Dargan Real Estate - Myrtle Beach, SC

Office: (843) 712-2585 Fax: (888) 712-1027 Email Us

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Final Walk-through Checklist

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Over the past few months, you’ve searched high and low for the perfect place to create a new life for your family. Now that your search is over and an offer has been accepted, you’re giddy with excitement as you approach the closing date. However, there’s still one very important thing to complete: the final walk-through.

The walk-through process can take place anywhere from several hours to several days before closing. It’s important to take the necessary time to perform a thorough walk-through to ensure the home is in the condition it was promised. If you spot something worrisome, talk to your agent about it as soon as possible. He or she will strive to quickly resolve the issue to avoid a potential delay in closing.

If the property is still occupied by the current owner at the time of the walk-through, it might benefit you to ask them to be present. This would be a great opportunity to ask about any improvements they’ve wanted to make to the property. It’s also a good idea (as well as a kind gesture) to ask the seller for their forwarding address to route any stray mail.

We created a checklist to use as a guide during the walk-through process. Some items on the list may not apply to your specific property and there may also be others you should consider that aren’t mentioned.

To avoid overlooking a potential issue… walk into each room and ask yourself the following question: “Is there anything that could pose a potential risk, decrease the value of the home, or cause me to lose a significant amount of money should it need to be repaired soon after I close?”

 

Final Walk-through Checklist   Completed
Flip each light fixture on and off. 
Run the water in each sink. Are there signs of a leak? 
Do all appliances work properly (stove, oven, washer, dryer, microwave)? 
Do the toilets flush efficiently? 
Does the garbage disposal work properly? 
Do the exhaust fans run quietly and smoothly? 
Test the garage door opener. Does it work? 
Is there damage to the walls or floors from the previous owner’s move? 
Test the heating and air conditioning. Are they heating and cooling? 
Open and close all windows. Do they open and close easily? 
Latch and unlatch windows. Do they latch and unlatch easily? 
Check for condensation in double-paned windows. 
Do the doorbells, alarms, and intercoms work properly? 
Does the shower drain properly and efficiently? 
Are the plate covers on all light switches? 
Check outdoor features (play equipment, pool, hoses, hot tub, sauna, sprinkler system). 
Is there a pest control issue that needs to be accessed? 
Is the property clean and devoid of debris? 
Is the attic and/or basement cleared out and clean? 
Did the previous owner leave behind warranties or manuals that may be needed? 
Did you previously request any repair work? If so, has it been completed?

 

The final walk-through is now complete and any issues found have been resolved. You’ve covered all of your bases and should feel confident about the quality of your new home. Go ahead and breathe a huge sigh of relief. YOU’VE EARNED IT!

Selling your home? 7 Things You Shouldn’t Do

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1. Don’t set an unrealistic asking price.

You’re aware of the price you originally paid for your house and the amount of money you’ve spent updating it. But those amounts may not be what your home is worth today. Your home is only worth the amount of money you can get for it. Your realtor is aware of the price similar homes in your area are selling for today. Pricing it too high will discourage buyers and will likely result in the property sitting on the market for months.

2. Don’t forget to market your property.

The only way to be sure you’ll get the highest possible price for your home is to utilize every marketing tool available to you. This means advertising the home on the internet with quality photographs, hosting open houses, and mailing out post cards to potential buyers. Don’t expect sticking a “For Sale” sign in the front yard is enough to bring in buyers.

3. Don’t skimp on photos.

Listing photographs give buyers their first impression of a home. Don’t skimp on them; the more pictures, the better. Just be sure to clean and clear out clutter before the photographs are taken. Buyers may not even consider viewing your home if they don’t like what they see in your photos.

4. Don’t neglect to fix things that are broken or attempt to hide them from buyers.

When buyers walk through your home and see several things that need to be repaired, they’ll question how well you’ve maintained the property over the years and wonder about any problems they can’t see. A home inspection will bring any problems to light so it’s best to be upfront about them or repair the issues before you list the property.

5. Don’t get emotionally involved.

You’ve probably spent many years creating a home exactly the way you want it. The perfect home you’ve created is probably not the same as someone else’s perfect home. Don’t take it personally if the buyer wants to change certain things about it before they agree to a purchase. First and foremost, think of the selling process as a business transaction. By thinking about it from a financial standpoint, it’s easier to distance yourself from the emotional aspect of it.

6. Don’t neglect to properly prepare your home before you list it.

You want to put your best home forward during the selling process. It’s imperative to adequately prep your home before listing it or you’re just throwing money down the drain. Clean the dingy rugs, get rid of the pesky odors, and clean out all the clutter to make a lasting impression on buyers and keep the sale price where it should be.

