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Home Selling Alternatives

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Charleston’s Housing Market Report
General Dynamics, Daimler, Bosch, Cummins, MUSC, Eaton Corp, Parker Hannifin, Boeing, SPAWAR, SAIC, BAE, PeopleMatter, and Blackbaud coupled with craft beer, windmill technology, historic preservation and beautiful charm, and Charleston has the makings of a well-insulated economic engine. Charleston’s economic strength has hindered the housing ills experienced by other similarly sized markets in the Southeast. Let’s consider that 2 years ago, Forbes magazine ranked Charleston as one of its Top 25 Housing Markets and one year ago MSN Real Estate ranked Charleston as one of its Top 5 cities for positive price growth. That’s the good news.

The bad news is if you were waiting for an improved market in 2012 to sell your home, you’ll need to wait at least another year. Forecasting firm Local Market Monitor predicts homes will hit rock bottom at the end of 2012 and inch up in 2013. Distressed home sales (24-25% of national market sales) continue to haunt the market. These homes typically sell at deeper discounts (20-30%), putting downward pressure on prices. Forecastchart.com predicts Charleston has an 83% chance for falling home prices in 2012, meaning home prices in the 4th quarter this year have an 83% probability of being lower in 4th Qtr 2012.

Home Selling Alternatives
What does this mean for today’s home seller with a house currently on the market. For most folks, it’s a waiting game. Even if a buyer comes along, many don’t have the money saved for a down payment or their credit isn’t up to par for today’s stringent lending requirements. What are the alternatives? How can today’s home sellers sell their homes? Here are a few choices to consider:

A. Rent-to-Own: Now may be time to consider making one’s former home a rent-to-own property. Smart sellers today are electing alternatives that previously had only been used by savvy real estate investors to generate sales premiums. Here’s how a Rent-to-Own or Rent with an Option to Buy works: a home seller figures out the sales price and rent to charge for the home. Sellers and buyers negotiate this just like in a traditional sale. Once in a contract, that price is defined and locked in until the end of the rental term, typically 2-3 years. Renters pay an option fee and a rent premium. The option payment can range from 2-5% of the sales price of the home. At the end of the lease term, if the Renter buys the home, that amount is deducted from the total sales price as a down payment. If the Renter doesn’t purchase the home, that amount is income to the Seller. Monthly rents are slightly higher than market rents, and sometimes a portion of that premium is applied to the purchase price when the home is purchased. This creates an income stream for the Seller (to pay the mortgage or other expenses), creates a solution for a Buyer who may not have the credit score required or the required down payment, and ultimately, for the Seller, creates another income stream in option payment money if the buyer cannot purchase the home at the end of the lease. One key ingredient to making this work is the paperwork, and joining the two documents, a lease and an option contract is a big “no-no.” If joined, this creates an equitable right of ownership for a Renter, meaning if the Seller needs to remove the Renter, they must follow the steps of foreclosure rather than eviction. Hiring an experienced real estate advisor is imperative in this case.

B. Rental: If Sellers are determined to sell the home sooner than in 2 years, making their former home into a Rental may be the best choice. While everyone has heard nightmarish stories of renters destroying a home, there are precautions one can take to virtually eliminate those worries. First, Sellers must divest themselves from their former home. This is probably the most difficult task to do, particularly if Sellers invested their money into making it a home. Secondly, hiring a reputable and experienced Property Manager ensures tenants qualifications are screened, properties are inspected, repairs are tended to properly, and rent is collected on time and disbursed to Owners promptly. Lastly, establishing an upfront contract to keep communication lines open between the Seller and Property Manager is imperative so that the exit strategy can be implemented when it’s time to put the home back on the market.

C. Mortgage Assignment: Another choice for Sellers is assigning one’s mortgage to a Buyer. More coming on this in next week’s discussion.

D. Owner Financing: Owner financing, when possible, is an ideal solution for both a Seller and Buyer. More coming on this in next week’s discussion.

