Myrtle Beach Deals of the Week - January 7, 2012

FHA 101

FHA loans are a great loan source for first-time homebuyers. To learn more about the loan guildelines, click FHA 101.


If you have any questions about Myrtle Beach area property or FHA loan programs, please call Kathy Rukat at 843-267-2710 or email at Kathy@KathyRukat.com.

Myrtle Beach Deals of the Week - December 15, 2011

This Month in Real Estate - December

Myrtle Beach Deals of the Week for December 1, 2011

Myrtle Beach Deals of the Week for November 17, 2011

When Can I Buy a House after I have had a Foreclosure?

Thanks to Scott Tripp from BB&T for providing this information...

I get calls periodically regarding the waiting period required after bankruptcy, deed-in-lieu of foreclosure, short sale, or foreclosure for a potential home buyer. Below is a general guideline regarding these adverse credits events. Extenuating circumstances are events outside of the person's control. Typically job loss, death of immediate family member, and/or illness. I hope this proves useful.

Foreclosures.
 Foreclosure – 7 Years from completion date
 Foreclosure with Extenuating Circumstances – 3 Years from completion date
 Principal Residence;
Purchases - the lesser of 90% LTV/TLTV/HTLTV or the LTV/TLTV/HTLTV for the
transaction;
 Documentation of the conclusion of the Foreclosure proceedings is required.
Note: The purchase of second homes and investment properties is not permitted until the
seven year waiting period has elapsed.

Deed in Lieu of Foreclosure or Pre-Foreclosure (Short sale).
 Deed in Lieu – 2 to 7 Years from completion date
 2 Years – lesser of 80% LTV/TLTV/HTLTV or LTV for the transaction
 4 Years – lesser of 90% LTV/TLTV/HTLTV or LTV for the transaction
 7 Years – LTV ratios per the BB&T LTV Charts
 Deed in Lieu or Short Sale with Extenuating Circumstances – 2 Years from completion date.
 Documentation of the conclusion of the Deed in Lieu or Short Sale is required.

Bankruptcy.
 Chapter 7 or Chapter 11 Bankruptcy – 4 Years from discharge or dismissal date
 Bankruptcy with Extenuating Circumstances – 2 Years from discharge or dismissal
 Chapter 13 –
2 Years from discharge date. It is recognized that the borrower has met part of the waiting
period when a discharge occurs.
4 Years from dismissal date. A dismissal means the borrower was unable to meet the
bankruptcy requirements and needs a longer waiting period.
 Chapter 13 with Extenuating Circumstances – 2 Years from dismissal
 Multiple Bankruptcy Filings within 7 Years – 5 Years from discharge or dismissal date
 Documentation of the discharge or dismissal must be provided.

Myrtle Beach Deals of the Week for November 3, 2011

This Month in Real Estate - November 2011

Deals of the Week

Deals of the Week - September 12, 2011

Deals of the Week - August 31, 2011

Deals of the Week - August 25, 2011

Price Reduction

Just Listed

Just Listed

Deal of the Week Email ~ July 21st

Deal of the Week Email - July 21st

Deal of the Week - June 30, 2011

Greetings from Myrtle Beach!

Deals of the Week:

• 6840 Blue Heron Blvd., Unit 301, Myrtle Beach is a one bedroom, one bathroom condo in foreclosure. The condo is in a gated, golf course community, and it is listed for $24,900. Special financing and closing cost assistance are available on this condo.
• 3901 North Ocean Blvd., Unit 401, North Myrtle Beach is a one bedroom, one bathroom condo in foreclosure. This condo is in the Cherry Grove section of North Myrtle Beach and it has an ocean view. Special financing and closing cost assistance are available for primary residents. This condo is listed for $51,900.
• 3166 Shorecrest Bay Drive, Murrells Inlet is a 3 bedroom, 2 bathroom home located in the Shallow Bay section of Prince Creek. This home is listed at $185,000 and it is located on a quiet cul-de-sac. The home features hardwood and tile flooring, granite counter tops and an open floor plan. The home also has a Carolina Room and the neighborhood is gated.
• Unit 506 at Jonathan Harbour is a one bedroom, one bathroom ocean view condo in Myrtle Beach. This condo is a foreclosure listed at $43,900. Closing cost assistance is available under certain circumstances.

