Columbia South Carolina Real Estate Home of The Patterson Files

First Time Home Buyers! Buying NOW Has Advantages!

2008-11-22T19:55:00.018-05:00

Yes, Virginia! If you are ABLE, READY and WILLING.....

NOW....is a good time to make a SMART, GREAT purchase for your first home.

Don't be deceived by the NATIONAL MARKET! All real estate is LOCAL!

Would you believe that home values in metropolitan Columbia are STABLE?

Yes, Virginia! The real estate sky is not falling in our area. What does that mean?

If you wait for prices and interest rates to drop......THEY MIGHT NOT!

Higher Interest Rates+Higher Prices+Limited Financing=REDUCTION!

A reduction in your ability to afford your first home!

Plus, there are TWO additional tax benefits to purchasing a home.....NOW!

1. Do you remember the Tax Relief and Health Care Act of 2006?

This signed legislation will allow 2008 and 2009 homebuyers to deduct premiums paid for mortgage insurance - which typically is required when homebuyers purchase a home with less than a 20% down payment.

This new insurance premium deduction will only apply to mortgage insurance contracts issued in 2008 and 2009 and is only available to taxpayers whose adjusted gross income does not exceed $110,000 ($55,000 for married taxpayers filing separately).

For more information about H.R. 6111 (look in Act 419-Code 163-6050H) , contact your CPA or tax attorney.

2. Have you heard about Housing Stimulus Bill (H.R. 3221)?

As a first-time home buyer, this Congressional Act could give you a $7,500 tax credit for your residential purchase between NOW and June 30, 2009.

CLICK HERE for more information about H.R. 3221.

If you are ready for your FREE, NO OBLIGATION First-Time Home Buyer Assessment... please feel free to give David Patterson a call at (803) 772-5858 or email David at blogger@davidpatterson.net

10 Neighborhoods With Homes for Sale in Columbia SC That Should Be Considered

2008-11-15T15:41:00.010-05:00

Don't believe everything on television and in print media. Columbia SC has experienced stability in their real estate values. Don't believe me?

Click This Link to read the November 2008 Edition of the Greater Columbia Economic Quarterly Review!

For those of you that are STILL attempting to sell your home......

I have experienced a significant amount of traffic on my website and blogs over the last few weeks. Some inquiries are from ABLE, READY and WILLING home buyers that are in the market for their next home.

Will your home be the next to sell?
Can I help with that process? Ooops...Sorry about that digression!

Anyway..........

Here are 10 of the Most Popular Neighborhoods with homes for sale throughout Columbia SC.

Please Note -- Crime Statistics, demographics and other common questions about a neighborhood did NOT have an impact on these rankings.

These are the ten neighborhoods that have been researched on a consistent basis at
http://www.davidpatterson.net/ and http://www.thepattersonfiles.info/

Click each link to preview current Homes for Sale in that neighborhood.

1. Lake Carolina

2. The Summit (click here for The Summit Homeowners Association)

3. Woodlake

4. Turtle Creek - Brick Homes for Sale in Northeast Columbia SC under $180,000

5. Chestnut Hill Plantation (Chestnut HOA)

6. Ashley Place

7. The Highlands (search #1) (search #2)

8. Palmetto Place (Governed by the Covenants & Bylaws of the Lansdowne Community)
CLICK HERE FOR 405 Sawtooth Lane and other Palmetto Place FEATURED HOMES.

9. Ashley Ridge

10. Indigo Springs

For more information about any of these neighborhoods, feel free to contact me at blogger@davidpatterson.net

Rule #1 - It’s Not Your Home Anymore!

2008-10-30T17:59:00.000-04:00

Contribution from Linsey Planeta, Broker & Real Estate Coach

Belterra Fine Homes - Rancho Santa Margarita, CA

Phone: 949.939.2514 / linsey@ocrealestatevoice.com

www.ocrealestatevoice.com

If you are getting ready to sell, or you’ve already tried without success, it’s time to look at your home with fresh eyes. Better yet, not your eyes at all.

As soon as you decide to sell your home, you must change the way you view it.

It is no longer just the place you live. Your home has become a commodity that you are trying to sell quickly and for the highest amount that the market will bear.

I can hear some of you already, ‘But I have to live here and feel at home in the meantime‘ or ‘Everyone already says that my home shows beautifully.’

I know, I know. Trust me. I get it and I’ve heard it but believe me when I tell you, it’s the seller that says, ‘Tell me what I need to do‘ that will meet with success.

So what do you need to do?

Step 1: Stop going to your friends for advice. People often hang with people that have similar taste. That doesn’t mean you and your friends necessarily have the taste that will appeal to the broadest spectrum of buyers.

Step 2: Pay Attention to An Agent's Advice. They are working with consumers every day. They know what turns a buyer off and what is most appealing. Caution - we wary of the agent that says that it’s all just great and they wouldn’t change a thing.

Step 3: Change Your Mindset. If you are looking for your home to sell, understand the market conditions, competing properties and the inventory. You vying for buyer attention. You must be willing to let go of the personal things!

Step 4: Do the Work. Whether it means painting, removing wallpaper, cleaning up the clutter or removing bulky furniture, get to it. As soon as you start having a mental argument with your agent about the necessity of ripping down this expensive, decorator wallpaper - stop yourself and remember that you won’t be living here shortly anyway. Appeal to the greatest number of buyers - this is the goal!

Step 5: Hire A Professional. The best results and return on investment are from a full staging company, but if cash is not available hire them for a consultation. You are trying to create the emotional appeal that makes a buyer feel a sense of urgency about writing an offer. This is what a good stager is best at and this is what you are hiring them for.

Palmetto Place Price Reductions - Homes for Sale in Northeast Columbia SC

2008-10-19T20:47:00.004-04:00

Nestled in a remote location of Northeast Columbia SC, Palmetto Place is a subdivision within the Lansdowne Community and is within five minutes of the Village at Sandhill and Summit Parkway Middle School. This community features tennis and basketball courts, a small lake, a swimming pool and a children's playground.

No matter your taste, the communities within Lansdowne has something for you including...

FEATURED PROPERTY -- 405 Sawtooth Lane -- $175,000!

This true four bedroom home has upgraded amenities that include His & Her Walk-in closets, double vanity sinks, a garden tub and separate shower in the Master Suite; laundry room and custom wood plantation blinds throughout the interior; finished garage and full sod coverage with a fenced backyard in and around the exterior and hardwoods in the formal dining room & foyer area.

--- CLICK HERE FOR MORE PICTURES OF 405 SAWTOOTH LANE ---

Call David at (803) 772-5858 to Schedule Your Showing Appointment!

-- CLICK HERE TO VIEW MORE PALMETTO PLACE HOMES ---

Do You Want to Sell Your Home? Price It Ahead of The Market!

2008-10-18T10:14:00.000-04:00

With the 2008 Presidential Election and the holidays quickly approaching, the Columbia SC real estate market has plenty of homes for sale. As a matter of fact, current market conditions have motivated me to post a series of "Trouble Selling Your Home" articles on my blogs. Topics have included:

1. Having Trouble Selling Your Home?
2. Having Trouble Selling Your Home? - Part Two!
3. Why Aren't Buyers Coming to See Your Home?

Unfortunately, one challenge of some current homeowners that hasn't been addressed at The Patterson Files is mindset. Why do I know this to be true? Just look at the questions that are posed by some homeowners. For example, one of my favorite real estate bloggers is Linsey Planeta from http://www.ocrealestatevoice.com/

I subscribe to her http://www.whydidntmyhomesell.com/ blog. When I opened my inbox on today, I received a copy of her most recent post entitled "The Biggest Mistake to Make in Pricing Your Home". This post was based upon the following question that was posed by a current homeowner:

"If you really want to move a house in today's market what is reasonable to ask over fair market value?" - Karen from Rockford

There are sellers that are still insistent on obtaining maximum (or above) price for their home.

