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What does it cost to sell real estate in South Carolina

Have you been thinking of selling your home in Myrtle Beach, SC and find yourself wondering all the potential costs that are associated as a seller? Do you find yourself scratching your head whenever someone starts talking about the selling process and all it entails? If so, today’s blog post is for you! While some may find themselves overwhelmed by the thought, the selling process does not have to be a daunting experience. Once you understand how it all works and who is responsible for what, you may just find yourself getting excited to sell your current property and daydreaming of all the potential that your next chapter can bring. So without further ado, let’s jump into today’s topic and discover what costs the seller is responsible for!

Home Sellers closing cost calculator for SC

What are closing costs?

When buying or selling a home, it is crucial to understand not only the process but all the fees and costs associated with the purchase or sale of the property. The last thing you want is to be surprised with having to pull your checkbook out when everything is said and done. With that being said, closing costs encompass all the charges and fees that are related to the sale of a home beyond the agreed upon price of the property itself. Now it is also important to realize that these costs vary based on things such as property type, region, and lender, but you can usually bet on seeing inspection fees, transfer fees, appraisal fees, title search fees, loan origination fees and commissions that are paid to the real estate agents.

Seller closing costs in SC

What closing costs are buyers responsible for?

While this blog post is mainly focused on closing costs associated with sellers, we also wanted to make sure to touch on some of the closing costs that buyers are responsible for as well. And while buying a home can be an exciting time, it is crucial to understand that purchasing a home requires more out-of-pocket money than just what covers the down payment. You also need to take into account the money needed to pay for services rendered, which are also known as closing costs. It is important to understand that if, as the buyer, you do not have enough money on top of the purchase price to cover the buyer’s closing costs, there is a possibility that the transaction may not close at all.

Typically, if you are a home buyer, you will pay between (roughly) two and five percent of the purchase price of your new home in closing costs. So, for example, if you were to purchase your new home for $150,000, you may expect to pay between $3,000 and $7,500 in closing costs. Other potential costs include recording fees, title policies, courier charges and inspections. It is important to note as well that the buyer is required to cover their portion of the closing costs when the property is closed on.

How to calculate deed stamps in SC

What closing costs are sellers responsible for?

When it comes to selling your home, you may be under the impression that every dollar from the sale is going to go directly into your pocket. And while you have the potential to make a lot of money from the sale, you also must stop to realize the costs that come with the closing on your property. So before you run off and plan how you are going to spend all your incoming cash, make sure to know exactly what that final number is. One of the larger costs for the sellers in the closing process is the commission that is paid to the real estate agents that are involved in the transactions. And while these commissions are negotiable and can vary to a degree by market, the average/typical commission is six percent of the sale price of the property. That percentage is split between both the buyer’s agent and the listing agent. So, as an example, if a property sells for $350,000 there would be a $21,000 commission that both the buyer’s agent and the seller’s agent would split.

Another cost for the seller during the closing is the loan payoff, which you will often see is slightly higher than the remaining balance on the loan due to prorated interest. It is important to note that, in some cases, you may be forced to pay a prepayment penalty as you are paying off the loan prior to the end of the term. You may also have to pay recording fees or transfer fee/taxes, which are taxes imposed by the local government or state to transfer the title from one owner to another. Next, most sellers typically pay the owner’s title insurance premium, a wire transfer fee, document preparation fee and attorney fees if you were to have your own attorney represent you during the settlement process.

Who pays transfer tax in South Carolina

Other additional closing costs the sellers can be responsible for include unpaid homeowner association dues (and dues included up to the settlement date), any liens or judgments that are against the property and prorated property taxes. Also, depending on how the contract is written, the seller may also have to pay for termite inspection and remediation if there is an issue, as well as repair bills or a credit for potential repairs for things that may come up during a home inspection. It is important to note here that the seller’s portion of the closing costs is deducted from the amount they receive from the sale of their property.

What should I do if I am interested in selling my house in Myrtle Beach, SC?

If you or someone you know is looking to sell their home in sunny Myrtle Beach, SC, give our experienced team here at Jerry Pinkas Real Estate Experts a call today! If this is your first time selling your home, we understand how overwhelming the process may seem. And if you have sold homes in the past, you understand how important it is to have an experienced and knowledgeable real estate agent in your corner throughout the entire process from start to finish. Our team of agents will work hard for you to ensure the sale of your home is as stress-free as possible, as quick as possible and you get top dollar for your property.

