This year, I am helping save lives from cancer by taking part in the American Cancer Society Relay For Life, and I’m hoping you will support me.
The American Cancer Society Relay For Life is a life-changing event that gives people across the globe a chance to celebrate the lives of people who have battled cancer, remember loved ones lost, and fight back against the disease. At Relay, teams of people camp out at a local high school, park, or fairground and take turns walking or running around a track or path. Each team is asked to have a representative on the track at all times during the event, because cancer never sleeps.
Relay For Life helps raise much-needed funds and awareness to help the American Cancer Society save lives from cancer and create more birthdays.
Please support me in my efforts by visiting my personal web page to make a secure, tax-deductible online donation.
Every donation really does make a difference. I know that times are tighter than normal for many of us, but any amount you can give truly can help save lives.
You see, thanks to your support, the American Cancer Society can:
Help people stay well by helping them take steps to prevent cancer or detect it early, when it’s most treatable
Help people get well by being in their corner around the clock to guide them through every step of their cancer experience
Find cures by funding groundbreaking research that helps us understand cancer’s causes, determine how best to prevent it, and discover new ways to cure it
Fight back by working with lawmakers to pass laws to defeat cancer and rally communities worldwide to join the fight
Each of us has our own reasons for caring about the fight against cancer … whatever your reasons, I hope you’ll choose to make a difference by making a donation online to support my efforts. I’m so grateful to have great people like you in my life who want to see an end to cancer in our lifetime. Together we can save lives.
Thank you, and I will keep you updated on my progress.
Edwin Gerace
Showing posts with label Lexington SC. Show all posts
Showing posts with label Lexington SC. Show all posts
Thursday, April 22, 2010
Sunday, January 10, 2010
Surge in short sale requests unlikely to impact housing market
Although short sales are likely to increase in 2010, the jump in these transactions is unlikely to have any real impact on the housing market, according to a new study by Housing Predictor. While more at-risk homeowners are turning to short sales as an alternative to foreclosure, Housing Predictor says the small number of short sales that are actually approved by banks represent less than 1 percent of all homes facing foreclosure. In the first half of 2009, only 40,000 short sales were completed, according to the most recent data available from the Office of the Comptroller of Currency shows.In addition, Housing Predictor said only an estimated 8 to 12 percent of all homeowners who request short sales accomplish a completed transaction. Because lenders only write off short sales as a loss when a property is sold, this small percentage of completed transactions leaves a gaping hole in the troubled banking industry's problem with short sales.
Source Real Trends
Although short sales are likely to increase in 2010, the jump in these transactions is unlikely to have any real impact on the housing market, according to a new study by Housing Predictor. While more at-risk homeowners are turning to short sales as an alternative to foreclosure, Housing Predictor says the small number of short sales that are actually approved by banks represent less than 1 percent of all homes facing foreclosure. In the first half of 2009, only 40,000 short sales were completed, according to the most recent data available from the Office of the Comptroller of Currency shows.In addition, Housing Predictor said only an estimated 8 to 12 percent of all homeowners who request short sales accomplish a completed transaction. Because lenders only write off short sales as a loss when a property is sold, this small percentage of completed transactions leaves a gaping hole in the troubled banking industry's problem with short sales.
Source Real Trends
Friday, October 23, 2009
US HOME SALES UP
U.S. Home Resales Up 9.4%;
Resales Hit Highest Mark in More Than 2 Years; Median Prices Down 8.5% From Last Year
(CBS/AP) Updated at 10:19 a.m. EDT U.S. home resales rose far more than expected last month to the highest level in more than two years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires. The National Association of Realtors says sales rose 9.4 percent to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August. Sales had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters. The median sales price was $174,900, down 8.5 percent from a year earlier, but the smallest annual drop in 13 months. The greater-than-expected jump in resales may have been fueled by booming foreclosure sales in cities like Los Angeles, San Diego and Las Vegas. "There's a mini-boom going on in the housing market," said Thomas Popik, of research firm Campbell Communications. First-time homebuyers and investors are snapping up those homes and taking advantage of low mortgage rates. These buyers can also take advantage of a tax credit of 10 percent of the sales price, up to $8,000, if the deal is completed by the end of November. The tax credit is so important to some buyers that they are adding a clause to their contracts, allowing them to back out if the sale doesn't close by Nov. 30. While home sales and housing construction have risen steadily after hitting bottom earlier this year, most economists believe that the worst isn't over for home values. In August, the median price was $177,700, down from the peak of $230,300 in July 2006, but still above the bottom of $164,800 in January, according to the Realtors group. Prices could see a double dip because rising unemployment is having a ripple effect on foreclosures. The jobless rate, currently at 9.8 percent is expected to rise as high as 10.5 percent next year, causing more people to be unable to afford their monthly mortgage payment. Unemployment Figures Cloud Recovery Hopes "There's more supply that's going to come into the marketplace," said Stan Humphries, chief economist at real estate Web site Zillow.com. "That additional supply will outpace demand." Some signs of softer prices may already be appearing. A government index released Thursday showed U.S. home prices dipped 0.3 percent from July to August. That drop "supports our view that the housing recovery will be slow and bumpy," wrote Paul Dales, U.S. economist with Capital Economics. With concerns about the housing market still prominent, Congress is considering several proposals to extend the tax credit for first-time buyers. Senators Johnny Isakson, R-Ga., and Christopher Dodd, D-Conn., want to extend it through June 30, and expand it to include all home buyers, at an estimated cost of $16.7 billion. One potential roadblock, however, emerged this week. There are concerns that some of the 1.5 million applications for the tax credit are fraudulent. At a hearing before a House subcommittee Thursday, J. Russell George, the Treasury Department's inspector general for taxes, questioned the legitimacy of some 100,000 claims for the credit, potentially including some illegal immigrants and 580 people under 18. The youngest taxpayers to apply for the credit were 4 years old, his office said. While the program has widespread support in Congress, there are growing concerns about the costs. The cause, said Sen. Jack Reed, D-R.I., "is a worthy one." But "I hope we can find ways to pay for it."