Well, Karen from Rockford! I have some serious questions for you!

1. Do you NEED to sell your home in the next sixty (60) days? If YES, then here are some other questions that will go to the heart of your current situation.

2. Do you NEED to sell your home for the maximum price? or do you NEED to sell your home?

3. Do you NEED to sell your home for the maximum price under current market conditions.................... or do you NEED to sell PERIOD?

These seem like simple questions that border on the word DUPLICATION.

For those of you that are having trouble selling your home, I assure you! They are NOT!

They are not the same question unless your actions, motivation and mindset about selling your home are on one accord and are conducive to meeting your current real estate NEEDS.

Depending upon the Absorption Rate and popularity of your neighborhood, you might be disappointed by the maximum price that buyers are willing to pay for your home.

You must price your home ahead of the market!

What does that mean? If you don't price your home in a way that positions yours to be the next in line to sell, then you might be chasing the market instead of pricing the market in your favor for a quick sale.

Let me allow Joshua Hanoud with Tropic Shores Realty in Spring Hill, FL to explain the risk of not pricing ahead of the market.

"The risk that you take by pricing above market value is that the market throughout most of the country is still trending downward, and if you are not the next home to sell, yours will be worth less next month. Market value is market value. It's not set by you, your realtor, or anybody else other than the buyer who is willing to put cash down on the table and slide it all over your way in exchange for your keys."

I know you might not want to hear these statements. However, if you were sick, you'd want the doctor to tell you ASAP! Well......In my mind, it's no different with my real estate clients. Therefore, paraphrasing The Shawshank Redemption...

It's time to GET TO SELLING or GET TO STAYING! The choice is yours.

When Considering South Carolina Retirement Plans...Don't Forget Columbia SC!

2008-10-14T20:52:00.001-04:00

While responding to general real estate questions from customers and the general public on Trulia.com, Roy from Ingleside asked the following question:

My wife and I are retiring in less than a year and are considering South Carolina…We live in the Chicago area now and are tired of the cold. We are looking for something under $200,000, near golf, boating and shopping. From what I have read, SC has low property taxes which is important to us. Which area around Columbia sc would be the best place for a retired couple to live?

What is my response? Peach Grove Villas could be a good option.

Unlike any other condo community in Northeast Columbia, Peach Grove Villas is an Epcon Community of ranch condos with private two car garages, sunrooms and floor plans from 1327-1927 square feet. The homes all feature stone and hardy plank exteriors and the community offers a clubhouse, fitness center and pool.

The first homes will be ready for occupancy in late summer or early fall of 2008 and Peach Grove Villas. Three of the four floor plans are one story homes and they are all built in the clustered "pinwheel" concept. This concept ensures all homes in the same building have front doors that face in different directions. This, along with the quality materials, provide the same comfort, style and character of larger, single-family homes all in a no maintenance, care-free lifestyle.

For more information about this or any other Epcon community, please feel free to give my friend Dan Elmaleh a call! He can give you more details! Dan can be reached at (803) 223-9545 or (704) 608-7621.

Irmo Homes For Sale - Ricefield Plantation Could Be A "Best Kept Secret"

2008-10-06T00:16:00.006-04:00

Looking for communities w/cookie cutter homes & small lots?

Then, Ricefield Plantation is not the neighborhood for you.

Priced from the $260s, Ricefield Plantation is a custom neighborhood with homes constructed by such builders as Rice Planter Homes.

These homes are within two miles of Ballentine Elementary School in the Lexington/R ichland Five School District.

The mission of School District Five of Lexington and Richland Counties, an educational community unified by an uncompromising commitment to excellence and strengthened in diversity, is to ensure that each student fulfills his or her potential and excels in a changing world by instilling integrity and virtue, stimulating critical and creative thinking, developing effective communicators and problem solvers, and fostering superior achievement and life long learning.

Most Irmo, South Carolina real estate, which includes Ricefield Plantation, is within minutes of Harbison Boulevard.

The Harbison Boulevard area, anchored by the 800,000 square foot Columbiana Centre shopping mall, is one of fastest growing retail center in Metropolitan Columbia, South Carolina.
The stores along Harbison Boulevard include many national restaurants and retailers such as Books-a-Million and Marshall's. Do you want to see a movie? Harbison offers The Carmike and Columbiana Grand Cinemas.

My featured listing is a 3 Bedroom, 2.5 Bath home has an open and bright floor plan with hardwoods throughout the kitchen and living areas. The kitchen has Solid Surface Countertops, Stainless Steel Appliances and cabinets galore.

This home can be yours for $254,900.

Here are some other available listings.........

4 Bedrooms - 3.5 Bathrooms - 3199 Square Feet for $319,000

4 Bedrooms - 2.5 Bathrooms - 2831 Square Feet for $268,945 (all brick)

Please feel free to call me at (803) 960-5231 for your showing appointments.

If you like reading this type of information, SUBSCRIBE to this blog.

Do You Really Want to Submit a Low Ball Offer?

2008-10-01T18:25:00.000-04:00

Guest Contribution from Rebecca D. Levinson
Corporate Blooger/Community Leader
Connect2Agent - Lake Geneva, Wisconsin
Phone: 888.513.7860 / rebecca@connect2agent.com

Are you considering making a "low-ball" offer to purchase your dream home? Any offer that is more than 10% off the asking price can be considered a low-ball offer. By sending a low-ball offer to a seller, you might be presenting yourself to sellers a someone that is not serious about buying their home.

Even in this market, homeowners do not like to waste time with "wannabe" home buyers with offers that are more than 10% off the listing price. Hence, you could impact your negotiating power with a seller.

There are many reasons why this is the case. Even though a real estate transaction is a business transaction, many sellers have personal feelings invested in the sale of their house. Their home has become like a welcoming friend, and so a low-ball offer can feel like a personal insult.

Some sellers cannot afford to sell for much less than what they are asking for their house. If the price of the house is in line with the current market values, they will not be in a position--nor will they be willing--to accept your offer.

The best way to make an offer on a house is to choose the right local real estate professional to assist you with home prices in the market.

(David's Note: For the full version of this article, click here)

Part-Time Job Opportunity in Columbia SC at Keller Williams Realty

2008-08-25T22:28:00.006-04:00

Associates of Keller Williams Realty in Columbia SC are now accepting resumes and cover letters for a new part-time job opportunity with potential growth into a full-time Management position.

Job Title - Marketing Coordinator

+ Function as a Liaison for a Real Estate Agency Representation Group

+ Prepare/Distribute Marketing Materials

+ Conduct Customer Surveys/Interviews

+ Perform Data Entry & Reporting

+ Handle Inbound Telephone Calls

Please email your cover letter and resume to jobsat684@yahoo.com or deliver the aforementioned to 4400 Saint Andrews Road in Columbia SC.

PLEASE NOTE: Keller Williams Associates are committed to keeping their telephone lines open for current and future clients. Therefore, please make any and all contact through email.

Thanks for your cooperation!

Turtle Creek - Homes for Sale in Northeast Columbia SC

2008-07-18T08:49:00.005-04:00

Turtle Creek is one of the few all-brick communities in Columbia real estate that is priced under $185,000. This community is within five minutes of the Village at Sandhill and Summit Parkway Middle School.

-- CLICK HERE TO SEARCH TURTLE CREEK HOMES FOR SALE --

Turtle Creek offers well landscaped sidewalks and walking trails with homes that sit on lots ranging from 1/4 to 3/4 acres.

This featured home has bamboo flooring, granite countertops and upgraded lighting. If you like homes that offer plenty of natural light and minimum maintenance, then Turtle Creek has your next home.

If you like reading this type of information, SUBSCRIBE to this blog.

