B & P Real Estate

Exciting news in the Pee Dee today as Monster.com® announced plans to build a state of the art customer service facility in Florence.  At full capacity Monster Worldwide SC will employ 750 workers. 

Undoubtedly the Pee Dee will be a perfect fit for building world class service.   Training will begin very soon and some hiring will begin in the next few weeks.

This is great news for our area and also for the area Real Estate Markets.  The new jobs will certainly bring new home buyers and help further stabilize the areas Real Estate Values. 

SC consumers are encouraged to call the mortgage fraud hotline if they think they are victims of mortgage fraud.  Call 800-553-7723 to report suspected activity.

Unforeseen circumstances can happen to anyone.  Job loss, death of a spouse, medical emergencies, or divorce, can change household incomes to the point where making mortgage payments becomes a struggle.  Couple that with declining property values and a short sale could be needed in order to avoid foreclosure.

Every situation is different and homeowners need to be pro-active when it comes to communicating with their lenders and their REALTOR when trouble making payments arise especially if the property has been on the market for sale.  Short sales could be an option if the outstanding balance of a mortgage is more that the property would sell for in the current market.   

Short sales are not an option for all sellers and require lender approval.   The approval process can take several weeks or longer and the seller and agent must provide a financial package and market information to the lender.  Avoiding foreclosure is the main goal of all parties and sellers considering this option should consult with an attorney and tax professional.

A home purchase is one of the largest investments most people will make in their lifetime.  It is important for buyers to understand their options in real estate transactions, especially when it comes to hiring an agent to work for them in a transaction. 

What is a buyer agent?  A buyer agent is your representative in a real estate transaction.  This includes protecting your interests in the home buying process.  Just as a seller is represented by the listing agent, you are represented by your buyer agent.

How do I hire a buyer agent?  A buyer agency is created by way of a buyer agency contract that must be signed by all parties.  The contract spells out the terms of employment, including compensation.  

What are the advantages of hiring an agent to work for me?  There are many benefits to hiring an agent to work for you especially the advice that your agent can give on locating, showing and evaluating properties that suit your needs and negotiating purchases with the seller. 

What is the costs to hire a buyer agent?  There are several options for buyers wishing to hire a buyer agent.  In general the cost is paid by the seller through the cooperative agreement offered in the MLS by the sellers listing agent. 

The property I want to purchase is FSBO.  Can I hire you to help me?  Yes.  Even if a property is not listed, we can still work for you in a transaction.

As a REALTOR® part of our service includes working for Bennettsville home buyers as a Buyer Agent.  Contact us for more information.

Point of sale assessments are currently the law in South Carolina by way of the 2006 new regulation affecting real property.  Under this law the property is assessed at the sale price and on the date of sale.  What this means to property buyers is the property tax bill could be much higher than that assessed on the previous owner.  In addition, the neighbor next door, while getting the same services, could be paying a much lower property tax bill.

The State Legislature seeing the inequites of the current law, passed by a 120 to 0 vote to amend the law by way of bill H.4942 affecting the point of sale assessment.  The Senate Finance Committee is the next stop for the bill before hopefully it will pass without delay.  With buyers holding off purchases of home and property, passage of this legislation might help to encourage more buyers to move forward with homeownership.

6/20/2008 - The Senate failed to pass this important bill this year.   Point of Sale assessment remains the law and buyers need to be aware how the new assessments will affect their bottom line.  Property is reassessed at the purchase price at the time of sale.

Today more than ever, lenders are willing to help homeowners avoid foreclosure and keep their homes.  Loss mitigation is increasing used by lenders and depending on the financial situation you find yourself in, some of them may work for you.

Forebearance is a temporary solution where the lender agrees to allow homeowners to make payments for a specified time period in order to catch up the amount in arrears.  This is a short term solution and involves higher payment amounts. 

Loan Modification is a permanent change in payment amount and terms and can be used by homeowners who have fallen behind on mortgage payments.  Providing the homeowners financial situation will support the new payment amounts, loan modifications can bring your mortgage current and help you avoid foreclosure.

Not all homeowners will qualify for loan modifications with there lender.  In some cases a short sale might be in order to avoid foreclosure for homeowners who do not have the ability to keep their homes.  If the real estate market values have declined, a short sale must be approved by your lender. 

A recent poll conducted by the South Carolina Association of REALTORS® revealed that over 90% of agents thought the media was having a negative influence on clients.  Not surprising since a majority of the media stories on housing appear to be negative. 

There is no doubt that many homeowners have been experiencing difficulties in making mortgage payments and are in some stage of default with their home loans.  There are also markets all over the county that have seen losses in home values.  

What the media does not seem to report is that all markets are not the same and many locations in South Carolina are not seeing the sky falling or drastic price drops in home values.  In addition, the media does not seem to report the value of homeownership.  A home is the most valuable asset we possess and you can’t live in your 401K, or other investment accounts nor can they store your belongings and keep you warm and dry or give you a good place to raise your family.

By overlooking the local nature of real estate and failing to emphasis the benefits of owning a home, the media is certainly affecting the home buying and selling public in a negative way.  The rise and fall of home prices in many markets should be cause for alarm but the media hype appears to be bias and could be cause for further price reductions in some areas.

Having a REALTOR® evaluate the local market can help buyers and sellers make informed decisions. Unlike some of the media reports, your local Real Estate Professional may not be so negative on the value of homeownership and the purchase of real property.

The Community Development Corporation of Marlboro County will hold a Foreclosure Prevention Clinic on April 14, 2008.   Contact the CDC @ 454-2188 for more information or to sign up for the event.

Homeowners who are falling behind on mortgage payments should be proactive when it comes to talking to their lender.   It is much better to be proactive and call your lender and apprise them of your situation before they start calling you due to not receiving payments. 

Many times homeowners feel they have nowhere to turn but it is always best to call your lender at the first sign of trouble in meeting monthly mortgage payments.   Always document your calls and be sure to let them know when you expect to have your payments current. 

With the rise in mortgage defaults, lenders are looking for alternatives to foreclosure.  There are a varity of work outs and loan modifications that may be possible.  If your financial situation has changed dramatically with no sign of improvement, selling to avoid a foreclosure should be considered.

In the Bennettsville Real Estate Market the number of listings continues to increase as typically Spring is a great time to buy and sell homes.  That means more competition for homes that have been on the market during the slower sales period of winter.  Added competion may require sellers take a fresh look at the marketing of their property.

List price and condition are two reasons property does not sell.  If you think your price is realistic and your agent agrees, the condition of the home could be causing your property to be snubbed by buyers resulting in increased marketing time and carrying costs.  

If your home has been on the market without activity it is time to re-evaluate the list price.  Spring is also a good time to freshen up your property in order to keep up with the new competition.