Selling your Myrtle Beach Home

If you follow our blog posts then you have seen us talk about the many reasons that set us apart from other real estate teams in the area. One of them being that we have a separate set of real estate agents that are solely dedicated to our seller clients, and a separate set of real estate agents that are solely dedicated to our buyer clients. Why does this matter? For one, you can be confident that your Jerry Pinkas real estate agent is knowledgeable and well versed in the buying or selling process because they do it every day, day in and day out, for our other clients. They will be able to walk you through the entire process, answer any questions that arise and work hard in your best interest every step of the way. Why have average when you can have the best? Give us a call today, we look forward to hearing from you and working with you soon!

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Best Realtor in Myrtle Beach


Why pick average, when you can have an expert?

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What's the Difference Between Prequalified and Preapproved?

by Jerry Pinkas

 

Home Buying Pre-Qualified vs Pre-Approved

So it is official - you are starting your search for your new home in sunny Myrtle Beach, SC! You are probably experiencing a lot of excitement, mixed with a little confusion, topped with a tad bit of anxiety. We understand all the emotions that surround the home buying process and know that things may seem a little overwhelming and cumbersome in the beginning. Especially if you start looking online or find yourself speaking with family/friends about topics that you are not particularly well versed in, such as the prequalification or preapproval process. Does this ring a bell for you? If so, you may want to keep reading.

The terms “prequalification” and “preapproval” are often thrown around in the world of home buying, and for good reason as they are very important steps for buyers. But do you know what the terms refer to and the differences of each? If not, you are in luck! In todays blog post we are going to be talking about preapproval and prequalification, as our team here at Jerry Pinkas Reality knows there is a lot of confusion out there about this topic and we wanted to give you the inside scoop. And while the two words sound similar, the fact of the matter is there is a really large difference between the two options, and we want to make sure you understand what they are so you can make the best decision for you and your family.

What does being Pre-Qualified for a Home Loan mean?

What does it mean to be prequalified?

In the mortgage process, getting prequalified is typically the first step that buyers will go through and, luckily, it is generally pretty simple. What you will do is give your overall financial picture to your banking institution or lender, which may include things such as assets, debts and incomes. Your lender will then evaluate all the information provided and then proceed to give you an overall idea of the size of the mortgage that you qualify for. This process can typically be done over the phone or online.

It is important to understand that the loan prequalification process does NOT take into consideration your credit report and does NOT include a comprehensive look at your ability to buy a home. The prequalification process will simply provide you with the amount for which you can potentially expect to be approved for. Because of this, as we will discuss shortly, being a prequalified buyer simply does not carry the same weight as a preapproved home buyer because it is simply an overview. And while this information is very helpful to buyers, you may want to take it one step further if you are serious about buying a home in Myrtle Beach, SC. We will explain more below..

prequalification calculator

What does it mean to be preapproved?

Now if you are looking to get preapproved, that is a totally different story and tends to be a much more involved process. To be preapproved, buyers will complete an official mortgage application and provide the lender with the requested documentation (i.e. bank statements, credit reports, etc.). They will proceed to do a thorough assessment of all the information to decide the specific mortgage amount that you are approved for. At this time, buyers also have the potential to get a better idea of the interest rate of the loan, which will help spell out their overall financial picture.

Since the preapproval process typically takes around 21 days, starting the process sooner rather than later will allow you to get a leg up in the home buying process. We find that some people wait to get preapproved until they have already begun seriously shopping for their dream home in Myrtle Beach, SC. We wanted to point out the benefit of getting preapproved earlier in the process, as buyers can utilize it to point out potential issues, such as your credit, and give you sufficient time to correct them.

Compared to being prequalified, the preapproval paper is actually worth something and will hold up in the event of a bidding war. This in turn can help you avoid some of the costly and stressful roadblocks that have the potential to creep up during the home buying process and keep you ahead of the competition in this hot market in Myrtle Beach, SC.

pre-qualified vs. pre-approved for home loans

Why should I get preapproved or prequalified for a loan?

It is no secret that the Myrtle Beach, SC market, and the Grand Strand market for that matter, are on fire. People are flocking here from all across the country to enjoy the beautiful beaches, sunny days and enviable lifestyle the area affords its residents. Because of this, properties are selling very fast and, as we spoke about earlier, you may find yourself in a situation where you are in a multiple offer bidding war. So being prepared by going through the process of getting prequalified and/or preapproved has the potential to save you a lot of time and aggravation, as well as help you to make an offer on a home.

