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Rising Inventory and Dropping Prices

Will Charleston be part of this national trend? Its my opinion yes - I keep my eyes peeled for interesting market news and wanted to share this article -

Quoted from Trulia 7-20-10

"Seller's are feeling the heat this summer as the economic recovery simmers down and home inventory levels climb," says Pete Flint, co-founder and CEO of Trulia. In July's price reduction report, we discovered that 24 percent of US listings have experienced at least one price reduction. That's a nine percent increase from the previous month. As more and more sellers reduce their home prices, the total dollar amount slashed has risen to $27.3 billion. Read the full report ...

Bank Owned. Fabulous custom equestrian estate home on Johns Island only 20 minutes to Charleston! As soon as you enter this 93 acre, 14 parcel community you may feel like you're stepping back in time in the Lowcountry. Beautiful home is loaded with custom features and conveniences all designed to please. Home is convenient to the community stables (under construction) and sits majestically atop a gently rolling landscape. This spacious residence features large rooms, custom details throughout, and elevator servicing all levels. Kitchen has Wolf/Sub Zero...

Short Sale Basics

When you request a short sale from the bank, the will request a great deal of personal information to be submitted   This is because the bank wants to know that you actually qualify for their short sale program.  Here is an partial list of items that you will need to send in the package. 

Financial Information

• Last 2 checking account statements for all borrowers
• Last 2 savings account statements for all borrowers
• Last 2 equity /investment account statements for all borrowers
• Last 2 years of W2's for all borrowers
• Income tax returns from the past 2 years for all borrowers
• Last 4 paycheck stubs for all borrowers
• Self Employed: Profit and Loss statement
• Credit R...

Hello Everyone:

The Francis Street lofts has been approved for FHA!

The building has been redeveloped into 12 single level and multi level lofts.  Currently, there are seven available units ranging in size from 621 to 1100 square feet.  Prices range from $169,900 to $249,900.  Unit L has been staged.

There is incentives available from the City.  To qualify for workforce housing, you must make 120% or less of the median family income and be a first time home buyer. 

Single - $52,200

2 people - $59,640

(These figures are based on HUD published income.) 

If you qualify, the City of Charleston is offering a $10,000 interest free forgivable loan to buyers.  This money can be...

SHORT SALE CLOSED- Steps to the beach! LOCATION, LOCATION, LOCATION...Situated on 1/4 acre lot and 1.5 blocks from the beach, this cozy bungalow is the perfect retreat. The LARGE backyard is the perfect place for a cookout, oyster roast or pig roast and the oversized screened-in porch is also a bonus. Once inside, you will find ceramic tiling throughout ...

Fabulous custom equestrian estate home on Johns Island only 20 minutes to Charleston! As soon as you enter this 93 acre, 14 parcel community you may feel like you're stepping back in time in the Lowcountry. Beautiful home is loaded with custom features and conveniences all designed to please. Home is convenient to the community stables (under construction) and sits majestically atop a gently rolling landscape. This spacious r...

Thanks for all your help. Your entire staff was always responsive and helpful. Thank God we don't have to worry about that property any longer. I wish you had offices in Orangeburg and Columbia. Please let us know if you ever think you would like to expand in those areas. If anyone needs a truly "FULL" service realty company in Charleston, I'm definately recommending you guys without a doubt. You're actually the best realty company we've ever worked with in the past 7 years since we've been involved in real estate in SC. Truly AMAZING! I'll be back in touch. Look forward to working with you on future deals. Tell your staff - GREAT JOB! Linnette

Click Here for all Testimonials

Hello Marshall.

Enclosed is a report to help shed light on the FHA vs HomePath confusion.

Many applicants call us thinking that the HomePath loan program has a better rate than FHA.  As you know the rate is higher. 

The main benefits of HomePath are no appraisal requirement, no required repairs (unless home requires a HomePath Renovation Loan), low down payment, and more flexible guidelines with underwriting.

HomePath offer a lower down payment (3.0% vs 3.5% for FHA).  However HomePath has a higher rate when only placing the minimum 3.0% down payment.

The higher rate is how Fannie Mae "self insures" the mortgage insurance risk....by not requiring mortgage insurance.  Fannie ...

Charleston, South Carolina Real Estate Trends

The Charleston, South Carolina real estate market is heating-up with buyers looking for

LOCATION, LOCATION, LOCATION...Situated on 1/4 acre lot and 1.5 blocks from the beach, this cozy bungalow is the perfect retreat. The LARGE backyard is the perfect place for a cookout, oyster roast or pig roast and the oversized screened-in porch is also a bonus. Once inside, you will find ceramic tiling throughout the entire home and 2 good sized bedrooms with a shared hall bathroom. The living area offers enough space, so that the options for utilization are up to you. The laundry room is located off of the kitchen and there is also an outdoor shower. Owner is a CUSTOM licensed builder and has approve...

The most unique 1796 square feet in charleston!!!! Stunning views of the Ravenel bridge from this 3 bedroom 2.5 bath new construction single family home. Underneath this custom home is a generous two car garage plus ample storage. Modern, thoughtful, clean and bright. Come see it for yourself. Amenities include: Whirlpool stainless steel appliances (fridge, gas range, microwave, dishwasher), Rinnai tankless water heater (gas), stacked Whirlpool washer/dryer, 3/4" hand finished hickory floors throughout, standing seam metal roof, completely fenced ...

Palmetto Heros

Police, Fire Fighters, Teachers and EMS can qualify for a new 2010 Palmetto Hero Program

SC State Housing Authority is excited to announce a 2010 initiative for “Police Officers – Fire Fighters – EMS - Teachers”. Borrower(s) must meet State

Housings First-Time Homebuyer requirements. The program Features a reduced mortgage interest rate and down

payment assistance is available. The Funding will be limited to $40 million. Loans are available on a first come first

served basis and borrowers must have an accepted sales contract on a home prior to reserving funds. All State

Housing loan policies and procedures will be in affect for this program.

FULL ARTICLE HERE - CLI...