Resales Hit Highest Mark in More Than 2 Years; Median Prices Down 8.5% From Last Year
(CBS/AP) Updated at 10:19 a.m. EDT U.S. home resales rose far more than expected last month to the highest level in more than two years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires. The National Association of Realtors says sales rose 9.4 percent to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August. Sales had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters. The median sales price was $174,900, down 8.5 percent from a year earlier, but the smallest annual drop in 13 months. The greater-than-expected jump in resales may have been fueled by booming foreclosure sales in cities like Los Angeles, San Diego and Las Vegas. "There's a mini-boom going on in the housing market," said Thomas Popik, of research firm Campbell Communications. First-time homebuyers and investors are snapping up those homes and taking advantage of low mortgage rates. These buyers can also take advantage of a tax credit of 10 percent of the sales price, up to $8,000, if the deal is completed by the end of November. The tax credit is so important to some buyers that they are adding a clause to their contracts, allowing them to back out if the sale doesn't close by Nov. 30. While home sales and housing construction have risen steadily after hitting bottom earlier this year, most economists believe that the worst isn't over for home values. In August, the median price was $177,700, down from the peak of $230,300 in July 2006, but still above the bottom of $164,800 in January, according to the Realtors group. Prices could see a double dip because rising unemployment is having a ripple effect on foreclosures. The jobless rate, currently at 9.8 percent is expected to rise as high as 10.5 percent next year, causing more people to be unable to afford their monthly mortgage payment. Unemployment Figures Cloud Recovery Hopes "There's more supply that's going to come into the marketplace," said Stan Humphries, chief economist at real estate Web site Zillow.com. "That additional supply will outpace demand." Some signs of softer prices may already be appearing. A government index released Thursday showed U.S. home prices dipped 0.3 percent from July to August. That drop "supports our view that the housing recovery will be slow and bumpy," wrote Paul Dales, U.S. economist with Capital Economics. With concerns about the housing market still prominent, Congress is considering several proposals to extend the tax credit for first-time buyers. Senators Johnny Isakson, R-Ga., and Christopher Dodd, D-Conn., want to extend it through June 30, and expand it to include all home buyers, at an estimated cost of $16.7 billion. One potential roadblock, however, emerged this week. There are concerns that some of the 1.5 million applications for the tax credit are fraudulent. At a hearing before a House subcommittee Thursday, J. Russell George, the Treasury Department's inspector general for taxes, questioned the legitimacy of some 100,000 claims for the credit, potentially including some illegal immigrants and 580 people under 18. The youngest taxpayers to apply for the credit were 4 years old, his office said. While the program has widespread support in Congress, there are growing concerns about the costs. The cause, said Sen. Jack Reed, D-R.I., "is a worthy one." But "I hope we can find ways to pay for it."
Wednesday, October 7, 2009
Short Sale Lexington, SC
Last year I had clients wanting to buy a short sale home. The contract was ratified mid July and we finally heard from the bank after my clients had given up. They had waited close to 4 months. My client selling his home in a short sale has been assured by his bank that they can give an answer back to the buyers in less than 30 days. What a difference a year makes! Completed short sales in the first half of 2009 was up over 208 % over the first half of 2008. Banks are understanding that the foreclosure process does not bring a higher price than a simpler, less costly short sale.
Monday, October 5, 2009
First Time Home Buyer Lexington SC
FIRST TIME HOME BUYERS..........DON'T WAIT IF YOU WANT TO RECEIVE THE $8000 TAX CREDIT. THE DEADLINE IS NOVEMBER 30,2009. THE HOUSE HAS TO BE CLOSED BY NOVEMBER 30. BANKS HAVE GIVEN THE ALERT THAT PROCESSING TIME WILL BE TIGHT AND AT A CERTAIN POINT THEY GIVE NO GUARANTEE THAT THE LOAN CAN BE PROCESSED AND CLOSED BY DEADLINE
Wednesday, September 23, 2009
Two industry leaders partner together, Lexington SC
Lexington School District 1 and Russell and Jeffcoat Realtors Partnered together to provide benifits to all employees at the District.
Columbia, SC: Russell & Jeffcoat Realtors and The Real Estate Advantage Program have partnered with Lexington School District 1 to offer an affinity program. This affinity program offers all employees of Lexington School District 1 an opportunity to earn money back when buying or selling a home. In addition to the program, employees are made aware of the federal grant monies that are available when purchasing a home.
After beginning to offer the Real Estate Advantage Program, two teachers from Lexington 1 enrolled in the program and received their cash rebate at the closing on their new home.
This program is available to all employees of Lexington 1 and their immediate family. For more information call Edwin Gerace 803-609-7653.
Lynwood L. Duke
Director of Career Development/Public Relations
1022 Calhoun Street
Columbia, SC 29201
Columbia, SC: Russell & Jeffcoat Realtors and The Real Estate Advantage Program have partnered with Lexington School District 1 to offer an affinity program. This affinity program offers all employees of Lexington School District 1 an opportunity to earn money back when buying or selling a home. In addition to the program, employees are made aware of the federal grant monies that are available when purchasing a home.