How you ask? Well having the letter from your lender will give the seller more confidence that you are a more suitable buyer because it shows that you will be able to get financing in order to buy the home. And let’s be honest, if a seller sees that you have done your homework and have gone through the financial approval process, they may be more likely to accept your offer versus someone who just threw an offer their way without sufficient backing. It it less of a risk for the seller, which is always appealing.

It is also important for us to point out that some lenders are average, some are way above average and some are excellent. In today’s day and age, the beauty is that the rates are all pretty close, even if the loan is through your hometown bank. If you are looking to deal with a lender locally, we can provide you some recommendations that will save you a lot of time and hassle.

Why should I get pre approved for my Myrtle Beach home loan

What should I do if I am interested in buying a home in Myrtle Beach, SC?

As always, give our experienced team here at Jerry Pinkas Reality a call today! We know there is a lot of information out there on the internet, but we also know that the information is not always reliable. And as we said in the beginning of this post, we understand the emotions and confusion that can come with buying a home, especially if you are a first time home buyer and have not gone through any of these processes before. You can trust that our team here at Jerry Pinkas Reality will always be upfront and honest with you because we want you to be prepared for any situation, as well as have success with purchasing your dream home here in Myrtle Beach, SC.

We hope the information in this blog post helps you during the home buying process and eases any stress of confusion that may arise. We want to bring you the information that will not only save you time, but save you money and aggravation as well. We have helped many individuals, couples and families navigate the home buying process and settle into their perfect home in Myrtle Beach, SC, and we know we can do the same for you! Allow our experienced team to help you navigate the prequalification and preapproval process and answer any questions that you may have. Give us a call today, we look forward to working with you!

You have questions, we have answers. Give us a call at 843-839-9870.  We can recommend a trusted, local mortgage loan provider.

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Best Realtor in Myrtle Beach


Why pick average, when you can have an expert?

Give us a call 843-839-9870


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Reasons it is a great time to move to Myrtle Beach

by The Jerry Pinkas Team

A great time to move to Myrtle Beach SC ?

Location, location, location… does this sounds familiar? It's the number one rule in real estate, and it's often the most overlooked rule. You can buy the right house in the wrong location. You can change the structure, remodel it or alter the home’s layout but, ordinarily, you cannot move it. It's attached to the land. Then, why not buy a home where it’s like a vacation every day. The area known as Myrtle Beach, South Carolina is a popular tourist destination. Thousands of tourists come to this region every year to enjoy the gorgeous weather, beachside activities, and numerous attractions. Besides all the fun in the sun, this city is a great place to live if you are thinking about moving. According to the 2000 Census, the city is at the heart of the 13th fastest growing area in the U.S. Also, real estate along the South Carolina coastline is being purchased at a fast rate. The reason for this is simple: people love this beautiful coastal city and its warm hospitality.

Living along the South Carolina coastline definitely has its advantages like excellent year-round weather, luxury style myrtle beach oceanfront condos, breathtaking property and houses, appetizing restaurants, lush, great shopping, and tranquility at its finest and green golf courses. Besides the excellent year-round weather, friendly people, and beautiful real estate, Myrtle Beach is a city buzzing with numerous family activities. Some local activities include: amusement and water parks, Alligator Adventure, Barefoot Landing, and Broadway at the Beach, many theater shows, and places where you can take your family out and experience nature. Also, a great place to take the boat or yacht out on the water!

Another reason that makes Myrtle Beach a great location is its low crime rate. This is because people are at ease when they are living here. They don't have the hassles of dealing with an overcrowded large city, which creates pollution, stress, and a high crime rate. Also, if you have kids it’s going to be a relieve to know that Myrtle Beach have great schools.

If you want to start living in the Myrtle Beach area, contact a South Carolina real estate agent who knows all about the city. Many real estate agents in this area are a part of a larger network of individuals who are provided with Myrtle Beach MLS listings. The benefits of having MLS listings go beyond what a normal agent can do for you come moving time. Agents who are a part of this gigantic network have the latest updates on property for sale and pricing, along with accommodations for you and your family. Living in this coastal city requires you to act as soon as possible when purchasing houses or condominiums on the market. The home of your dreams can be on the market one day and gone the next due to the high volume of sales in the area.

 

You will have a VIP back stage pass with access to lots of tools for both Buyers and Sellers. The local Experts in Myrtle Beach Real Estate and Myrtle Beach Condos Jerry  Pinkas Real Estate (843) 839-9870

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