Monday, June 30, 2008

What you can get for $100,000 in the Charleston Real Estate market



Charleston South Carolina has many real estate opportunities available for a home buyer. If you wanted to spend up to 100,000 on your new home, Where would you be able to live and what type of property could you buy?

Starting in Charleston County:

In the West Ashley area, there are several properties currently for sale ranging from 55,000-100,000. These properties are mostly 1 bedrooms condos and town homes and a few manufactured homes.

View all West Ashley Home under 100,000.

On James Island there are fewer choices in this price range. You can find a few boarded up "handyman" specials and some one bedroom town homes/condos. Prices range from 85,000-99,000. View all James Island Homes under 100,000.

On Johns Island, The choices are even fewer. As I am writing this blog you are able to only find one property, a manufactured home, for sale. View all John's Island Homes under 100,000.

In the Edisto Beach area and on Folly Beach there are no properties for sale for less than 100,000. You will be able to find time shares in Edisto and boat slips in Folly.

North Charleston has many properties available for less than 100,000. For less than 50,000 you can find single family homes with less than 1,000 square feet, condo's and town homes. Many of these properties need work, however might be a great investment opportunity.

View all North Charleston Homes for sale on MLS.

In Mount Pleasant , you can find a boat slip for less than 100,000. On Isle Of Palms and Sullivan's Island you can find an Island time share in the high 80,000.

On the historical Charleston peninsula, there are a few investment opportunities for less than 100,000. These properties range from a total tear down to a duplex needing lots of work.

View all Charleston Properties on MLS.

In Dorchester County, there are a several different real estate options. Town homes, manufactures homes, single family homes are available for less than 100,000. Some of these properties are in more rural areas. View all Dorchester County properties on MLS.

In Berkeley County, which includes, Monks Corner, Daniel Island, Goose Creek and Hanahan has many options in the less than 100,000 price range. In Northern Berkeley County, there are older single family homes most built before 1986 and manufactures homes in rural areas available for less than 100,000. View all Northern Berkeley County Homes on MLS.

Southern Berkeley county has fewer properties in the under 100,000 range.There are a few manufactured homes and handy man special type single family homes.

View all Berkeley County properties on MLS.


Friday, June 13, 2008

Charleston SC Top 10 Credit Do's & Don'ts


By Gary Gugliotti

Good Faith Mortgage

Don’t apply for new credit of any kind. Including those” You have been pre-approved” for credit card invitations that you receive in the mail. Every time that you have your credit pulled by a potential creditor or lender, you lose points from your credit score immediately. Depending on the elements in your current credit report, you could lose anywhere from 2-50 points for one hard inquiry.

Don’t pay off collections or charge offs during the loan process. Paying collections will decrease the credit score immediately due to the date of the last activity becoming recent. If you want to pay off old accounts, do it through escrow, and make sure that 1) you validate that the debt is yours, and 2) that the creditor agrees to give you a deletion letter.

Don’t close credit card accounts. If you close a credit card account it will appear to the FICO that your debt ratio has gone up. Also, closing a card will affect other factors in the score such as length of credit history. If you have to close a credit card account, do it after closing, and make sure it is a more recent account.

Don’t max out or over charge on your credit card accounts. This is the fastest way to bring your score down 50-100 points immediately. Try to keep your credit card balances below 30% of their available limit at all times during the loan process. If you decide to pay down balances, do it across the board. Meaning, make an extra payment on all your cards at the same time.

Don’t consolidate your debt onto 1 or 2 cards. It seems like it would be a smart thing to do, however, when you consolidate all of your debt onto one card, it appears that you are maxed out on that card, and the system will penalize you as mentioned above in. If you want to save money on your credit card interest rates, wait until after closing.

Don’t do anything that will cause a red flag to be raised by the scoring system. This would include adding new accounts, co-signing on a loan, changing your name and address with the bureaus. The less activity on your reports, the better.

Don’t change your job. Job stability is very important during the loan process. Lenders will almost always call to verify employment just before closing. If you must change jobs or are transferring to a new position, make sure your mortgage consultant is aware of the change, and that the job is in the same field or you can show a benefit for the change such as better pay, benefits, ect. Changing from a salary job to a commission job is a sure way to cause problems for your loan. If you are in doubt, call me at 843-478-6119 0r 843-207-8100.

Do stay current on existing accounts. Like your mortgage and car payments. One 30-day late can cost you anywhere from 30-75 points.

Do continue to use your credit as normal. Red flags are raised easily with the scoring system. If it appears that you are changing your pattern, it will raise a red flag, and your score could go down.

Do call me if you receive something in the mail from a creditor or collection agency that you believe may affect your credit score during the loan process. I may be able to supply you with the resources you need to stop derogatory reporting to the bureaus.

Century 21 Properties