After beginning to offer the Real Estate Advantage Program, two teachers from Lexington 1 enrolled in the program and received their cash rebate at the closing on their new home.
This program is available to all employees of Lexington 1 and their immediate family. For more information call Edwin Gerace 803-609-7653.
Lynwood L. Duke
Director of Career Development/Public Relations
1022 Calhoun Street
Columbia, SC 29201
Tuesday, September 15, 2009
America we need a Wake Up Call for Judgement
Wake Up America !!!!
This is not a political stand this is a CALL to ACTION.
I want everyone to realize or make people aware that over the last 60 days some of the wost judgement calls happened in our country. These people are leaders and role models, and look at them NOW.
3) Joe Wilson, Poor execution of professionalism and control
4) Kanye West, Poor respect to a fellow professional
5) I am sure the list goes on.
This POST is not to beat up a person or a group, this is strictly to ask everyone around the country to think before acting. My mother told me if you don't have anything nice to say then don't say anything at all.........
Our country needs people, leaders,celebrities,politicians to help our country right now. If there is a time, it is now for us to think about others and how to build them up.
TIP OF THE DAY
If you have not seen the movie " Pay it Forward", DO IT. visit http://www.payitforwardmovement.org/ or go see the movie.
If you have not seen the movie " Pay it Forward", DO IT. visit http://www.payitforwardmovement.org/ or go see the movie.
Have a great day.
Edwin Gerace
Labels:
Edwin Gerace,
Judgement,
Lexington SC,
Pay it Forward
Friday, September 11, 2009
FREE Home Buyer Seminar
PRESS RELEASE
Community Service Information Summit
Columbia, SC
Ph. (803) 957-5566 Fax (803) 957-4759
For Immediate Release
Community Service Information Summit
Columbia, SC
Ph. (803) 957-5566 Fax (803) 957-4759
For Immediate Release
For More Information, contact Edwin Gerace, 803-609-7653
Free Home Buyer Seminar in a Location near you.
Learn about the Home Buying Process
Learn about the Mortgage Process
Columbia, SC - August 15, 2009 - This FREE homebuyer seminar will focus on 3 areas of the Home Buying Process. First step is Home Buying. The second step the mortgage process, and the potential FREE GRANT MONEY. Step 3 would be the closing process in buying home. The seminar will host professionals in the home buying process to offer FREE information about the home buying process. There will be professionals in those areas to answer questions about those areas. There will be information about the $8,000 Tax Credit, who qualifies and who is eligible for the credit. TIME IS RUNNING OUT ON THE TAX CREDIT
Free Home Buyer Seminar will be offered in Lexington, West Columbia, Columbia, and Irmo. This is an informational FREE seminar about the home buying process. The seminar will be available for groups, civic organizations and others on request. The schedules for the following seminars are as follows:
September 21, Lexington Library 6:00pm-7:30pm Call Edwin Gerace for details 803-957-5566
September 28, Irmo Library 6:30pm-8:00pm, Call Jeff Riley for details 803-467-6440
September 29, Elgin Library 6:00pm-7:30pm Call Craig Connelly for details 803-957-5566
October 5, Lexington Library 6:00pm-7:30pm Call Edwin Gerace for details 803-957-5566
Free Home Buyer Seminar in a Location near you.
Learn about the Home Buying Process
Learn about the Mortgage Process
Columbia, SC - August 15, 2009 - This FREE homebuyer seminar will focus on 3 areas of the Home Buying Process. First step is Home Buying. The second step the mortgage process, and the potential FREE GRANT MONEY. Step 3 would be the closing process in buying home. The seminar will host professionals in the home buying process to offer FREE information about the home buying process. There will be professionals in those areas to answer questions about those areas. There will be information about the $8,000 Tax Credit, who qualifies and who is eligible for the credit. TIME IS RUNNING OUT ON THE TAX CREDIT
Free Home Buyer Seminar will be offered in Lexington, West Columbia, Columbia, and Irmo. This is an informational FREE seminar about the home buying process. The seminar will be available for groups, civic organizations and others on request. The schedules for the following seminars are as follows:
September 21, Lexington Library 6:00pm-7:30pm Call Edwin Gerace for details 803-957-5566
September 28, Irmo Library 6:30pm-8:00pm, Call Jeff Riley for details 803-467-6440
September 29, Elgin Library 6:00pm-7:30pm Call Craig Connelly for details 803-957-5566
October 5, Lexington Library 6:00pm-7:30pm Call Edwin Gerace for details 803-957-5566
This seminar is FREE but RSVP is suggested due to the demand.
Follow us on Twitter http://twitter.com/freehomeseminar
Follow us on FaceBook Home Buyers Seminar
For more information contact Edwin Gerace at 803-609-7653
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Follow us on Twitter http://twitter.com/freehomeseminar
Follow us on FaceBook Home Buyers Seminar
For more information contact Edwin Gerace at 803-609-7653
#####
Wednesday, August 12, 2009
Negotiating Tips for Buyers and Sellers
NEGOTIATING TIPS
FOR BUYER AND SELLERS
Rule #1:
Do not go back and forth between the Buyer and Seller more than 2 times in negotiating. The 1st round is about the home and getting it sold or bought. The 2nd round it is about money. The 3rd round it becomes about who wins and becomes personal. The end result becomes lost in the negotiating.
