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Real Estate Buyers beware
On buying property anywhere even if it isn't Pawleys Island South Carolina: 1. Regardless of where you’re buying Real Estate go to your bank or www.lendingtree.com and get pre-approved for a mortgage...Then you'll know what to look for. Also, if you can get pre approved from a bank and get an approval letter...the proof with the letter will help you negotiate a deal! 2. All lenders are not created equal! Shop, Shop, Shop…get the best deal. 3. Don't sign anything until you are comfortable and sure of what you are signing. Interview several agents…You want a closer, not a nice guy! 4. WATCH OUT FOR monthly fees! Even though you pay monthly fees in the beginning, that doesn't mean you won’t be assessed later on for a few thousand dollars worth of repairs like a new roof...beware the low POAS (or HOAS) especially when it's a new development. As soon as the developer sells the lion’s share of the units, they may leave and your monthlies may skyrocket. 5. If, after all this, you decide to buy a single family home or a condo or co-op or town home, MAKE REAL SURE YOU GET A COPY OF THE BYLAWS BEFORE YOU MAKE AN OFFER and read them over very carefully. 6. So, now if you are frustrated by registrations on the internet to surf the local MLS, for Pawleys Island, Litchfield, Georgetown or Murrells Inlet South Carolina go to http://www.retiretothecarolinas.com and click thru to your areas of interest...have fun; no need to register! 7. So you find some stuff on http://www.retiretothecarolinas.com that is in your range and looks nice with a real low price...BUYER BEWARE! If it's too good to be true...maybe it isn’t! Bad foundation, bad roof, highway coming thru in 2010...etc. Don't be afraid to stop in at the local police station and zoning board and chamber of commerce to find out about safety, zoning changes, plans, etc. Nothing like owning a great home on a six-lane highway!!!
8. Watch out for story tellers ...hard to believe...but true!!! "Aw, a little bit of paint and it's good as new...HA! Never assume. Get a tape measure and measure the lot and sq ft yourself!!! ...but it's far easier to negotiate an offer down due to discovery prior to contract than after it is ratified. 9. CONTINGENCIES!!! Make sure you cover yourself. Make your offers contingent upon obtaining a mortgage for SAID property...also, Count on spending a few hundred bucks on an inspection...mechanical and mold...bug and structural...and make the sale contingent upon a good result with repairs no greater than $500...and make sure the seller makes all the rest of the repairs prior to closing! RE-INSPECT! 10. Always ask for comps and make sure your loan is based on the property appraising for the full amount...make sure your contingency says so...not the difference between your down payment and your loan amount... These should get you started. Become a client not just a customer!!! AND, Have fun at http://www.retiretothecarolinas.com and get to know what's available, where and at what price.
Don't let anyone stress you out...this should be fun and exciting...if you start to feel sick to your stomach....!!!! RUN AWAYYYYY! That's high pressure and you need to get away fast! This is exciting and fun fun fun...nothing less, nothing more!
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