Residential Listings

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Visit our marketing site at www.SCHomeSellers.com

Homes for Rent

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To see our Rental Home Availabilities:
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Testimonials

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March 3, 2008
Dear Mr. Lee,

I want to thank you, Choice Realty, and your agents. Your Company’s Residential Agent exceeded all expectations of performance as he represented me in selling my property. Even though the real estate market had softened, and I was admittedly trying to sell a good house in a tough market, he was there every time I called. He never let up in the quest to get my house sold. When we finally got an offer on the property, he nursed the agreement to closing even though at times we thought the contract was going to fall out. He stepped in to reassure the buyer’s agent and met every challenge in the pre-settlement with professionalism and tact.

When I have another house to sell or if I plan on buying another house, I will call Choice Realty first.

Sincerely,
Jim Fuller

February 9, 2008
Dear Jonathan:
We would like to thank you for all of your help in the purchase of our first home. We appreciate all of the advice you gave us. Since we are new home buyers, the whole experience was new to us. We felt very confident all along that we had chosen someone who truly looked out for our investment and our future. We will recommend you to all of our friends who are also in the market for houses.

Thanks again. Please come by to see our house when we get moved in.

Sincerely,
Ivy and Seth Deitch

June 2007
Dear Jonathan:
I cannot thank you enough for finding the wonderful treehouse (round house in Bethune, SC) for us!

After having had a very positive experience owning a vacation rental home, my husband and I were anxious to purchase another–at the right price!

The treehouse (in Kershaw County) is just perfect–not too far from home and in a beautiful hardwood forest setting. I don’t think anyone but you could have found such a place!

I enjoy looking at your listings because you offer a wonderful variety of properties. Also, I like to see investment properties for sale in other parts of the state.

Thank you, also, for your pleasant and unobtrusive nature, professional service, and commitment to your clients. Working with you was such a pleasure. We appreciated your patient demeanor and never felt rushed or pressured. That means a lot!

We wish you great success and look forward to working with you again!

Sincerely,
Laura and Birdie Crosby

March 20, 2007
Dear Choice Realty:
Please take this letter as a brief synopsis of my past experience with you regarding the sale of my home.

First, I want to say that this was more than I anticipated. Not only did you do this in a prompt manner, but you were also very polite, professional AND pleasant to work with. My thanks to you and John for your expeditious handling.

Secondly I was more than pleased with the commitment you put in the bid and sticking with it. Too often people have complained about dealing with investors who not only make insufficient bids but who might later on decrease it as well. That was, of course, a very important factor in this whole process.

Needless to say I would highly recommend you to others who may have a need for your services. And once again, I want to thank you for your courtesy and professionalism.

Sincerely,
J. Washington

February 6, 2007
To Whom It May Concern,
In January 2007 I had the opportunity to meet and work with Jonathan Lee and Phil of Choice [Realty] in the sale of my mother-in-law’s second [rental] home. I must say I have never had a more pleasurable experience selling a house. Jonathan and Phil made the whole experience very nice. With my in-laws in their 80’s, they treated them with respect and made sure that this is really what they wanted to do and not just a whim. They also took the time from their busy schedule to not only inspect the house, but to go several blocks to my in-laws home to talk to my father-in-law as he is unable to walk without assistance due to serious medical problems. They wanted to make sure everyone was happy with the contract and results. Even at the closing they had the documents changed because something was not right according to the contract. If I know of anyone wanting to sell their home, or if I decide to sell my home, my first choice would be Jonathan and Phil. Thanks to both of them for the great experience. Respectfully,
The Powells

February 4, 2007

Dear Mr. Jonathan Lee
Jimmy and I would like to thank you very much. You showed Professionalism through out the whole transaction, from the time we met, you were very pleasant, we appreciate for [the] sale to move so quickly, as timing meant so much in this transaction, this was a great wonderful caring attitude you showed, we will always remember. If we ever have a need in real estate, we will give you a call. Thanks so much. PS Please tell your associate [Phil], Jimmy enjoyed his caring and so pleasant attitude and his friendship.

The Nelsons

January 28, 2007

To Whom It May Concern:
My name is Helga P. Sandoval, MD, I moved to Charleston almost 6 years ago and 3 years ago Phil helped me to find a house exactly as what I was looking for. Time has passed since then, the house became too big for me, no time for the garden, plus I needed a change and there was Phil again. I was thinking to rent a smaller place to move in, however, he advised me to better invest my money and once more, he found a perfect place for my current needs. I moved a month ago to my new condo and I love it..