Milford Park - Homes for Sale in Irmo / Ballentine

2008-07-08T15:38:00.004-04:00

Milford Park in Irmo/Ballentine offers roomy, traditional homes with spacious backyards. You’ll love the tree-lined streets, sidewalks and community recreation area with pool, cabana and a play area for your children.

Milford Park is within minutes of Ballentine Elementary School in the Lexington/Richland Five School District and the Harbison Boulevard.

The Harbison Boulevard area, anchored by the 800,000 square foot Columbiana Centre shopping mall, is one of fastest growing retail center in Metropolitan Columbia, South Carolina.

The stores along Harbison Boulevard include many national restaurants and retailers such as Books-a-Million and Marshall's. Do you want to see a movie? Harbison offers The Carmike and Columbiana Grand Cinemas.

This immaculate Milford Park home has a generous offering of hardwood floors and four bedrooms with the Master Suite on the lower level. The second level offers a huge loft to be used as an office or play area for your children.

If you are interested in this neighborhood, then CLICK HERE TO VIEW HOMES FOR SALE IN MILFORD PARK!

Are You Relocating to Columbia SC? Here Is Some Area Information!

2008-07-06T21:24:00.004-04:00

In the never ending effort to post useful information on the Internet, I have created some pages on my blogs and websites that can be used as a resource for finding…….

Columbia SC Area School Districts

Columbia SC Employers and Job Opportunities

Columbia SC Movie Theaters and Showtimes

If you would like for me to post additional information about Columbia, please CLICK THIS LINK and share your recommendation. Thanks in advance for your suggestions!

Keller Williams Columbia South Carolina Broker Needs Your Help

2008-07-04T12:40:00.006-04:00

One of the goals of ThePattersonFiles and my website ( http://www.davidpatterson.net/ ) is to provide information that is important to my readers (YES…That would be you!)

There are many real estate websites that are not consumer-centric. I have never had a desire to be part of the crowd. I want to be different and one of your valued assets.

Hence, I need your help! Do you have a real estate question that needs an answer? Are you looking for more information on a real estate related topic? Do you have an interested in what it takes for a real estate agent to be successful?

What information would you like to find on my websites and blogs?

At this time, you can find……

1. Columbia SC Homes for Sale
2. The Value of your Current Home
3. South Carolina Real Estate Agency Laws – Your Real Estate Rights!
4. Foreclosure Listings
5. Advice for First Time Home Buyers
6. A Partial List of Neighborhoods with Restrictive Covenants
7. Home Selling Tips
8. Actual Home Buying Experiences
9. Mortgage Resources
10. Real Estate Tax Laws

Please help me with providing you with a great resource for your real estate needs!

CLICK HERE to share your ideas! Your help is greatly appreciated!!

Columbia SC Real Estate Agency Laws – Agency Relationships

2008-07-02T14:05:00.003-04:00

This is Part One of a past series of posts that will attempt to perform one of my legal obligations to you. Today…let’s talk about real estate laws and how they impact you.

The South Carolina Real Estate License Law requires real estate licensees (agents) to provide you with a meaningful explanation of Agency Relationships offered by their Company.

When encountering any licensee (whether you meet them at an Open House or a New Construction site such as Lake Carolina) or before you begin to work with a real estate licensee, the licensee should give you an Agency Disclosure Brochure.

It is important for you to know the difference between a Broker-in-Charge and associated licensees. This brochure begins the process of providing a meaningful explanation of agency.

The Broker-in-Charge is the person in charge of a real estate Company. Associated licensees may work only through a Broker-in-Charge. In other words, when you choose to work with any real estate licensee, your business relationship is legally with the Company and not with the associated licensee.

A real estate Company and its associated licensees can provide buyers and sellers valuable real estate services, whether in the form of basic customer services, or through client-level agency representation.

THERE IS A DIFFERENCE BETWEEEN BEING A CUSTOMER & A CLIENT!

In Part Two of this series, I’ll discuss that difference and why you should establish your business relationship with a licensee EARLY in the process.

If you like reading this type of information, SUBSCRIBE to this blog.

Keller Williams Columbia Broker Advises First Time Home Buyers

2008-06-15T00:23:00.001-04:00

I am in the final stages of completing an series of articles that will discuss the different phases of buying homes for sale in Columbia SC . This is an attempt to educate first time home buyers about the critical steps in a successful home buying experience. Topics include:

•1. The Chicken or The Egg - Who Should First Time Homebuyers Hire First?

•2. Prequalification v. Preapproval: What's The Difference?

•3. First Time Home Buyer Interviews - Ricki Lake Would Be Proud

•4. MLS! - What Does Soccer Have to Do with Buying a Home?

•5. You Do Know That House Hunters is a Television Show... Don't You?

•6. You Found a House.......How Do You Make It Your Home?

•7. The Yogi Berra Saying That Offers Advice to First Time Home Buyers

If you would like for The Patterson Files to address any other home buying topic, please feel free to email the topic to thepattersonfiles@davidpatterson.net

You Do Know That House Hunters is a Television Show... Don't You?

2008-06-04T20:53:00.005-04:00

For those of you that might not have accessed cable television over the last decade, House Hunters has arguably become one of the most popular shows on HGTV. The premise of this show is simple. Home buyers meet with a real estate agent and visit three homes with a commercial or two mixed through their shopping search.

By the time the cameras have returned from the last commercial, the home buyers have picked a home, made an offer, closed escrow on the purchase, moved and remodeled the home.

I’ve had people say to me……………That is so unrealistic! Do most home buyers know that House Hunters is a television show?

Yes. House Hunters is a television show!

However, it is possible to have a similar experience by taking the following steps:

1. Hire a real estate professional that can put the F.A.T. in your home buying experience.
2. With the help of your real estate professional, hire a reputable mortgage professional.
3. Spend time with your real estate professional to conduct a Home Buyer Interview.
4. Allow the real estate professional educate you about the Home Buying Process.

In my opinion, you should take these four steps BEFORE GETTING INTO THE CAR AND LOOKING AT HOMES.

These steps will save you time, frustration and $4 a gallon of wasted gasoline.

Having Trouble With Selling Your Home?

2008-05-23T11:17:00.013-04:00

Guest Contribution from Patricia Kennedy, Author
The Irreverent Guide to Real Estate
Evers & Company - Washington, DC
Phone: 202.464.8400 / housepat@mac.com

A few years ago, I was approached to be the third agent for a stately colonial on upper 16th Street. The first two agents had the distinction of being the guys who ranked number 1 and 2 in dollar volume in DC. I'm nowhere close.

I reviewed the prior listing information. The price didn't look bad. Neither agent had made the place particularly easy to show - I hadn't been inside during either listing period. Then, when I got inside, I quickly figured it out.

The owners had been in the Foreign Service for decades and had lived and worked all over the planet. There was some amazing art work on every surface in the house - floors, tables and walls. In the living room, on the first wall you saw upon entering the house, they displayed a huge collection of ceremonial masks. They were beautiful, but awfully distracting, and some of them (the ones made to ward off burglars) were probably a little menacing to buyers crossing the threshold.

Then there were paintings and sculpture that was just distracting. Also, I imagined that the owners were reluctant to allow a lock box on the door of their little domestic museum.

So, my advice was to pack up almost all of the artwork and put it into storage. They did. They painted the living room and refinished the floors on the lower level.

I listed the house without any price reduction. Within a week, we had a ratified contract.

Now, sometimes it really is a price that's too high, but once in a while it's the ceremonial masks!

Columbia SC Home Values Aren't Determined By The National Media

2008-05-20T22:10:00.002-04:00

During my last post, I announced the ability for my readers to preview homes for sale in Columbia SC, homes for sale in Irmo and homes for sale in Lexington SC.

Now is the time for my second announcement regarding the enhancements to The Patterson Files.