• 727 Cypress Drive in Surfside Beach is a 2 bedroom, 1 bathroom home within walking distance to the beach. The price was reduced to $115,900.

• Creekhaven in Prince Creek has some great prices on their inventory houses. These homes are available for immediate occupancy and have many upgrades.
• Construction will begin soon on a home in The Gates community. This home will be a custom with 3 bedrooms, 2.5 bathrooms and a bonus room. Flooring in the living areas will be hardwood and tile. Carpeting will complete the bedrooms. The home will be priced around $215,000.

Current Listings

• Lot 157 and Lot 158 in Charleston Landing have been reduced to $35,000 each. Charleston Landing is a single family Charleston-style home community located in the Cherry Grove section of North Myrtle Beach. Build your dream home here. The lots are side-by-side so you could purchase both lots, build a larger home or have plenty of yard space.
• 780 Hidden Lake Drive is a 3 bedroom, 2 bathroom manufactured home within a mile of the ocean in Garden City Beach. The home sits on a corner lot and the back porch overlooks a pond. The house features a split floor plan, an open area between the living room, kitchen and dining area and a large screened back porch. You own your own land in this neighborhood as well. This home is priced at $95,000.
• 171 Coral Circle is a lot in the Bermuda Gardens community in Myrtle Beach. Bermuda Gardens is centrally located of Business 17 near the Market Common, Surfside Beach and Highway 544. The neighborhood will feature single family homes and paired homes with an island feel. The 2-story Cambridge model (a 3 bedroom, 3.5 bathroom, 2-car garage home with plenty of outside porch/balcony space) can fit on this lot. Buy a lot in Bermuda Gardens with a 5 year time frame to build. Amenities for this community include an indoor heated pool, outdoor pool, Jacuzzi, Lazy River, Health and Fitness Center, 1-year membership to the Myrtle Beach State Park, golf membership at Tupelo Bay (includes 48 rounds of golf and 48 buckets of balls) and shuttle service to and from the Market Common, Myrtle Beach State Park, Tupelo Bay Golf course and the Conch Cafe. When a Buyer purchases a lot only, the HOA will maintain the lot and the Buyer will have use of all amenities. This lot is listed for $99,000.
• 5792 Longwood Drive in Murrells Inlet is a 3 bedroom, 2 bathroom condo priced at $130,000. This condo is in the Marcliffe community at Blackmoor. This condo community is just across the street from the new Marcliffe West community mentioned earlier in this email. This condo features hardwood floors in the living and dining areas, tile in the wet areas and a pond view from the screened balcony. The condo is also an end unit and has additional windows in the dining area. Crown molding accents the kitchen and dining area. A separate laundry room is located off the kitchen.
• 1001 Ray Costin Way, Unit 1613 is a 2 bedroom, 2 bathroom fully furnished villa in the Tupelo Bay community priced at $151,000. Tupelo Bay Golf Villas are located about a mile from the beach and are adjacent to the Tupelo Bay golf course. Each building has an elevator for convenience. The condo features crown molding, ceiling fans, two walk-in closets in the master bedroom, tile and carpeting and a balcony overlooking a pond. The amenities center includes a fitness center, indoor and outdoor pool, BBQ area and wireless internet. A beach shuttle also runs from the complex to the beach from Memorial Day to Labor Day.