Rule #2:
Buyers and sellers must not dislike each other. You must make sure that the agents and the buyers and sellers don't talk about each other. Focus on the putting the deal together.
Rule #3:
Stay focused on the goal of completing the sale. Keep emotions, personality, and personalities away from the transaction. Stay relaxed, cool, calm and collected. Don't let the negotiations and concessions interrupt the goal of the transaction.
Rule #4:
People believe what is in writing. Everything that is negotiated or discussed be put in writing so that there will be no uncertainties. Verbal uncertainties can not be upheld in any court. When things are put in writing make sure they are written with zero grey area, because "Error falls on the Scribner".
Rule #5: When you negotiate concessions make it a two street. If you want something, give something in return. This goes back to Rule #3 and #5. Negotiating can be sometimes considered a team sport. When both sides do some give and take, it makes the negotiating more successful.
Rule #6:
Never respond to negotiating or offers to quickly. This can come off as eager, and anxious. Make all decisions and negotiating done in the time frame of the contract but don't make it seem that is was not cut and dry and simple. Eagerness can make you look weak.
Rule #7:
Never brag or gloat about the terms in the contract or disclose material facts to anyone prior to the closing. This can hinder future negotiating of concessions. Clients are less likely to work with others when they think they received the short end of the deal.
Rule #8:
When you work on a contract and hit a bump in the road or a wall, stop and work the other terms of the contract. You can not try to fix multiple issues at same time. Negotiate through the entire contract and then come back to the bump and focus on one singular issue. It is easier to solve one task at a time.
Rule #9:
Do not loose trust with the buyers,sellers and the agents. Trust can carry allot of weight. When trust is lost, buyers and sellers second guess all negotiating and concessions.
Rule #10:
Never disclose that you have any time pressure. This is a sign of weakness. Work the transaction as if time is not an issue. If you use time as part of negotiations, you say to the other person that you will do what ever needed to get it done in the time frame that you need.
All these rules work don't work all the time. Some of the rules work all the time.
These are not set in stone, but have worked in the past over the last 10 years in the Real Estate Business. For more information contact Edwin Gerace mail@609sold.com or http://www.edwingerace.com/ or follow him on twitter at www.twitter.com/edwingerace
Monday, July 20, 2009
S.C. home sales increase 13% in June 2009
Staff Report Published July 20, 2009
The number of homes sold in South Carolina has risen for the second-straight month. Nearly 4,200 homes were sold in June, an increase of 13% compared with May, according to the latest report from the S.C. Association of Realtors.
In May, home sales totaled 3,704, which was an increase of 16% over sales in April.
June’s figures also represent the best year-over-year showing so far in 2009, with an 11.3% drop compared with June 2008 numbers.
Of the 15 regions reporting home sales for the association, 14 reported an increase in sales compared with May. The only area that reported a loss was the Southern Midlands Association of Realtors. It sold three more homes in May than it did in June, according to the report.
Of the state’s three major metropolitan areas, Charleston posted a 9.4% increase in June sales compared with May, Columbia saw a 10.5% increase and Greenville had a 13.3% increase, the report said.
The median price of homes in South Carolina was $147,000, up from $142,000 in May. The average number of days a home was on the market was 144, down from 155 in May.
The number of homes sold in South Carolina has risen for the second-straight month. Nearly 4,200 homes were sold in June, an increase of 13% compared with May, according to the latest report from the S.C. Association of Realtors.
In May, home sales totaled 3,704, which was an increase of 16% over sales in April.
June’s figures also represent the best year-over-year showing so far in 2009, with an 11.3% drop compared with June 2008 numbers.
Of the 15 regions reporting home sales for the association, 14 reported an increase in sales compared with May. The only area that reported a loss was the Southern Midlands Association of Realtors. It sold three more homes in May than it did in June, according to the report.
Of the state’s three major metropolitan areas, Charleston posted a 9.4% increase in June sales compared with May, Columbia saw a 10.5% increase and Greenville had a 13.3% increase, the report said.
The median price of homes in South Carolina was $147,000, up from $142,000 in May. The average number of days a home was on the market was 144, down from 155 in May.
Thursday, June 4, 2009
Comments about Home Inspections from Edwin Gerace and Kip Craig of Columbia SC
Home inspections on homes is something I used to suggest, now days I am requiring them on homes. Not to promote the industry but to protect my clients. I feel very strong that having a professional look over your largest investment you own is something that needs to be done.
What are most common maintenance issues you see when inspecting a home?
Some of the easiest items to maintain often cause the most expensive damage. Most common are clogged gutters leading to drainage problems and wood rot/decay. Not keeping trim and caulking maintained around doors and windows causing wood rot/decay in these areas including inside walls and sub-structure in crawl space. Small plumbing leaks that are often not corrected until is too late.
What are the largest misconceptions about home inspection?
I am sometimes asked to create and inspection to be used as a maintenance or wish list to present to the seller to make the home perfect. The home inspection is a tool to help the client make decisions regarding their purchase and to give them understanding of the general condition of the home at the time of the inspection.
What do you look for generally in a home inspection?
A thorough inspection will cover: Electrical System, Water Heater, Plumbing System, HVAC, Attic, Insulation, Ventilation, Roof and Flashing, Gutters, Basement, Crawlspace, Foundation, Grading, Siding and Trim, Driveways and Walks, Ceilings, Floors, Walls, Doors & Windows, Chimney, Fireplace, Major Appliances, and More
What do you say to people that say they don’t need one in new homes?
