Interest rates at record lows.......the "Bottom" is here!

Seller paying closing costs

Seller paid closing costs...?


I get this question a lot..."How much can the seller pay towards the buyer's closing costs?"

Don't assume 3% of the purchase price is the rule. There are basically 4 mortgages now for residential home purchases and each has its own rule. The maximum amount that a seller may pay towards the buyer's closing costs, pre-paid items and reserves is as follows:
1. Fannie Mae/Freddie Mac (Conventional):
> 90% financing = 3% of the sales price.
>75% & < 90% financing CLTV = 6% of the sales price.
<75% CLTV = 9% of the sales price.
2. FHA = 6% of the sales price.
3. VA = 4% of the sales price.
4. USDA Rural Housing = 6% of the sales price.

I hope this information is beneficial to you. Call or email me anytime.

Andrew Evans: Hanover Mortgage
Cell: (864) 313-0602
Email: aevans@hanovermtg.com

History of Lake Keowee in South Carolina

Storms, Boating, Lake Keowee

WOW!!!! We sure had some storms in our area late yesterday! We were on the lake during the whole thing and lightening was all around us in the distance. We even thought we saw a TORNADO! We arrived home safely just before dark without one drop of rain falling on us :-/

We were very lucky and it just doesn't pay to take chances. Make sure you either have a weather radio or an "app" on your cell phone to keep up with the weather radar patterns. This way you'll know where the storm is and where its headed! Also, Make sure you have a light weight jacket with you on your boat at all times. I sure was chilly on the FAST ride home!

Lake Keowee Buyer Agent Services

I wanted to let everyone know that I work strictly as a Buyer's Agent and I am an Accredited Buyer Representative and would be able to provide you with much needed advice and representation when purchasing Lake Front Real Estate. There are a lot of things specific only to Lake Property that only experts, like myself, can help you with. There is no additional cost to you to have me represent you as a Buyer's Agent. I am also licensed in Georgia and South Carolina. I am very patient and knowledgeable about this area as well as Lake Hartwell, Lake Keowee, Anderson, Seneca, Clemson, Greenville & Easley. I would love to help you any way I can.

   I've been Boating the Upstate Lakes since childhood and know my way around very well. Please don't hesitate to call me with any questions or to set up a time for me to show you any properties. I look forward to hearing from you and helping you with your search. This is a great time to purchase a home for many reasons: Large inventory, Motivated Sellers & Low interest rates to name a few. With that being said, the banks are very strict with their lending right now. As a first step in the buying process I recommend that everyone get pre-qualified. It helps a great deal to have a pre-qualification letter when presenting an offer and in many cases, it’s required these days (especially when purchasing bank owned & short sale properties). GIVE US A CALL & we'll be happy to refer you to some great lenders/ bankers.  By the way, there are some fantastic SHORT SALE & BANK OWNED PROPERTIES currently available. Let me know when you might have the time to come look at some of them. CALL TODAY: ASK FOR GARY SMITH, ABR- BUYER SPECIALIST 866.BIG.VIEW (866.244.8439)
 

The Cliff's Lake Keowee Real Estate

Please visit the link below to find all of the treasures The Cliff's Communities have to offer you!
Parker Quigley: Broker Associate ReMax Foothills "The Cliff's"

MEMORIAL DAY 2010!

On this special day please remember our fallen soldiers and all of the brave Americans who are currently serving our country as well as all of those who have served us in the past. We are ALL very lucky to be Americans and should thank GOD and our veterans every day for allowing us to live in "The Land of the Free & The Home of the Brave!"

SHORT SALES, A SIGN OF THE TIMES...

A short sale is offered when a seller/ homeowner has fallen behind in their payments and it's a last ditch effort to avoid foreclosure. In short sales you are actually dealing with the homeowner during the negotiation and the mortgage company comes in after the seller has decided which offer (Highest & Best with his agent's help) to sign. It's a common misconception that properties offered in short sales are "bank owned". This is NOT the case at all. After the seller signs (accepts) one of the offers, it is then under contract with a contingency that reads as follows:" Contingent upon bank's approval of short sale". Earnest Money is deposited and so on just like a contract with a "Home Inspection" contingency for example. The Short Sale asking price is determined by the listing agent based on current market values (sold properties) while taking the amount owed on the property into consideration. Usually multiple offers come in and at all different amounts (some will come in 50% less or even lower). Sometimes as many as 5-8 offers will come in on one property, so having a knowledgeable Buyer Agent is extremely important if you are a serious buyer. This is a complicated process and I've been involved in several of these as a Realtor. I can provide you with very valuable advice. One last thing, short sale offers that come in with a solid approval letter from a reputable bank & CASH offers with proof of funds move to the top of the group of offers along with offers with fewer contingencies. The acceptance by the seller/ homeowner has been known to take as little as a few days or as long as 6 wks depending on how high or low the offers come in. The person who is doing the negotiating with the bank is experienced enough to know when there's not a chance at all of getting bank approval of the short sale and will keep the "accepting bids" time frame open a little longer @ the bank's urging. I also wanted to mention that in "short sale" situations it is very common for the homeowner/ seller to sell the Boat Dock separately ( most of the time to someone other than the purchaser of the home) because it is personal property (like a kitchen table) and usually the seller is in dire financial shape and needs extra money. This goes for Hot Tubs and other appliances that are not built-in (sometimes even the built-in appliances). After the homeowner signs and accepts the offer of his/ her choice it is presented to the bank. At this point it is very important to know that the bank's approval could possibly take as long as 6 months to get or approval can come quickly. Anyway you look at it, PATIENCE is so important because this is your chance to get the deal of a lifetime. Please call me with any further questions & I look forward to helping you find your perfect lake home! Thanks!