Thank you, once again Phil!

January 25, 2007

Dear Mr. Jonathan Lee:

I would like to kindly thank you for the impeccable manner in which the sale of my property was handled.

Sincerely,

W. Dukes

November 9, 2006

Dear Mr. Lee,

This letter is to express my sincere appreciation for all your help in selling my house so quickly. In my time of need to move on with my life was greatly appreciated. The price was fair and the closing a lot easier than I thought. I will recommend you to all my friends of family who wish to sell their homes.
It was a pleasure.

Sincerely,

L.K. Pocorobba

June 1, 2006

Dear Jonathan,
We just want to let you know that we appreciate the ease you and your company made it for us to sell our home. I know that with any other realtor it would not have been as easy to set the guidelines we needed while our new home was being built.
You allowed us to stay in the home even after it was sold so that we would not have to look for an apartment until our new home was complete.

We would have had to do all of the necessary transfers of lights and water and phone etc…and pay deposits on an apartment. Which of course can become very costly.

We also have small children, which multiple moves would affect in an adverse manner.

Also the closing on the property was done with professionalism and an ease to get through. Although we as a family are moving on, we desire good things for the property we are leaving behind where our children were being raised. It has many memories.
We are just down to earth kind of family and we feel like you were willing to help us at any cost.

Thanks again,

The Millers

January 30, 2006

Dear Johnathon, I would like to thank you very much, for buying my house on [address omitted] in North Charleston.

When I called another person, there was a little beating around the bush; if you know what I mean.

As for you Johnathon, you showed your professionalism through out the whole ordeal. That’s what got my attention.

I would recommend you to anyone who is interested in selling their home or property.
Thanks!

Mr. Kinlaw

August 2005

To Whom It May Concern

My name is Rodolfo Requena. I owned 227 Pebble Creek Road in Summerville. Jonathan Lee at Choice Realty helped sell my house. He did a wonderful job. My house was put on the market by Mr. Lee and got an offer very quickly. Jonathan Lee is a professional at what he does. I recommend him to anyone selling or buying a house anytime.

Sincerely,

R. Requena

May 2005

Dear Mr. Lee:

This letter is to express my sincere appreciation to you for conducting yourself in such a professional and courteous manner in regards to the selling of my home located in North Charleston, SC.

It was a pleasure doing business with you and your company because of you.

Sincerely,

Mr. Woudwyk

April 2005

Dear Jonathan:

When my son told me that he had called you about his problems with taking care of his apartment building, and paying the mortgages since he had become disabled, I had doubts that you could produce the kind of results he needed. I was relieved for him, as well as being amazed that you were able to accomplish the sale of the apartments quickly, at a great price, and that everything you said you could do, you did. In other words, I was very impressed.

For that reason, when my husband and I decided to sell our rental property, I called you for your help. You far exceeded our expectations. I really appreciated the fact that you dealt honestly and fairly with us. It’s hard to express my sincere appreciation without “gushing.” It has been so very nice to work with a person who is not just out to make money, but to build a good reputation by knowing the business and dealing honestly with people. I tell everyone I know about you and your Company.

Thank you for all your help. I wish for you and your Company nothing but the best.
Sincerely,

Minxie Edwards

December 2004

Dear Mr. Lee:

Just a short note of thanks to you and your staff at Choice Realty regarding the recent sale of my home in North Charleston. Although we have been out of the property for over five years, my wife and I still had a lot of emotional attachment to it as this was our home for over twenty-five years where our children were born and raised and played with their friends. The professional and courteous manner in which you conducted your operations was most certainly appreciated and made leaving our old home behind a little easier.

I also want to thank you for putting in the extra effort to have our closing earlier this week. As you know, my wife and I are presently getting ready to go out of town and your accommodation to help out our situation made this previously scheduled trip possible. And, having concluded this sale before us leaving will also make our trip that much more enjoyable. I have already thanked the closing attorney, Mr. Fleming, but I also wanted to thank you for a very smooth overall transaction. I know your office had a large role in those preparations as well.

Without belaboring this any further, I will simply close by again thanking you and your staff for a job well done. I will be sure to recommend your agency in the future to any of my friends and family who are interested in a quick, but professional, sale of their real estate property.

Sincerely,
Mr. Clark

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