They are making a mistake. Just this week I inspected a 2 year old home where the 1st floor hall bathroom tub drain had never been connected to the main drain. For 2 years the tub drained into the crawl space and the owner never it. I have several stories just like this one. The home inspection fee would have been much less than the plumbers repair bill.
How long does it take for a typical inspection?
It all depends on the size and condition of the home. A typical inspection takes between 2 or 3 hours.
Can you inspect a home that is not for sale but for persons ease of mind?
Yes, We are often asked to inspect homes for homeowners that are interested in properly maintaining their home and protecting its value by finding problems while they are small and less expensive to repair. It is also becoming more common for homeowners to have there homes inspected prior to listing their home for sale. This prevents surprises later when the home goes under contract.
Where would I search for a home inspector outside Columbia ( List or group)?
Google or use your favorite search engine. Also your real-estate agent often can supply you with names of several Home Inspection companies to choose from in your area. Then take the time to interview them. Check list of inspectors at associations such as ASHI and NACI
What is a question to ask a home inspector prior to hiring him/her?
I recommend calling and interviewing any prospective Home Inspector prior to hiring. As you know purchasing a home is possibly the largest invest someone will ever make in their life. Always ask these 4 questions:
A. What licenses do you hold. - Just a home inspection license is not enough, multiple licenses are recommended such as Home builder, Architect, Engineer
B. How many Home Inspections have you performed. Experience counts any number less than 2000 he is a rookie.
C. Are you or your company insured and bonded.
D. When do I get the inspection report. On-The-Spot reports are the best. Most home inspectors carry laptops and printers and print full color reports with pictures at the time of the home inspection. This will allow the inspector to review the report with and answer any questions while he is with you.
Kip Craig with Home Inspection One, 803-730-7954, http://www.scinspectionone.com/ Kip has been a professionally liscensed inspector for many years and seen thousands of homes. He has been a licensed builder for over 25 years. Kip has 10 years as a licensed home inspector. Feel free to email him at kip@scinspectionsONE.com
Edwin Gerace is a realtor with Russell and Jeffcoat Realtors with over 10 years of expierence in the Columbia market. He has help buyers,sellers and builders over the years reach thier real estate desires. Feel free to call or email him about real estate. Visit him on othe web at http://www.edwingerace.com/ or visit his blog at http://www.edwingeracesrealestateblog.com/ . Contact him at 803-609-7653 cause with Ed You Win.
What are most common maintenance issues you see when inspecting a home?
Some of the easiest items to maintain often cause the most expensive damage. Most common are clogged gutters leading to drainage problems and wood rot/decay. Not keeping trim and caulking maintained around doors and windows causing wood rot/decay in these areas including inside walls and sub-structure in crawl space. Small plumbing leaks that are often not corrected until is too late.
What are the largest misconceptions about home inspection?
I am sometimes asked to create and inspection to be used as a maintenance or wish list to present to the seller to make the home perfect. The home inspection is a tool to help the client make decisions regarding their purchase and to give them understanding of the general condition of the home at the time of the inspection.
What do you look for generally in a home inspection?
A thorough inspection will cover: Electrical System, Water Heater, Plumbing System, HVAC, Attic, Insulation, Ventilation, Roof and Flashing, Gutters, Basement, Crawlspace, Foundation, Grading, Siding and Trim, Driveways and Walks, Ceilings, Floors, Walls, Doors & Windows, Chimney, Fireplace, Major Appliances, and More
What do you say to people that say they don’t need one in new homes?
They are making a mistake. Just this week I inspected a 2 year old home where the 1st floor hall bathroom tub drain had never been connected to the main drain. For 2 years the tub drained into the crawl space and the owner never it. I have several stories just like this one. The home inspection fee would have been much less than the plumbers repair bill.
How long does it take for a typical inspection?
It all depends on the size and condition of the home. A typical inspection takes between 2 or 3 hours.
Can you inspect a home that is not for sale but for persons ease of mind?
Yes, We are often asked to inspect homes for homeowners that are interested in properly maintaining their home and protecting its value by finding problems while they are small and less expensive to repair. It is also becoming more common for homeowners to have there homes inspected prior to listing their home for sale. This prevents surprises later when the home goes under contract.
Where would I search for a home inspector outside Columbia ( List or group)?
Google or use your favorite search engine. Also your real-estate agent often can supply you with names of several Home Inspection companies to choose from in your area. Then take the time to interview them. Check list of inspectors at associations such as ASHI and NACI
What is a question to ask a home inspector prior to hiring him/her?
I recommend calling and interviewing any prospective Home Inspector prior to hiring. As you know purchasing a home is possibly the largest invest someone will ever make in their life. Always ask these 4 questions:
A. What licenses do you hold. - Just a home inspection license is not enough, multiple licenses are recommended such as Home builder, Architect, Engineer
B. How many Home Inspections have you performed. Experience counts any number less than 2000 he is a rookie.
C. Are you or your company insured and bonded.
D. When do I get the inspection report. On-The-Spot reports are the best. Most home inspectors carry laptops and printers and print full color reports with pictures at the time of the home inspection. This will allow the inspector to review the report with and answer any questions while he is with you.