In my opinion, all visitors to my blog should know the value of their home. Hence, I have added the ability for you to stay up-to-date on the value of your home.

Please feel free to visit RealEstateInTheMidlands.info for area home values and home values throughout the country.

If you ever have any questions about homes for sale or Midlands Home Values, please feel free to send me an email at cma@davidpatterson.net or give me a call at (803) 960-5231.

Columbia SC Homes for Sale and Irmo Homes for Sale

2008-05-17T13:03:00.010-04:00

Attention Future Home Buyers!

By popular demand, I have added the ability for you to preview Columbia SC homes and Lexington SC homes for sale at The Patterson Files. What did you say? You want to search homes for sale in Irmo? Well..........you will be able to search for these homes at The Patterson Files!

If you ever have any questions about any listing that peak your interest, please feel free to send me an email at cmls@davidpatterson.net or give me a call at (803) 960-5231.

Happy Home Searching!!!

Real Estate Broker David Patterson Joins Keller Williams Realty

2008-05-11T20:33:00.010-04:00

For those of you that frequent this site, you might have noticed an extended absence from posting to my blog. I apologize for my neglect. However, you know how moving from one place to another can be time consuming and physically draining. Yes……..I’ve been moving……moving to another company.

On Friday, May 2, 2008, I left my corner office at the Forest Acres branch of Russell & Jeffcoat to join the future real estate leader in Columbia, SC. Keller Williams has welcomed me with open arms and I look forward to the next phase of my real estate career.

Since joining Keller Williams, I’ve made several calls that have required an introduction of my company. Most of the initial responses to my introduction have been “Keller Who?” Well….If you don’t know about Keller Williams, you will know soon. In the meantime, let me give you a brief synopsis of Keller Williams Realty.

Founded in 1983, Keller Williams Realty Inc. is an international real estate company with more than 780 offices located across the United States and Canada. The company began franchising in 1991 and, following years of phenomenal growth and success, has become one of the five largest United States based residential real estate firms in North America.

The Keller Williams International Mission Statement is to build careers worth having, businesses worth owning and lives worth living. Our vision is to be the company of choice for a new generation of professional real estate agents and brokerage owners.

The Keller Williams Columbia Market Center has about 70+ agents and has just moved into a new, spacious brick building at 4400 Saint Andrews Road. If you would like more information about my new company, why we should be representing you in the purchase and sale of your home or interested in starting a career with Keller Williams and/or Patterson Group, please don’t hesitate to give me a call. I look forward to hearing from you soon!

First Time Home Buyers Should Know About Restrictive Covenants!

2008-04-23T15:00:00.002-04:00

Before purchasing a new or existing home, first time home buyers should ask many questions of their Accredited Buyer Representative……..

How much will I pay in annual taxes?
What will be the amount of my annual homeowner insurance premium?
Is the home serviced by a municipal sewer service or do I pay a separate company for my sewer service? (In Richland County, Palmetto Utilities provides sewer service to several Northeast Columbia communities.)

Here’s another good question a.k.a. The Question of the Day……….

Is the home located in a neighborhood that has restrictive covenants?

Residential real estate developers have been known to establish nonnegotiable restrictions and conditions of ownership in residential communities. These restrictions and conditions are listed in the Neighborhood Homeowners Association's (HOA) Covenants, Conditions, and Restrictions (CC&Rs) attached to the title of the property.

By not meeting the terms of the CC&Rs, the HOA could impose penalties that can range from placing a lien on your home to home foreclosure.

HOA CC&Rs commonly impose annual regime fees (that could possibly increase your monthly mortgage payment) and govern neighborhood standards such as acceptable home exterior colors, the maximum height of a fence and the acceptable location(s) to install a satellite dish (a requirement of the Patterson household).

Anyone can ask first time home buyers questions like......How many bedrooms or bathrooms? Do you want brick or vinyl? These are important questions.

However, there are OTHER QUESTIONS that should be answered. Knowing whether you are willing to live in a restricted neighborh0od should be decided BEFORE YOU SHOP for a home.

Postscript -- Here are some real examples of Homeowner Association covenants at these sites:

East Lake Homeowners Association Site --------------------- East Lake Restrictive Covenants

Forest Glen Homeowners Association Site ------------------ Forest Glen Restrictive Covenants

Oak Pointe Homeowners Association Site ------------------- Oak Pointe Restrictive Covenants

If you like reading this type of information, SUBSCRIBE to this blog.

Click Here for the HOMEPAGE.

The Most Common Question Asked by First Time Home Buyers

2008-04-16T11:03:00.001-04:00

“What is the first step in the process of purchasing a home?” This is the most common question asked of me by first time home buyers. My answer is always the same. “You need to hire a team of professionals!”

Have you seen the commercial with a man sitting at his kitchen table while on the phone with his doctor? The doctor starts by saying………

"Hey Bob…… have you disinfected the area?...Good....Now make a three-inch incision between the fourth and fifth abdominal muscles." The worried-looking man on the other end of the phone stares at the knife and says………."Shouldn't you be doing this?"

"It's really straightforward. Listen, I gotta go. I'll talk to you later." The doctor hangs up the telephone and leaves this poor guy to his own devises. Most of you would say….this is an unrealistic commercial. No one would make an attempt to perform that act.

Literally, I would agree with that statement. However, let’s dig a little deeper into that state of mind.

If we had termites or some other serious infestation, wouldn't we hire a pest company to treat the home? If we had a plumbing leak behind our clothes washer that caused water to seep into the walls (personal experience), wouldn’t we hire a plumber?

Not only would we hire these professionals. We’d even agree to pay their fee.

Consider this. There are several first time homebuyers shopping for homes while sitting at their computer with a knife in their hands.

Purchasing a home without hiring a team of professionals could cost you thousands of dollars in repairs, mortgage interest, and home equity. There are several aspects to buying a home.

If you are a first time homebuyer, YOU SHOULD NOT BE WORKING ALONE!

If you like reading this type of information, SUBSCRIBE to this blog.

MLS! - What Does Soccer Have to Do with Buying a Home?

2008-04-12T00:23:00.015-04:00

While doing some spring cleaning in my office for an upcoming event (that will prompt me to post a press release in the future…….stay tuned), I received an unexpected “walk-in” buyer.

“Mr. Patterson…I drove here from Boston and saw your ad in one of the local real estate magazines. To be closer to my family in Eastover, I am here to buy a home and 40 acres of land. Can you help?”

You all know my answer to that question!

I lead the New Englander to my conference room and began the Buyer Interview.
After some initial chit-chat, I asked……..What is your goal in this real estate transaction?

“I’d like to buy a big home with little money!”

“Well…’Mr. New Englander’, let’s scan the MLS database for homes that meet your criteria.”

“Mr. Patterson…..MLS! What Does Soccer Have to Do with Buying a Home?

“Mr. New Englander”……..I don’t understand.

“We have a soccer team in New England called The Revolution. They play in the MLS!”

No. No. No………MLS stands for the Multiple Listing Service.

Multiple Listing Service (MLS) is a database which allows real estate brokers representing sellers to share information about properties with other real estate brokers who may represent potential buyers.

By conducting an initial buyer interview with MLS at my fingertips, I bring more efficiency in the home searches of first time home buyers or those relocating to Columbia and Irmo, SC.

When meeting with a Buyer Agent for the first time, you should already have answers to these Top 10 Basic Questions that will be asked during a search of the MLS database………..

1. Have you been pre-approved for a mortgage? What is your desired monthly payment?

2. What area of metropolitan Columbia, SC interests you? (Northeast Columbia, Irmo, West Columbia, Lexington, Blythewood, etc.)

3. Are school districts important to you? Do you have a preferred school district?

4. Are you against being in a neighborhood with restrictive covenants?
5. Do you have a preference between an older home and a newer home?