7. Don’t get offended by a low offer.

If a buyer makes an offer on your home that’s way below the asking price, don’t take it personally. Don’t get so offended that you walk away from the offer altogether. Now’s your chance to negotiate. Buyers are trying to purchase a home at the lowest price possible. You can’t blame them for trying. Make a counter offer. Buyers usually come back with an offer that’s more indicative of the price they’re willing to pay.

 

Contact Dargan Real Estate for more advice about selling your home.

843-712-2585

 

What do mortgage lenders look for on loan applications?

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One of the best ways of staying ahead of the game is to know the expectations of your opponent. The same holds true for staying ahead of the “lending game.” By knowing what types of things lenders look for when determining creditworthiness, you can presume the outcome and plan accordingly.

Payment History

Some experts suggest that previous payment history can account for nearly 35% of your total creditworthiness. That’s HUGE! Lenders want to know you not only have the ability to pay off your loan but that you will. Experts also suggest that having a favorable payment history can offset other negatives elsewhere.

Length of Credit History

Although there isn’t much you can do about your age, you can begin borrowing at an earlier one. You should never borrow money you don’t need. However–if it makes sense to take out a small car loan or credit card, you can greatly increase your credit score in two years by making loyal payments.

How Much Credit You’re Using

In the eyes of a lender, nearing your maximum credit limit is always a big no-no. Some experts suggest only utilizing 30% of your available limit. In other words, it’s more favorable to utilize three separate credit cards at 30% than to have one completely maxed out.

Proof of Income

If you have a personal freelance or contracting business but don’t file a 1040 at tax time, expect to have a short conversation with lenders. These types of businesses are widely accepted today, but being conservative and having a “W-2” pay-stub will appear more favorable than self-employed.

Mix of Credit

Having a mix of credit (car loan, credit cards, personal lines of credit, etc.) is also pleasing to lenders. It’s indicative of someone with a long and stable credit history.

Collateral

Assets significantly offset a lender’s fear of risk. Having a cushioned 401(k) helps too. Even if they can’t pursue the money, they know it gives you options other than defaulting on your loan.

Recent Credit Efforts

A huge red flag goes up when you’ve recently taken out several different lines of credit. Lenders will question if you can realistically make the mortgage payment if you just financed a new and expensive sports car too.

Essential Address Checklist for New Homebuyers

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It’s important to inform all of the necessary organizations, businesses, and service providers of your new address after you’ve moved into your new home.

BE PROACTIVE. Ensure a smooth transition by referencing the following checklist:

UTILITY & SERVICE PROVIDERS

(*Be sure to take a meter reading as soon as you move into your new property to make sure you aren’t billed for the previous owners’ utility use.)

Water
Gas
Electric
Telephone/Mobile Provider
Cable/Satellite
Movie Subscriptions (e.g. Netflix)
Trash Pickup/Recycling
Pool Maintenance
Landscaping Services
Pest Control
Housekeeping Services

FINANCIAL PROVIDERS

Bank
Credit Cards/Store Credit Cards
Employer’s HR Department
Pension/Investors
Insurance Policies (Health, Life, Car, Home)
Loan Companies
Accountant/Tax Consultant
Social Security Office

HEALTH PROVIDERS

Doctors
Dentist
Pharmacies
Optician/Ophthalmologist
Veterinarian

OTHER PROVIDERS

Vehicle Registration
Magazine Subscriptions
Club Memberships
Reward/Loyalty Programs
School/College
Post Office
Gym/Health Club
Voter’s Registration
Driver’s License
Place of Worship
Friends and Family

The Pros & Cons of HOA’s

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Homes, condominiums, and townhouses throughout Myrtle Beach (and surrounding areas) are largely located in subdivisions, and these subdivisions are typically governed by a Homeowner’s Association (HOA).  If you plan to move from an area and HOA’s are foreign to you, the following facts should give you a better understanding of what to expect from them.

What is a Homeowner Association (HOA)?

HOA’s are non-profit organizations comprised of voting members who own property or units within the subdivision or community. Memberships are automatic and mandatory upon the purchase of a home in the community. Members elect individuals within the organization to form a Board of Directors. The board members are responsible for enforcing the bylaws set forth in the HOA’s covenant.

What is typically included in the HOA assessment fee?

HOA assessments and all they encompass vary from community to community. Minimally speaking, repairs and maintenance for common elements (e.g. swimming pool, elevator, landscaping) are usually included, and trash disposal or pickup is often covered as well. Some HOA assessments include cable, electricity, insurance coverage, pest control, homeowner management services, and more.

