September 2017

Recently, I’ve noticed a lot of flat fee listings in our local MLS. These listings are easy to spot because usually the photos are dark or sideways, the report is only partially filled out, or the comments section doesn’t really highlight the property well. I usually know it’s a flat fee listing before I even see that it’s labeled as Limited Service (that’s our MLS designation for what most sellers refer to as flat fee listing agents).

In strong sellers’ markets like our Charleston real estate market, we often see sellers trying to save money because they know how quickly homes are selling. We saw this trend back in the 2005 market where it seemed like listing agents only had to put a sign in a yard in order to sell a listing.

The point of this

You’ve gotten pre-approved with a local mortgage lender, found the perfect home, and negotiated with the seller for a fair price. Your home inspection went well, and the home appraised for slightly more than your contract price. Nothing could go wrong at this point, right?

A recent study showed that 36% of contracts never made it to the closing table due to financing. Although lender issues can arise out of the blue, it’s surprising how many of these problems are preventable. Home buyers often assume that once they’re approved for their home loan, it’s a done deal in terms of financing. However, this is simply not the case. Your approval status is based on the income, employment, debt-to-income ratio, and other factors you had at the time of your

Over 2,300 Realtors recently took part in a study that examined the causes of fallouts for real estate contracts. We’ve included here the most common reasons that contracts fall apart along with tips to keep your closing on track.

Financing: 36%

Thirty-six percent of Realtors in the study cited financing as the cause for their ratified contract not making it to the closing table. To avoid falling into this trap, home buyers should talk with a lender before they start seeing homes. Many buyers think that their credit is better than it actually is, or they have mistakes in their credit report that can be easily fixed, or their self-employed status makes their income difficult to track, or their debt puts them just outside of the magic