings.

If you have an interest in purchasing real estate and you plan to visit Myrtle Beach or you would like to search for real estate from your home before you visit tell your Realtor what is on your wish list. Public access MLS systems do not offer the flexibility and listings are not in real-time.  Only the official MLS system has current information.  A Realtor can enter your requirements and pull up only real estate listings that match those requirements.  Simply provide your email address and you can receive those listings, changes in prices, and new listings immediately after they become for sale.

To view the inside of any residential property you must be accompanied by a Realtor and the listing real estate company must be notified, so if you want to look while on vacation let your Realtor know in advance.  Some occupied properties require 24-hour notice and the majority of vacation rentals, like oceanfront condos, only allow showings on check-in/out day. 

Understanding the concerns of Buyers and Sellers who live in another State and working in your best interest is the goal of every good Realtor. Many of us even help out-of-State clients after the closing by being there to accept deliveries of furniture or for the installation of utilities.

Example of Why Not To Wait To Make A Purchase:

The following is an example of why you may not want to wait to purchase real estate:

If a buyer has 20 percent to put down and sees a $300,000 home, today, he can borrow at the current interest rate but if a buyer waits for a price reduction to $285,000 on the same house and the interest rate has gone up by 1% the payments would increase approximately $80 per month even though the house is selling for $15,000 less.

The US Treasury Department has recommended the elimination of Fannie Mae and Freddie Mac. It may take several years for it to happen but it seems that they will become a thing of the past and mortgage loans will become harder for those wanting to buy or refinance. If you are waiting for lenders to loosen their mortgage requirements you may want to reconsider and not wait too long.

Real Estate Investing with 401k

Use a self-directed real estate IRA or 401(k) to purchase real estate investments and more

without distribution taxes or penalties.

A Real Estate IRA enables you to buy a near limitless number of investments within your

retirement account without extra custodial fees. Roll your IRA, 401(k), Roth, Keogh, etc, into a

controlled retirement account to:
•Buy and sell domestic, foreign, and rental properties as self-directed IRA investments
•Purchase foreclosed properties and tax liens on the spot!
•Buy your retirement home now at today's prices, rent it out, then occupy it when you take your IRA distribution!
•Acquire rental properties as an IRA investment and be your own property manager, saving money in upkeep expenses

Sometimes an easier way that 401k and real estate investing can work together is through the

ability to take out a loan against a 401k. The primary objective with real estate investing is to use little or none of your own personal money to fund the investment. Since you are allowed to borrow against your 401k, you can use this to finance part of your investment. When the deal closes, you will receive the amount you borrowed and then some. You can then easily pay back the loan without affecting your 401k. So, basically, it's like a short term loan you make against yourself.

You have access to the funds needed for investing, it doesn't technically come directly out of your pocket, and when you finally cash in your profits, you simply pay yourself back.

There are some things to note about this method of investing, however. First, you should know

that there is a cap on the amount you can borrow against your 401k. This amount is usually

$50,000. However, it can be less, depending on the amount of money you actually have in your 401k. Another thing to note is that the real estate you purchase through this method is not eligible for the mortgage-interest tax deduction. There are no tax benefits when you use 401k to finance a portion of any real estate related transaction.

Buying Property In The South Means Humid Conditions

When You Buy A Home That Is Not Brand New Have The HVAC Air Handler and Ductwork Checked For Mold!  Also Have The Drain For The HVAC Air Handler (in a home usually located in the attic) Cleaned Every Year!

In the coastal areas around Myrtle Beach, South Carolina a good inspector will look everywhere for signs of mold including the HVAC system, all windows, ice maker lines, laundry area, under sinks, behind toilets, attic spaces and access to clean outs for bathtubs if available. You can also have just the HVAC system checked by a Heating and Air Conditioning Company.

HVAC condensation lines that usually run in the attic of a home may have never been cleaned or blown out and debris just builds up blocking the drainage. Water backs up, fills the drain pan and slowly leaks into the the ceiling under the unit.  In addition to the possibility of water damage, the presence of condensation throughout the entire system can promote the growth of mold. Constant moisture is usually a good breeding ground for toxic mold growth. If you live anywhere there is high humidity have your system checked. A heating and air conditioning company can also check your system and they can install an ultraviolet light which will kill the mold.

All black molds are not the toxic variety and all toxic molds are not black. Toxic mold can be green, yellow, orange, brown or violet. It depends on the food source. All varieties of mold like to grow in the dark, without light and moving air.  Some molds can be removed by bleach but if you have mold, have it tested, if it is a toxic type all affected material, such as drywall, must be removed. The source that was feeding the mold must be removed and only use new replacement material.

REAL ESTATE BUYERS GUIDE

Use the Mortgage Calculator on this site to determine how much your monthly
mortgage payment for principal and interest will total.

Two Kinds of Loans

Conventional Loans:

not insured or guaranteed by the federal government. Typically these have
higher down payment and credit score requirements than government loans.

Government Loans (FHA loans or VA loans):

backed by the federal government. Most popular is FHA, which is backed by
the Federal Housing Administration. Another common government loan is the
VA loan, which is backed by the Department of Veteran Affairs.

GETTING PREAPPROVED:

Mortgage Options are 15 / 30-Year Fixed   or Adjustable-Rate Mortgage

There are many types of mortgage loans to suit your needs. Do your research
and see which fits best with your situation.

To assist you in finding your new home, having the team headed by your Realtor
is extremely beneficial. There are many tasks, important deadlines, documents, and
responsibilities that need attention while buying a home. Your Realtor working with
you make this process easier for you. Trust is key, so find a Realtor in which you can
put your trust in one hundred percent. Their goal should be to help you by making
this process easier.

“The three most important people to have as part of the ‘team’ would be
your real estate agent (Realtor), loan officer and home inspector.

It doesn’t matter if your Realtor works for a big company or a small company.
What matters is that he or she is knowledgeable, motivated and a good
communicator.

The loan officer that you choose needs to have the same qualities as your
Realtor, (knowledgeable, motivated and a good communicator) but the
company that they work for is important as well. Pick a mortgage company that
is either locally owned or national. Either way, make sure that you have heard of
them before, as a no name mortgage company or an internet only lender makes
for a weak offer.

Use a home inspector that has a reputation for being thorough. Do your
research and read the online reviews about them. This is not the time to
use a friend; it is too important.”

You should also consider bringing a close friend or family member when shopping for
a home as he/she can help you look at things you may overlook. Once you have your
team assembled, you’re ready for the next step in the home-buying process.

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