Kip Craig with Home Inspection One, 803-730-7954, http://www.scinspectionone.com/ Kip has been a professionally liscensed inspector for many years and seen thousands of homes. He has been a licensed builder for over 25 years. Kip has 10 years as a licensed home inspector. Feel free to email him at kip@scinspectionsONE.com
Edwin Gerace is a realtor with Russell and Jeffcoat Realtors with over 10 years of expierence in the Columbia market. He has help buyers,sellers and builders over the years reach thier real estate desires. Feel free to call or email him about real estate. Visit him on othe web at http://www.edwingerace.com/ or visit his blog at http://www.edwingeracesrealestateblog.com/ . Contact him at 803-609-7653 cause with Ed You Win.
Friday, May 29, 2009
NOTES ABOUT MORTGAGES IN TODAY'S ENVIROMENT by Edwin Gerace and Kip Murphy
NOTES AND CONVERSATION ABOUT MORTGAGES IN TODAY'S ENVIROMENT.
(June 1,2009)
What are the largest changes that face the Home Buying process?
One of the biggest changes for buyers looking for a conventional mortgage in today’s market is the importance of their credit score. Just two years ago it was an all or nothing system. If you were approved for a conventional loan you got the same rate whether your credit score was 620 or 740. Now the difference in rate for these two buyers would be more than a point or cost the 620 buyer 3 discount points to get the same rate as the 740 buyer. Also, buyers with less than a 660 credit score no longer qualify for mortgage insurance, requiring them to be able to put down 20%. This is the primary reason FHA loans are becoming more popular. If a borrower qualifies, there is no minimum credit score and everyone gets the same interest rate. The FHA loan limit for most of SC, including the Columbia Metro Area, is $271,050; so buyers needing a larger loan need to do their homework upfront and make sure there are no errors on their credit report which could be impacting their score.
What are interest rates going to do in the future?
It is always dangerous to try and predict which way interest rates will go, but generally they will increase as the economy improves. Most people think the FED sets mortgage rates and expect rates to go up and down based on FED policy. This is not true. Rates are impacted by the FED’s action, but are actually determined by the bond market. Generally speaking, if the stock market is improving, investors shift money from the bond market to stocks. This requires bond sellers (Fannie Mae & Freddie Mac) to offer higher yields to sell their bonds which they must then pass on to the end consumer in the form of higher rates. So to answer your question, if the economy has really started to turn the corner, we can expect rates to rise as well.
When is a good time to refinance your home?
Assuming that the only reason a borrower is considering refinancing is to lower their rate, there is a pretty simple calculation to determine whether it is a good time or not. The first question is always “how long do you intend to keep the property?” Once you determine this, you simply divide the cost of the new loan by the monthly payment savings to establish the break even period. If this is a shorter time frame than how much longer they intend to own the property it is probably a good financial decision. An example would be someone with a $200,000 mortgage thinking about refinancing from a 6% rate to a 5% rate. The monthly savings would be approximately $125 month and the closing costs without points would be around $2500. This borrower would break even in only 20 months, so most borrowers would benefit from this refinance. It can be a little harder to determine if the borrower wants to pay off other debts, include renovations, or drastically reduce or increase the pay off time of their current loan. Most mortgage professionals will be happy to assist someone with the decision without any charges.
Has the loan approval process over last 90 to 120 days on loans changed?
The process is definitely taking longer and more documentation is being required than at any time in the last ten years. Borrowers need to be prepared for this upfront and realize the importance of getting the process started as early as possible if they are trying to achieve a specific closing date. The reason it is taking longer is two fold. As the mortgage industry was shaken to its core over 2007 and 2008, many lenders began to lay off thousands of support personnel or failed all together. By the end of 2008 there were approximately 60% fewer lenders and workers in the mortgage industry. At this time mortgage rates fell to their all time lows, creating a rush of business. This coupled with legislation giving first time buyers tax credits and an improving economy left lenders overwhelmed with business. Still reeling from losses the last two years and leery of the duration this business surge would last, most lenders decided not to bring on more employees due to training times and costs. The new requirements in credit policy also added to delays. The more documentation that is required, the longer it takes to be reviewed in underwriting. Fewer people, more business, and more documentation requirements caused some loans to take 60 days or more to get approved. The good news is that most lenders have now increased staffing and improved efficiencies so that most purchase loans can be closed in 30 days. You should still expect 45 to 60 days on refinances, but this should improve too if rates continue to rise.
Are there any True 100% financing programs out there?
In general there are no longer any 100% loans available. A few exceptions are Rural Housing and VA loans, but these loans are only available on certain properties or for military personnel. FHA has the lowest down payment requirement of the non-income restricted loans at 3.5% and can be used by qualified borrowers up to $271,050 in most of South Carolina. Borrowers should also do their homework on any available down payment assistance programs. Most of these are available to first time borrowers at or below the median income and work well in conjunction with FHA loans. Another good option for buyers needing 100% financing is to consider buying a HUD foreclosure. These can be purchased with $100 down using a FHA loan.
What are the top 2-4 factors that effect buyers buying/ credit score numbers?
Credit scoring is very tricky to predict for even the most seasoned loan officer, much less the general consumer, but there are a few things buyers should know. Revolving credit balances should be below 50% of the limit and preferably below 30% of the limit. Judgments and collections do hurt a credit score, ironically though, if they are over two years old it may be better to leave them alone unless it is required for loan approval. Inquiries do not have near the impact most people think as long as they are not excessive. One thing most people don’t realize is that borrowing from finance companies actually hurts your credit score even if you make your payments on time. Finally, anytime you open a new loan your score will go down until you establish a payment history. So if you are thinking about getting a mortgage it is advisable to hold off on getting any other new credit.
This is some great information put together in Partnership with Kip Murphy with Bank of Amercia and Edwin Gerace of Russell and Jeffcoat.