6. How many bedrooms and bathrooms?
7. Do you prefer a ranch-style or two-story home?
8. Do you require a fireplace, garage or hardwood floors?
9. Do you have a preference between brick or vinyl exterior?
10. Do you have a preference between homes on crawl spaces or slab foundations?

By answering these questions before accessing MLS, you could save yourself $3.20+/gallon in gasoline costs and possibly put yourself on the fast track to finding your next home.

Why Are You Having Trouble Selling Your Home?

2008-04-09T23:41:00.019-04:00

Homeowners and readers of The Patterson Files have given me some inspiration. When I began my "Why Aren't Buyers Coming to See My Home?" series of posts, I did not expect the amount of interest in that topic on my blog. I was pleasantly surprised. Look for more of those posts in the future.

For this post, let's slightly shift the focus. There are some homeowners that experience a large amount of buyer traffic when putting home on the market. However.....ALL THEY HAVE IS TRAFFIC! Sellers want offers and contracts! If you are reading this post and you fit into that category, I have a question for you.

Why are you having trouble selling your home? Exposure to the market could be an issue! Pricing could be an issue! What are some other challenges with selling a home?

Take a Look at this Guest Contribution from Akanke Cadden
with OpenDoorStaging.com in Fort Lauderdale, Florida
(954) 302-4377 /Akanke@OpenDoorStaging.com

If this hits home, address the issue BEFORE YOUR NEXT SHOWING!

Why Aren’t Buyers Coming to See Your Home? – Part Deux!

2008-04-06T13:00:00.010-04:00

When I posted my first installment on answering the aforementioned question, I saw about four times more traffic in a short amount of time. Since I want my readers to know that I’m paying attention to their interests, let me hit you with my second answer to this popular question.

I’ve been known to answer questions with questions. This post will only support that reputation. You are wondering……Why Aren’t Buyers Coming to See Your Home?

Let me ask you a question. Is your home PRICED TO SELL?

Pricing your home is both an art and a science. Achieving the optimal price is the result of conducting OBJECTIVE research into comparable properties and a gut feeling about your property in relation to the current market. If you gut isn’t giving you the desired result, go and look at your competition.

Visit homes for sale in your neighborhood and analyze their asking price. If you home doesn’t show as well as your neighbors’ or isn’t priced as aggressively as your neighbors’, you might want to reconsider your asking price.

Price is the number one factor that most home buyers use to determine which homes they want to view. Furthermore, most Accredited Buyer Representatives will limit a buyer’s home search and their showings by analyzing the blend of price and value that is desired by their buyer client.

Even though the PRICE of the home is set by the homeowner, the VALUE of the house is determined by the buyer through influence from their research or from a real estate professional. (Note…I purposely used home and house in the same sentence.)

Attention Homeowners………..Try to avoid allowing your enthusiasm to impact your better judgment. Overpricing is a mistake that can cost sellers thousands of dollars.

As a proud member of the Council of Certified Residential Specialists, we would like to share some reliable guidelines to use for pricing your home……

FACTORS THAT SHOULD AFFECT YOUR ASKING PRICE INCLUDE......

How Quickly Do You Need To Sell (click here for examples of recent sales)

The number of homes on the market in your neighborhood or immediate area

Availability, Flexibility and Affordability of Financing

Sale prices of homes sold in your neighborhood/area during the past six months.

Factors that should NOT affect your asking price include..........

Your purchase price for the home. Remember........Buyers Set Value!

Today's cost to build your current home.

Your emotional attachment to the HOME. (It's a HOUSE to the buyer.)

The opinions of friends and neighbors....UNLESS that neighbor is a member of the Council of Certified Residential Specialists.

In Part Three of this series, I might give you some video for your viewing pleasure.

STAY TUNED!

Why Aren’t Buyers Coming to See Your Home?

2008-03-29T18:06:00.010-04:00

In previous posts, I’ve discussed some common questions that are asked by First Time Home Buyers.

In this post, I’d like to address one of the most common Home Seller Questions.

Let me set the scene. (Dim the lights. Clear Your Mind. Focus on My Words.)

You have been trying to sell your home for more than 60 days with ZERO SUCCESS! As a matter of fact, you’ve only had about 8-10 buyers visit during this period of time.

You begin to Google information about ways to sell your home with the following question in mind…

Why aren’t buyers coming to see my home?

Let me answer that question with a question.

If buyers aren’t aware about your home being available for sale, what is going to make them interested in seeing it?

For those of you that listed your home with a real estate agent, you probably experienced a listing presentation. Let me see if I can recreate that event for you.

Mr. & Mrs. Seller,

MLS (MULTIPLE LISTING SYSTEM) IS A SYSTEM THAT REAL ESTATE AGENTS USE TO PUT A SELLER’S HOME ON THE MARKET. WHEN YOU ARE LISTING WITH A REAL ESTATE AGENT, YOUR HOME GOES ON MLS SO THAT IT IS SEEN BY EVERYONE!! THERE IS ALSO A SIGN THAT WE PUT IN YOUR YARD THAT TELLS NOT ONLY YOUR NEIGHBORS THAT YOU ARE SELLING YOUR HOME BUT EVERYONE THAT DRIVES BY. WHEN YOU LIST WITH (depending on your experience – you may choose to insert your past or current real estate agent’s name here) I WILL PUT YOUR PROPERTY IN THE NEWSPAPER AND A REAL ESTATE MAGAZINE AS WELL.

Did I come close?

If you are in the process of selling your home in Columbia or Irmo, SC, there are two pieces of information that are vital to your success.

1. In South Carolina, we have a document called the Seller's Property Condition Disclosure Statement. As required by South Carolina law, the Seller must provide the Purchaser this disclosure PRIOR to the acceptance of the Contract of Sale.

2. 86% of home buyers started using the Internet as part of their process BEFORE they started looking for a specific home; the other 14% did after they started looking.

Is it a good thing to have your home in MLS. Yes! However, your home is BURIED with everyone else’s home in MLS! Do you want to be part of the masses or do you want to stand alone to be recognized by the world?

If your are selling your home through a FSBO Strategy or through a listing agent that does not have PERSONAL CONTROL of at least five websites, you might not be getting enough exposure to your home.

Patterson Group Clients have experienced great success in selling their home through our online and viral marketing systems.

Here are some of our success stories and one of many testimonials –

Snow Lane - Sold in 34 Days
Saddlebrooke Road - Sold in 30 Days
Orangeburg Drive - Sold in 22 Days
Cressfell Circle – Sold in Less Than 21 Days
Windsor Point Road - Sold in 15 Days
Curlew Avenue – Sold in 10 Days
Legend Oaks Drive – Sold in 9 Days
Morninglo Lane – Sold in 4 Days

'Patterson Group provides excellent service. Everything was done that could be and was done in a timely, professional manner. Even Mark Thomas (Closing Attorney) did and adequate and wonderful job. Thanks to Patterson Group for changing our negative feelings about buying/selling a home. YOU GUYS WERE AWESOME!' -- SSG Jarrett C. Vandi - US Army

If you would like to discuss the sale of your home, please feel free to call or email me and schedule an appointment to meet at my Forest Acres office.

I look forward to hearing from you soon. P.S. -- Click Here for Part Two of this Series!

Lexington SC Homes for Sale near White Knoll Schools

2008-03-27T17:08:00.013-04:00

This Johns Island floor plan is the only Four (4) Bedroom / 2300+ Square Foot home available in the Lexington, SC White Knoll Subdivision that is priced under $160K with TWO spacious Master Bedrooms! Plan includes formals, upgraded kitchen & family room.

Some of the children in this neighborhood are educated by the Lexington One School District.

Click here for a Virtual Tour of 121 Cleyera Drive

Looking for Lake Carolina Homes for Sale? - Visit This Site!!

