South Carolina real estate purchase
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Comments (19)Patrick, Here in NC, we use a Due Diligence Period as you are aware. The appraisal is not REQUIRED to be performed during this period. However, it is very wise to do so, because if it comes back low, the seller has more incentive now to do nothing. The buyer still has to perform per the contract, or he/she will be in default. The buyer, if they do not move forward to purchase the home at the sales price, will be in default and the seller keeps the Due Diligence Fee, AND the Earnest Money Deposit. These funds are looked at as compensatory in nature and not punitive, therefore the seller would still have the option for mediation against the buyer for the breech. Personally, I let my client's lenders know exactly what the Due Diligence date is and they know for sure that we expect the appraisal to be completed, AND delivered, at least 24 hours prior to this date. It costs about $400 for an appraisal, far less than the cumulative costs of the survey, the inspection, attorney costs (which they will charge prorated even if there is no closing), moving fees, and not to mention the emotional stress of waiting until the end to find out if the home appraises. So the arguement for waiting until the end in order to save funds is silly. Patrick, in our contracts, there is no conventional financing contingency... But, if the buyer's appraisal comes back low, and it is performed during the Due Diligence Period, they have the conventional options that would come with a financing contingency. Your buyer's agent and lender is putting your buyer at risk by not having the appraisal done during this time. They also lose all leverage to negotiate with the seller to lower the price to match the low appraisal, because the seller knows that the buyers have to perform, unless they want to lose their fee and deposit. Yes, as of 2011, when we switched over using the Due Diligence clause, the buyer will lose the Earnest Money Deposit and the Due Diligence Fee if they back out of the deal for any and or no reason except for a seller default. As far as how to entice the buyer to get the appraisal soon, you would first have to find out why they have elected to wait to do it until the very end. My guess is that their agent and their lender just dropped the ball and do not understand the repurcussions if it does come back low outside of the Due Diligence Period....See Morelike gardening in South Carolina?
Comments (31)Today I spent the day looking at real estate..for quite awhile now I've been researching the southern US for my retirement spot..I like NC and SC both..looked for houses in lots of cities in both states..when we stayed in Aiken we went to Augusta for lunches and dinners several times..I looked at Asheville and Black Mountain houses today..some had wonderful views..we lived in Napa CA once and I had a friend that lived in Lake Berryessa..half an hour drive up a curvy winding road..the drive made me sick..some homes in Asheville wouldn't work for me..and the growing season is shorter than I want..but it's appealing and I would love to visit..I keep going back to the Charleston area..it would be so exciting to have my own palm tree.....See MoreInteresting tidbit from Realtor.com re FL real estate
Comments (36)Mtn, yes rats! In CA we have roof/tree rats. They are bigger than a mouse, but smaller than the Norway rats you find in NYC. They are agile little buggers and love all the food provided by the fruit trees found all over So. CA. No winters to slow them down or kill them off. We haven't found one in the house, but did have one go in the garage before we got new doors. We have quarterly pest service with several traps around the yard. The big dog is doing a great job of keeping them away. Nini, a friend's son got his masters at Rollins not too long ago and they were very happy with the program....See MoreAnyone here live in South Carolina?
Comments (30)We've had a second residence in the area for 22 years ~ first, a condo on HHI, then a home in Bluffton. During the first couple years, we kept our big home in WI, and then eventually down-sized to a condo in WI. We feel we would NEVER give up WI so that we always have it for the summers. It's pretty brutal with heat & humidity during the summer season! However, we were surprised to find out that the summer is when all the rental condos are fully booked! ~ In all this time, we have only experienced ONE hurricane! Yes, we suffered $$$ house damage. ~ We had one squirrel manage to find its way into our attic! Palmetto bugs are easily managed with pest control....along with termite control, due to our lush woods, trees, etc. Much to our surprise, the area has armadillos!!! ~ Health care access is important to us, thus there is NO WAY we would be at the beck-and-call of the water taxi! ~ In the current goods shortages and lack of employees, grocery shopping presents its own issues, much less having to "ferry" them. Don't get me wrong, Haig Point and Deffuski is a beautiful area......to visit! We just find we need stronger bases. Speaking of which, storing things gets creative since there are no basements like we have "up North". We were blessed to find the perfect community for us surrounded by like-minded, caring, friendly, welcoming people. We LOVE it. It may rain during the cool winter, but as I often say: "no shoveling involved". I still get to wear my favorite sweaters and fleece. Finding Drs. and a good hairdresser was an adventure!...See MoreDLM2000-GW
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