Kip Murphy is a loan officer with Bank of America Home Loans with over 10 years of experience in the Columbia market. He has helped 100’s of buyers over this time. At Bank of America he has the tools, products and support to help anyone from first time buyers to someone needing a jumbo construction loan. Give him a call or email him today if you need any information about getting a mortgage loan. He can help with purchases or refinances in 48 of the 50 states.
Kip Murphy , Loan Officer, Bank Of America Home Loans, O: 803-216-7488, C: 803-920-3470,
F: 866-429-1636, E: Robert.K.Murphy@Bankofamerica.com
Edwin Gerace is a realtor with Russell and Jeffcoat Realtors with over 10 years of expierence in the Columbia market. He has help buyers,sellers and builders over the years reach thier real estate desires. Feel free to call or email him about real estate. Visit him on othe web at http://www.edwingerace.com/ or visit his blog at http://www.edwingeracesrealestateblog.com/ . Contact him at 803-609-7653 cause with Ed You Win.
(June 1,2009)
What are the largest changes that face the Home Buying process?
One of the biggest changes for buyers looking for a conventional mortgage in today’s market is the importance of their credit score. Just two years ago it was an all or nothing system. If you were approved for a conventional loan you got the same rate whether your credit score was 620 or 740. Now the difference in rate for these two buyers would be more than a point or cost the 620 buyer 3 discount points to get the same rate as the 740 buyer. Also, buyers with less than a 660 credit score no longer qualify for mortgage insurance, requiring them to be able to put down 20%. This is the primary reason FHA loans are becoming more popular. If a borrower qualifies, there is no minimum credit score and everyone gets the same interest rate. The FHA loan limit for most of SC, including the Columbia Metro Area, is $271,050; so buyers needing a larger loan need to do their homework upfront and make sure there are no errors on their credit report which could be impacting their score.
What are interest rates going to do in the future?
It is always dangerous to try and predict which way interest rates will go, but generally they will increase as the economy improves. Most people think the FED sets mortgage rates and expect rates to go up and down based on FED policy. This is not true. Rates are impacted by the FED’s action, but are actually determined by the bond market. Generally speaking, if the stock market is improving, investors shift money from the bond market to stocks. This requires bond sellers (Fannie Mae & Freddie Mac) to offer higher yields to sell their bonds which they must then pass on to the end consumer in the form of higher rates. So to answer your question, if the economy has really started to turn the corner, we can expect rates to rise as well.
When is a good time to refinance your home?
Assuming that the only reason a borrower is considering refinancing is to lower their rate, there is a pretty simple calculation to determine whether it is a good time or not. The first question is always “how long do you intend to keep the property?” Once you determine this, you simply divide the cost of the new loan by the monthly payment savings to establish the break even period. If this is a shorter time frame than how much longer they intend to own the property it is probably a good financial decision. An example would be someone with a $200,000 mortgage thinking about refinancing from a 6% rate to a 5% rate. The monthly savings would be approximately $125 month and the closing costs without points would be around $2500. This borrower would break even in only 20 months, so most borrowers would benefit from this refinance. It can be a little harder to determine if the borrower wants to pay off other debts, include renovations, or drastically reduce or increase the pay off time of their current loan. Most mortgage professionals will be happy to assist someone with the decision without any charges.
Has the loan approval process over last 90 to 120 days on loans changed?
The process is definitely taking longer and more documentation is being required than at any time in the last ten years. Borrowers need to be prepared for this upfront and realize the importance of getting the process started as early as possible if they are trying to achieve a specific closing date. The reason it is taking longer is two fold. As the mortgage industry was shaken to its core over 2007 and 2008, many lenders began to lay off thousands of support personnel or failed all together. By the end of 2008 there were approximately 60% fewer lenders and workers in the mortgage industry. At this time mortgage rates fell to their all time lows, creating a rush of business. This coupled with legislation giving first time buyers tax credits and an improving economy left lenders overwhelmed with business. Still reeling from losses the last two years and leery of the duration this business surge would last, most lenders decided not to bring on more employees due to training times and costs. The new requirements in credit policy also added to delays. The more documentation that is required, the longer it takes to be reviewed in underwriting. Fewer people, more business, and more documentation requirements caused some loans to take 60 days or more to get approved. The good news is that most lenders have now increased staffing and improved efficiencies so that most purchase loans can be closed in 30 days. You should still expect 45 to 60 days on refinances, but this should improve too if rates continue to rise.
Are there any True 100% financing programs out there?
In general there are no longer any 100% loans available. A few exceptions are Rural Housing and VA loans, but these loans are only available on certain properties or for military personnel. FHA has the lowest down payment requirement of the non-income restricted loans at 3.5% and can be used by qualified borrowers up to $271,050 in most of South Carolina. Borrowers should also do their homework on any available down payment assistance programs. Most of these are available to first time borrowers at or below the median income and work well in conjunction with FHA loans. Another good option for buyers needing 100% financing is to consider buying a HUD foreclosure. These can be purchased with $100 down using a FHA loan.
What are the top 2-4 factors that effect buyers buying/ credit score numbers?
Credit scoring is very tricky to predict for even the most seasoned loan officer, much less the general consumer, but there are a few things buyers should know. Revolving credit balances should be below 50% of the limit and preferably below 30% of the limit. Judgments and collections do hurt a credit score, ironically though, if they are over two years old it may be better to leave them alone unless it is required for loan approval. Inquiries do not have near the impact most people think as long as they are not excessive. One thing most people don’t realize is that borrowing from finance companies actually hurts your credit score even if you make your payments on time. Finally, anytime you open a new loan your score will go down until you establish a payment history. So if you are thinking about getting a mortgage it is advisable to hold off on getting any other new credit.