2008-03-20T13:34:00.002-04:00

CLICK HERE TO SEARCH HOMES FOR SALE IN LAKE CAROLINA!!

If you are looking for a home priced in the $180,000 - $265,000 range, Berkeley Hall in Lake Carolina could be worth a look. Berkeley Hall is within walking distance of Lake Carolina Elementary, Kelly Mill Middle School and the NEW Northeast YMCA.

Here is one of the Berkeley Hall homes that's listed by my office.............

Our Featured Listing is Four Bedrooms, 2.5 Bathrooms and 2725 Square Feet (priced at $251,200). This home is located on a Cul-de-Sac lot with hardwoods on the lower interior.

The Master Suite has a Trey Ceiling and Sitting Area. The home has fresh interior paint, a screened porch, an automatic sprinkler system and a finished garage.

Identifying the perfect Lake Carolina Home is like looking for a needle in a haystack. If you'd
like help with searching for "the needle", call the HAY line at (803) HAY-9010.

If you like reading this type of information, SUBSCRIBE to this blog.

The Second Most Common Question of First Time Home Buyers

2008-03-17T01:10:00.000-04:00

“Is the current market idea for purchasing a home?”

In the current climate of daily foreclosure stories and “experts” using words and phrases like “recession” and “bursting bubbles”, I am going to answer this question and issue my perception of the current real estate market in Northeast Columbia, South Carolina.

We all have goals and dreams for our lives. Some of the items on my “Bucket List” or “Goddard’s List” include visiting all 50 states in The Union, competing on a game show and becoming one of the most trusted real estate professionals in South Carolina.

In my opinion...Anytime is a great time to realize your dream!

If you are looking to own a home and experience the “American Dream” of home ownership, REMEMBER…….Anytime is a great time to realize your dream!

Would you like some facts that support my answer?

In Northeast Columbia during 2007, the number of HOMES SOLD did decrease by about 10% in comparison to 2006 numbers. HOWEVER………….

While those numbers decreased, the average sales price INCREASED by about 4.69%. What does that mean to you?

If you were thinking about buying a home in 2007 and decided that the “television and news experts” were right about your waiting to purchase a home, you LOSS about $8400 in equity through natural appreciation.

Do you need some more convincing? Nibble on these numbers…….

These are the raw Consolidated MLS numbers for Northeast Columbia Zip Codes:
(Zip Codes: 29223 -- 29229 -- 29016)

Year----------Closed Sales----------Average Sales Price
2007__________ 2700_______________ $192,714
2006__________ 3091_______________ $184,072
2005__________ 2929_______________ $168,566
2004__________ 2517_______________ $169,245
2003__________ 2129_______________ $163,100

What do these numbers say?

If you had bought your home in 2003, you could have gained about $30,000 in home equity. Here’s a question for you?

How hard would it be for you to save $30,000 within four years?

In summary, if you are buying a HOME (and not primarily for investment purposes) and you are working with a team of real estate professionals…. Anytime is a great time to realize your dream!

For the most common first time home buyer question, visit my Most Common Question post.

If you like reading this type of information, SUBSCRIBE to this blog.

First Time Home Buyers Share Their Home Buying Experience

2008-03-13T13:32:00.009-04:00

Rebecca Levinson is a Corporate Blogger and Community Leader with Connect2Agent in Lake Geneva, Wisconsin. She has been nice enough to honor me with being a Guest Contributor of The Patterson Files.

Earlier this week, Rebecca sent me an email to announce the launch of Tales from the Connect2Agent Crib. “Tales” will be a monthly feature that showcases feedback from Connect2Agent employees on relevant real estate topics.

Quoting Rebecca… ”Homeownership is one of the most important goals in life for many people. Even though a home purchase is a business purchase, it is also a very personal decision.”

Rebecca asked some employees of Connect2Agent to tell her about their first time home buyer experience. The responses were enlightening. Here's just a sample......

"One thing I would have done differently is NOT used a family friend as our buyer's agent. I didn't feel like I could voice my concerns or displeasure at all, so as to not "rock the boat" with my parents' friendship with this person

Thanks Rebecca for sharing these experiences with my readers. You are one of the best!

Click Here for more of the Featured Responses

Click Here for Part Two

Click Here for Part 3 (The responses couldn't fit into one installment....ENJOY!)

Are You Selling Your Home in 2008? Don't Forget These Fees!

2008-03-12T22:10:00.004-04:00

When determining the amount of net funds finding its way into your pocket from the sale of your home, you must account for the fees charged by the State of South Carolina.

The State of South Carolina Code of Laws (Title 12 - Chapter 24) requires a recording fee to be imposed for the privilege of recording a deed in which any realty is transferred to another person.

Unless negotiated within the Contract of Sale, the homeowner is the party that pays these fees at the closing table.

Question #1 - How much are you "the homeowner" going to pay to the State for selling your home?

In most cases, a homeowner will pay $1.85 per each $500 represented by the sales price negotiated to consummate the realty transaction. For example, if I sold my personal home for $200,000, I would pay a deed recordation tax of $740.

Question #2 - Who gets the money?

Let me share with you the list of recipients.

The South Carolina Heritage Trust Fund (under the South Carolina Department of Natural Resources) receives $.05 from each $1.85 paid.

The South Carolina Housing Trust Fund receives $.20.

The South Carolina Conservation Land Bank receives $.25.

The South Carolina General Fund receives $.80.

The County of Residence (I reside in Richland County) would be the recipient of the remaining $.55 to help pay for the operation and administration of each local deed office.

For more information about the use of these funds, feel free to contact the representative of each aforementioned entity.

First Time Home Buyers Should Know Their Buying Power

2008-03-04T13:32:00.003-05:00

One of the biggest frustrations for both parties (buyers and sellers) in a real estate transaction occurs when home buyers are not properly approved and thoroughly educated about their mortgage.

For example, a buyer made a full price offer on a $160,000 home that was accepted by the seller. The lender had pre-approved the buyer for the loan. However, the lender had not communicated the monthly payment on a $160,000 mortgage to the buyer.

When receiving that piece of information about three weeks after entering into the contract, the buyer was floored and nervous about making the purchase.

Needless to say, the buyer did not complete the purchase. Understandably, the seller was less than ecstatic about this turn of events.

Before making an offer on a home, always obtain a copy of the Good Faith Estimate that is required to be given to you by your lender within three days after completing a mortgage application.

What did you say? "You don’t have a lender."

"You haven't applied for a home mortgage by completing a Uniform Residential Loan Application (Fannie Mae Form 1003)."

"You didn’t receive a Good Faith Estimate before shopping for a home."

Do any of the previous statements read like Greek to you (and you don’t speak Greek)?

If any of these statements are true for your situation, you are not properly prepared to purchase a home. You might want to hire a team of professionals that will properly educate and guide you successfully through the process.

If you like reading this type of information,

SUBSCRIBE to this blog.

Click Here for the HOMEPAGE.

Prequalification v. Preapproval: What's The Difference?

2008-02-24T10:58:00.012-05:00

Guest Contribution from Michael Eastham, CPA
Certified Residential Mortgage Specialist &
Chief Executive Officer - Global Lending Group
Phone: 407-388-1036 (ext. 140) / meastham@glgi.net
140 N. Westmonte Dr #204 - Altamonte Springs, FL 32714

In the world of real estate transactions, professionals and purchasers sometimes use the words “prequalification” and “preapproval” interchangeably. The problem is they mean two totally different things. If you are using the wrong word in place of the correct word, you may find yourself in the throes of a very sticky situation.

Let me paint the picture for you: you are the potential buyer of a home, ready to make an offer on a house. Your realtor tells you that you need to get a “pre-qual” letter from your lender to submit with the contract. You receive the letter and give it to your realtor. The letter is then submitted with the contract and accepted by the seller. Great news! Or is it? The contract states that you must close within 30 days and you could not be more excited. Now, let’s fast-forward to day 28. Your lender calls you to let you know that your loan was declined.