What are the pros and cons?

Pros

Convenience of onsite amenities (swimming pool, clubhouse, exercise facility, playgrounds, tennis courts, security, etc.)

Maintenance and upkeep of common areas

Mediation of neighbor disputes and disturbances

Protected property value due to regulations that help maintain an attractive  and uniform neighborhood

Cons

Assessment fees

Restrictions (e.g. size and/or breed limits for pets, tenants, parking, use of motorcycles, etc.)

Fines for failing to comply with regulations and restrictions

 

Homeowner Associations are perfect for some people and disliked by others. Properties with or without an HOA both have their pros and cons. Weigh each option carefully and decide which one is the best for you. If you decide to purchase a property within an HOA community or complex, always request to see a copy of the covenant or bylaws before signing a purchase agreement. All HOA documents should discuss each item included in the assessment fee and clearly define any restrictions within the community.

 

10 Home Staging Tips

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Listed below are a few helpful tips to consider as you stage your home for a sale.

1. Get rid of all that clutter.

Having too much furniture can contribute to a cluttered look. Once you’ve scaled back on some of your belongings, you’ll notice the rooms appear much larger!

2. Group your furniture together.

Contrary to popular belief, rooms look smaller when furniture is pushed up against the wall. Pull the sofa and chairs out, and place them in conversational groups. This allows smooth traffic flow and makes the room appear larger.

3. Transform your rooms.

Transforming is especially important for those rooms that serve no real purpose. Create something that will add value to your home. It doesn’t have to be extravagant. It can be as simple as throwing down a comfy rug and adding pillows to create a yoga room or adding a small table and chair by a window to create a reading nook. Get creative!

4. Light it up.

Most of our homes are not lit properly. Aim to keep light of at least 100 watts for each 50 square feet.  Also, display more than one or two fixtures in each room. You will need three different types of lighting throughout the house: ambient lighting for general or overhead, task lighting for underneath cabinets or for reading, and accent lighting for tables and walls.

5. Keep things neutral.

Bright, bold colors tend to scare away potential offers. Repaint off-white walls a warm and inviting neutral hue. Neutral colors help tone down any outdated finishes.

6. Experiment with color.

This sounds contradictory to the last tip but it’s okay to go bolder (or more specifically, darker) in the bedroom. Darker colors make bedrooms seem more cozy and intimate. If you tend to be afraid of bolder colors, try painting only an accent wall instead.

7. Accessorize.

Accessories can add charm to a room. They look best in groups of odd numbers like three and displayed in a triangular formation, rather than lined up. Be sure to vary height and width and keep larger or taller items at the back.

8. Keep things serene.

Create a peaceful and calming bedroom by keeping luxurious linens in soft colors on the bed. It’s best to clean out the closet, as well. Buyers love homes with a lot of storage space, and the less you have in your closet, the more storage it appears you have.

9. Finish all projects.

Unfinished projects could scare off potential buyers. It’s cheaper to fix the crack in the sidewalk or the missing floorboard than to deduct money from the asking price if a potential buyer requests it.

10. Prim and polish.

Put out items like rolled up towels, candles, and baskets in bathrooms. It’s a cheap and easy way to create a polished look that will create a spa-like atmosphere.

The Initial Mortgage Meeting: What To Take With You

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One of the biggest financial transactions you’ll ever make in life is buying a home. It’s important to know every option available in order to fully maximize your investment.

After you’ve decided which financial institution will be handling your mortgage, it’s a good idea to set up a meeting with one of their mortgage advisors. He or she can help you determine the type of mortgage that best suits your personal needs, in addition to calculate how much money you can borrow.

You should take documents that reflect your income and the amount you spend on average each month with you. This information will more than likely be verified later through credit checks (when you officially apply for a mortgage loan), but having bank statements or wage slips with you will help the mortgage advisor determine how much you can comfortably borrow. You may not need the maximum amount you are able to borrow, but this figure is often helpful when looking at potential properties.

It’s also extremely helpful to fill out a monthly budget plan prior to the meeting. You may be fairly certain how much money you spend, in relation to the money you bring in, but a monthly budget can shed light on areas you may have overlooked or failed to factor into your equation. It’s important to consider the new mortgage payment amount, as well as any potential increases to your monthly bills, if upsizing, to calculate an appropriate amount you can afford.

A meeting with a mortgage advisor is also the perfect opportunity to learn more about the mortgage lending process and what types of deals may be available to you. It’s important to consider every factor to determine which type of mortgage is best for you. Take your time, ask a lot of questions, and decide when YOU feel comfortable.