New Project

Keller Williams Realty took over the marketing of Marcliffe West community in Murrells Inlet. The community consists of two types of condos (the Palmetto and the Sweetgrass) and paired ranch homes. Both condo types have 3 bedrooms and 2 bathrooms. Standard upgrades include granite counter tops, 42 inch cabinets and tile flooring in the foyer, kitchen and laundry area. The condos start at $134,900. The HOA for the Palmetto condos are $260/month and the HOA for the Sweetgrass condos are $283/month. The HOA includes access to the pool and clubhouse, unit water and sewer, lawn maintenance, insurance and unit basic cable. The owner would be responsible for the unit electric and a telephone. The paired ranch homes are also 3 bedroom, 2 bathroom homes with a 2-car garage. Standard upgrades include granite counter tops, 42 inch cabinets and tile flooring in the foyer, kitchen and laundry area. The paired ranch home with a screened porch starts at $165,900, and the paired ranch home with a Carolina Room starts at $175,900. The HOA is $307/month and includes access to the pool and clubhouse, unit water and sewer, lawn maintenance, insurance and unit basic cable. The owner would be responsible for the unit electric and a telephone. Currently, we have 4 Palmetto condos completed and move-in ready. The two paired ranch homes are also complete. We are also pre-selling for the next phase. The builder is willing to offer incentives to the first buyers.

New Project

Keller Williams Realty took over the marketing of Marcliffe West community in Murrells Inlet. The community consists of two types of condos (the Palmetto and the Sweetgrass) and attached homes. Both condo types have 3 bedrooms and 2 bathrooms. Standard upgrades include granite counter tops, 42 inch cabinets and tile flooring in the foyer, kitchen and laundry area. The condos start at $135,900. The attached homes are also 3 bedroom, 2 bathroom homes with a 2-car garage. Standard upgrades include granite counter tops, 42 inch cabinets and tile flooring in the foyer, kitchen and laundry area. The paired ranch home with a screened porch starts at $165,900, and the paired ranch home with a Carolina Room starts at $175,900. Currently, we have 4 Palmetto condos completed and move-in ready. Two attached homes are also completed and move-in ready. We are also pre-selling for the next phase. The builder is willing to offer incentives to the first buyers.

If you have any questions about these properties or any other properties in the greater Myrtle Beach area, please contact me at (843) 267-2710 or Kathy@KathyRukat.com. Have a great weekend and Happy 4th of July!!

Property Sold

4803 Bovardia Place, Unit 301

Myrtle Beach, SC 29577

Buyer clients of mine recently closed on a 3 bedroom, 2 bathroom condo in Magnolia Place East on the Myrtlewood golf course in Myrtle Beach. The closing price of this condo was $91,900.

If you have any questions about properties in Myrtle Beach or the surrounding areas, please let me know. I can be reached at Kathy@KathyRukat.com.

Write-offs to Remember

From Mike Hogue at First Home Mortgage...

Write-offs to Remember
Deductions in the Loan Process

Write-offs are the government's way of rewarding taxpayers when they've done something the government likes. And to judge by the write-offs, the government likes it when people borrow money to buy a house. There are write-offs aplenty, many of which people often forget.

Make sure your clients take advantage of every break the IRS will give. Here are a few they tend to forget:

Points:
According to the IRS, origination fees charged as points must be paid for the use of money, (for example, to obtain a lower interest rate) in order to be tax deductible. Origination fees that constitute a "service fee" are not tax deductible. The question must be asked, "Does the fee apply to the use of money, or is it a service charge?"

Pre-payment penalties:
Unforeseen circumstances often cause borrowers to pull out of their mortgages sooner than expected. Fortunately, pre-payment penalties are tax deductible, which helps ease the pain.

Pro-rated real estate taxes:
Even if the seller sent the tax collector the check, chances are the buyer paid a pro-rated portion of the taxes for the year at closing. Be sure they know to deduct their fair share.

Pro-rated mortgage interest:
Depending on when in the month the home sale closes, buyers pay either a hefty or a tiny amount of pro-rated mortgage interest for that month. Big or small, they can write that off. The Final Closing/Settlement Statement will show just how much they're due.

Home construction loan interest:
As long as the construction period doesn't last more than two years before they make the new place their "principal residence," they can write off the interest for that construction loan.

It pays to pay attention – all these write-offs can add up to some serious savings when tax time comes around.