How could something like that happen, you ask? You were pre-qualified! Well, this is one of those times when you must understand what the definition of “is” is. There are significant differences between being prequalified and being preapproved. Knowing what they are beforehand can determine whether you actually close on the transaction or not.

Having a pre-qualification simply means that you have had a conversation with a lender and based on the information you have submitted, (and assuming all of it is true and that you can document it) the lender believes that you will get the loan. This is a very simple thing to do. In a 10-minute conversation, I can determine a borrower’s debt-to-income ratio, credit score, amount of available assets, and what loan to value is needed for the borrower. However, one thing that is not included in this process is the documentation needed to support the loan request. Without this information, the lender runs the risk that any one of a hundred variables could shoot down the loan and it could be declined.

When you get preapproved, it means that your lender has not only reviewed your loan information as in the prequalification stage, but has also taken that loan through several other steps to insure loan commitment. All of the pertinent documentation to support the loan request has been collected and reviewed by the lender. This is called the credit underwriting stage, and it is critical to make sure that the borrower is credit approved. W-2’s, pay stubs and tax returns are reviewed in order to verify income. Employment is verified. Funds necessary for closing and post closing reserves are sourced using bank statements, investment statements, and retirement assets. The credit report is carefully reviewed and prior mortgage history is verified. All compensating factors are considered as the underwriter assures the lender that the documentation supports the loan request in accordance with the guidelines for the requested loan program.

Once the credit underwriting is completed, we are able to issue the “preapproval” letter that states the loan is approved, based on the credit worthiness of the borrower. The only unknown factors are those relating to the property. That is why this credit approval will always be subject to the borrower providing a fully executed contract and a satisfactory appraisal for the subject property. This is a significant point, because when buyers have been preapproved, they are for all intents and purposes, the equivalent of a cash buyer. They are typically in a much better negotiating position, and are much more likely to have their contract accepted by the seller.

If you are serious about getting the house you want, you must understand the difference between these two terms. It is important to have that “preapproval” when you submit the contract. That way you can submit your offer with confidence, knowing that the loan is ready to go as soon as you get the contract and the appraisal. Of course this takes a little more time, but that is where a little planning comes in. If you get started just a few weeks before you plan to go house hunting, I guarantee it will save an enormous amount of time, pressure, and anxiety on everybody’s part when you do find that “home of your dreams.”

Here's A Great Television Show for First Time Home Buyers

2008-02-22T11:10:00.005-05:00

First time home buyers are always looking for help in understanding the home buying process. Wouldn't be nice to have a television show that represents the real estate transaction in a realistic light? Well....TLC could have another hit show on their hands.

My First Home brings the lives of first time home buyers to the television screen. Unlike some shows that depict the real estate process as seeing only three homes, making an offer on one and getting it to closing without issue, My First Home offers a more detailed, realistic perspective of the first time home buying experience by filming first time home buyer disappointments, anxieties and successes.

From previewing homes to picking out the perfect house, to waiting through escrow, to the final exchange of keys, My First Home cameras will follow real estate novices through the highs and lows of buying a first home.

Please visit my blog and make comments after watching an episode of My First Home on TLC. I am really interested in hearing your comments

Click Here for Upcoming Episodes!

First Time Home Buyers Should Know About Agency Agreements

2008-02-19T20:57:00.008-05:00

This is the final installment in my series on Columbia SC real estate agency laws.

Here's a summary of the past articles.......

Part One - Discussing agency relationships with real estate licensees (agents) and defining your business relationship with said agents.

Part Two - What's the difference between being a Customer and a Client?

Part Three - Why should all home buyers should hire a professional real estate agent?

Part Four - My fiduciary duties to you as a real estate consumer.

Part Five -What are the legal types of agency relationships in South Carolina?

Let's close this series by discussing agency agreements and summarizing your real estate representation choices.

When you choose client-level service, your written Agency Agreement or your agent should answer these questions:

Can you work with other real estate Companies during the time of the Agreement?
What will happen if you buy or sell on your own without the agent?
When will your Agency Agreement expire?
How will the real estate Company be paid for its services?
Does the real estate Company represent both buyers and sellers as clients?
What are the choices if two clients become involved in one transaction?
What duties will the real estate Company continue to provide me after the transaction is completed?

If you plan to become a client of a real estate licensee (agent) and their real estate Company, the licensee should explain the agreement to you fully and should answer questions you may have about the agreement.

Remember, however, that until you enter into a representation agreement with the Company, you are considered a customer and the Company cannot be your advocate, cannot advise you on price or terms, and cannot keep your confidences.

IT'S YOUR CHOICE!!!

As a real estate consumer in South Carolina, it is your choice as to the type and nature of services you receive.

You can choose to remain a customer and represent yourself while the Company represents the other party.
You can choose to hire an agent and real estate Company for representation through a written agreement.
If represented by the Company, you can decide whether to go forward under the shared services of dual agency or designated agency or to remain in single agency.

The choice of services belongs to you - the South Carolina real estate consumer.

If you ever have questions about Agency Relationships in Real Estate, please feel free to email me at blogger@davidpatterson.net

The Chicken or The Egg - Who Should First Time Homebuyers Hire First?

2008-02-11T18:56:00.000-05:00

If you visit the online resource provided by Merriam-Webster, you will find the following...

chicken–and–egg (adj.): of, relating to, or being a cause-and-effect dilemma

Etymology: from the proverbial question “which came first, the chicken or the egg?”

Date: 1959

You've decided to buy a home! Congratulations!

Let me guess......You have a question.

What is the correct first step in purchasing a home?
Actually...this question is probably one of the first questions asked by most home buyers.

Should you call a bank or mortgage company and obtain a preapproval or should you call a REALTOR® and discuss current market conditions? The answer to this "chicken or egg" argument will set the stage for a smooth or rocky home buying experience.

In my opinion, your first hire should be the professional that can put the F.A.T. in your home buying experience. What's F.A.T.? You are full of good questions.

F.A.T. is an acronym that represents the key qualities of a real estate sales professional. A real estate sales professional should be a great Facilitator, Advocate and Taskmaster.

If you do not hire a REALTOR® with these traits early in the process, you might be on the road to wasting scores of hours, gallons of gasoline and thousands of unnecessary dollars during the home buying process.

Why do you need a facilitator? Purchasing a home requires involvement from several professionals from different industries. You will encounter home inspectors, termite and heating & air specialists, attorneys, homeowners and other real estate agents. All of these parties have a hand in a real estate transaction. You need to find someone that can facilitate the involvement of these aforementioned professionals. Most mortgage loan officers do not have this in their job description.

However, being a facilitator is not enough. While facilitating these professionals, you want someone to work on your behalf.......An Advocate!

South Carolina Agency Law and the REALTOR® Code of Ethics charges REALTORS® to put your interests ahead of others at all times!

Reputable lenders will follow those principles. However, how do you know that home inspectors and other real estate agents are putting your interest ahead of theirs? That's right! You don't!

To guarantee having an advocate that has a fiduciary duty to work in your best interest, you should enter into a SIGNED AGENCY AGREEMENT with a REALTOR®.

Thirdly....You must have a Taskmaster that has years of experience in working as a facilitator and an advocate.

While doing some research, I came across a Marvel Universe fictional character named Taskmaster. Taskmaster possessed an arsenal of weapons and was a trainer of super villain henchmen. He has the ability to masterfully mimic the physical movements of anyone he witnesses.

Even though Taskmaster was a villain in the Marvel Universe, a good REALTOR® should possess and use their powers to slay the pitfalls (villain) that can challenge your home buying process. Without those traits, you home buying experiences could be full of frustration and disappointment.