This is some great information put together in Partnership with Kip Murphy with Bank of Amercia and Edwin Gerace of Russell and Jeffcoat.
Kip Murphy is a loan officer with Bank of America Home Loans with over 10 years of experience in the Columbia market. He has helped 100’s of buyers over this time. At Bank of America he has the tools, products and support to help anyone from first time buyers to someone needing a jumbo construction loan. Give him a call or email him today if you need any information about getting a mortgage loan. He can help with purchases or refinances in 48 of the 50 states.
Kip Murphy , Loan Officer, Bank Of America Home Loans, O: 803-216-7488, C: 803-920-3470,
F: 866-429-1636, E: Robert.K.Murphy@Bankofamerica.com
Edwin Gerace is a realtor with Russell and Jeffcoat Realtors with over 10 years of expierence in the Columbia market. He has help buyers,sellers and builders over the years reach thier real estate desires. Feel free to call or email him about real estate. Visit him on othe web at http://www.edwingerace.com/ or visit his blog at http://www.edwingeracesrealestateblog.com/ . Contact him at 803-609-7653 cause with Ed You Win.
Tuesday, May 26, 2009
Lexington South Carolina Market Conditions
Read Recently on Zillow.
Zillow Real Estate Market Reports First Quarter: January-March 2009
U.S. home values continued to slide for the ninth consecutive quarter, declining 14.2 percent from a year ago.
Zillow Q1 Real Estate Market Reports track 161 metropolitan statistical areas (MSAs) throughout the U.S., identifying market trends including, but not limited to: five and 10-year annualized change, negative equity, short sales and foreclosure transactions.
Pricing in Metro Columbia area as follows
Nationwide 14% Decrease over last year
Lexington Showed a 5% Decrease over last year
West Columbia Showed a 3% Decrease over last year
Irmo Showed a 6.5% Decrease over last year
Chapin Showed a 14% Decrease over last year
Gilbert Showed a 5% Decrease over last year
This shows what I am seeing that on the average Lexington area is doing better than the nation in general and is very competitive in the metro area.
Edwin Gerace
www.EdwinGerace.com
www.EdwinGeracesRealestateBlog.com
803-609-SOLD(7653)
Zillow Real Estate Market Reports First Quarter: January-March 2009
U.S. home values continued to slide for the ninth consecutive quarter, declining 14.2 percent from a year ago.
Zillow Q1 Real Estate Market Reports track 161 metropolitan statistical areas (MSAs) throughout the U.S., identifying market trends including, but not limited to: five and 10-year annualized change, negative equity, short sales and foreclosure transactions.
Pricing in Metro Columbia area as follows
Nationwide 14% Decrease over last year
Lexington Showed a 5% Decrease over last year
West Columbia Showed a 3% Decrease over last year
Irmo Showed a 6.5% Decrease over last year
Chapin Showed a 14% Decrease over last year
Gilbert Showed a 5% Decrease over last year
This shows what I am seeing that on the average Lexington area is doing better than the nation in general and is very competitive in the metro area.
Edwin Gerace
www.EdwinGerace.com
www.EdwinGeracesRealestateBlog.com
803-609-SOLD(7653)
Labels:
Housing Market,
Lexington County,
Lexington SC
Monday, May 25, 2009
Lake Murray Living at Hammock Bay

Hammock Bay on Lake Murray is one of the newest communities on the lake in Lexington County. Lake Murray has so much to offer the community Hammock Bay Amenities include Pool, Tennis Courts, Community Boat Dock, Volley Ball Court, Community Boat Parking, Gated Entry, Club House, Work Out Room, and Walking Trails. Units range from 2 Bed Rooms 2 Bath studio feel with over 900 Sq Ft to a 3 Bedroom 3.5 Baths with over 1,900 Sq Ft. There are many units available currently to rent or buy. This community was built and developed by local Developer Connelly Builders. This community has hosted events by Lexington Chamber and Home Builders Home Show I have seen prices starting at $159,000 to over $300,000. This community is located outside the Town of Lexington but in Lexington County.

There have been several Videos on Hammock Bay Created on You Tube. Video one Video two Video Three (My Favorite) and Video Four.
For more information Call Edwin Gerace Directly at 803-609-7653 or email him at mail@609sold.com
Friday, May 1, 2009
Lexington Home with Brick Front and Fenced Yard
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Thursday, April 30, 2009
Sunday, April 26, 2009
Lexington home with over acre lot, Great Home
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Labels:
Acre Lot,
Edwin Gerace,
Homes,
Lexington SC,
Russell and Jeffcoat,
Wooded Lot
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Edwin Gerace's Lexington SC Real Estate Blog
About Me
- Lexington Real Estate with Edwin Gerace
- Lexington, SC, United States
- Edwin Gerace is Realtor with Holiday Builders in Lexington South Carolina. Edwin specializes in New Construction and 1st Time Home Buyers. Edwin is very active in Lexington South Carolina and is knowledgeable about the surroundings. Edwin is very active in his profession and community such as: On active committees with the Columbia Home Builders, active and on committees with Lexington Chamber of Commerce, Town of Lexington Performing Arts Center, Green Building Council of HBA, LORADAC, State Association of Realtors on State and Local Level, and many other community oriented service groups.