In conclusion, an egg mostly brings forth only ONE CHICKEN. However, a chicken can look over many eggs. Do you want to start the process with someone that can represent only one egg in the home buying process or should you start with the person that oversees all the eggs?

The choice is yours! However, my advice would be to hire a chicken with super powers that can put the F.A.T. into your home buying experience.

First Time Home Buyers Should Know About Agency Types

2008-02-09T12:47:00.001-05:00

This is Part Five in my series on Columbia SC real estate agency laws.

In Part One, I expressed the importance of discussing agency relationships with real estate licensees (agents) and agreeing on your business relationship.

In Part Two, I wrote about the difference between being a Customer and a Client.

Part Three discussed the importance of some sellers and all home buyers becoming Clients.

Part Four stated my fiduciary duties to you as a real estate consumer.

This installment will discuss three types of Agency Relationships in South Carolina and how they impact you during the real estate sales process.

First, Let's discuss Single Agency. When a real estate Company and its associate licensee represents only one client in the same transaction (the seller or the buyer), the relationship between the Company and the seller/buyer is called Single Agency. Approximately 93% of my clients have entered into a Single Agency relationship with me. After reading the remaining portions of this post, you will understand the importance of that statement in reaching your real estate goals.

Let's turn our attention to the second type of agency.

Designated Agency came on the South Carolina real estate scene on January 1, 2005. In designated agency, a broker-in-charge (which is the personification of a real estate Company) may designate an individual associated licensee to act solely on behalf of each client. These designated agents have a duty to promote the best interest of their clients, including negotiating a price.

The broker-in-charge remains a disclosed dual agent (which will be address shortly) for both clients, and ensures the assigned agents fulfill their duties to their respective clients.

At the time you sign an agency agreement, you may be asked to acknowledge whether you would consider giving written consent allowing the Company to designate a representative for you and one for the other client in a designated agency.

For example....If I am representing you on the purchase of a home that is listed by my office colleague Lisa Davey, Lisa and I would be designated agents in that transaction and our broker-in-charge Margaret-Ann Ashburn would be a disclosed dual agent.

Disclosed Dual Agency exists when the real estate Company has two clients in one transaction – a seller client and a buyer client. At the time you sign an agency agreement, you may be asked to acknowledge whether you would consider giving written consent allowing the Company to represent both you and the other client in a disclosed dual agency relationship.

In a disclosed dual agency, the Company's representation duties are limited because a buyer and seller have recognized conflicts of interest. Both clients' interests are represented by the Company.

If I became a disclosed dual agent in any real estate transaction, I could not advocate on behalf of one client over the other, and cannot disclose confidential client information concerning the price negotiations, terms or factors motivating the buyer/client to buy or the seller/client to sell.

Hence....about 93% of my clients enter into Single or Desigated Agency agreement with me. It is important for my clients to have an advocate throughout the entire real estate sales process that is committed to your best interests.

In the final installment of this series, we'll discuss what to expect in an agency agreement.

First Time Home Buyers Need a Reputable Mortgage Officer

2008-02-05T00:18:00.000-05:00

After reading a post from my Guest Contributor Jorge Merlos, I had an epiphany. I hadn’t given you a real life example of a reputable loan officer in the Columbia area. Hence….this post is dedicated to correcting my faux pas.

There is a lady that is unique in several ways and brings her artistic creativity to the world of mortgage lending.

Let me introduce you to Leah Avery with Bank of America. She can be reached at (803) 255-7759 or you can email her at LEAH.AVERY@BANKOFAMERICA.COM

Patterson Group has teamed with Leah and her fellow loan officers to market a full range of banking products and real estate services to Columbia, South Carolina real estate home buyers.

Leah is a Columbia native and a Graduate of The University of South Carolina. Yes…Clemson Fans. Leah will still get you a great mortgage for your home.

Leah will meet to discuss your financial needs and analyze your credit and financial information in preparation to obtain the best mortgage option for your purchase while minimizing closing costs.

Leah sends this list of items to post. These are some items needed to assist her efforts to help you.

*2 years W-2s...Most loan programs will require that the borrower provide only the previous year’s W-2 statement. However, some government programs will want to review two years. If you are self employed, you’ll need to bring your entire return for the previous 2 years.

*Bank Statements...Lenders require a 60 day history of all active bank accounts. It is with these documents that funds to close are verified, etc.

*Current pay stub...Pay stub(s) will assist the lender in verifying monthly gross income, as well as what the borrower has earned year to date. Most loan programs will require only one pay stub, while several government programs request pay stubs for the previous 30 days.

*Driver’s License...Your lender will verify your name, address, etc. with your driver’s license. Please be sure to take your license to closing as the attorney may also verify your information.

*Other Income...If your qualification is based on other forms of income including child support payments, bring documentation (cancelled checks, etc.) to prove verification of such income.

The process of applying for a mortgage can be the source of much anxiety.

If you plan to meet with any lender in the near future, these aforementioned documents should be with you upon arriving at the lender’s office. This will contribute to expediting approval of your mortgage application.

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Buying a New Home? Consider Its Future Resell Value NOW!

2008-02-01T00:04:00.001-05:00

Guest Contribution from Darleen McCullen, Broker
Keller Williams Realty - Raleigh, North Carolina
Phone: 919.454.8864 / darleen@darleenmc.com

I was out for my morning walk earlier this week, and for the first time really "looked" at a set of new town homes near my residence. They're nice homes, but they back up to a busy street!
I thought to myself:

What were these people thinking when they purchased these town homes??

"Were they so anxious to live the American Dream that they weren't thinking about the location of the home?"

"Did the Builder give them incentives to purchase these homes that they didn't carefully consider the location - and the noise they'd hear inside the home at various times of the day?

DID THEY HAVE A REALTOR® to advise them?

WHAT COULD IT BE THAT WOULD CAUSE SOMEONE TO MAKE SUCH A POOR DECISION WHEN PURCHASING THEIR HOME?

When I am working with Buyers, especially first-time home buyers, I always advise... "Buy with the end in mind."

Buyers sometimes purchase what they consider to be the "perfect" home for them - without considering that they may wish to resell it in the future. The next buyer may not appreciate the fact that the home backs up to a busy street.

If trying to resell such a property, it may be necessary to cut the price to get rid of it. Home sellers, of course, want to protect their equity. So buying right in the first place will certainly help!

Yes, I believe there will eventually be a buyer for every property. But the question is "At what price will the buyer come?"

Fiduciary Duties are Important to First Time Home Buyers

2008-01-31T15:17:00.001-05:00

This is Part 4 in my series on Columbia SC real estate agency laws.

In Part One, I expressed the importance of discussing agency relationships with real estate licensees (agents) and agreeing on your business relationship. In Part Two, I wrote about the difference between being a Customer and a Client. Part Three discussed the importance of some sellers and all home buyers becoming Clients.

This installment will discuss your expectations of a real estate agent and their fiduciary duties to you.

If you enter into a written agency agreement, as a Client, you can expect the real estate agent and her/his real estate Company to provide the following client-level services:

1. OBEDIENCE - If, and only if, you have SIGNED an agency agreement with an agent and/or real estate company, the agent is obligated to promptly and efficiently obey all of your LEGAL instructions. HOWEVER, you MUST HAVE a signed agreement to receive this level of client services.

2. LOYALTY - This fiduciary duty obligates a real estate agent to operate and negotiate in your best interest. Unless you have a SIGNED agency agreement with an agent or real estate company, the agent/real estate company is not required to be loyal to you. Therefore, when you walk on that new construction site and begin to sign documentation, remember this................

If you do not have representation with you, the on-site agent is not required to work for your best interest!

3. DISCLOSURE - An agent must disclose all known relevant and material information. For example, your agent should educate you about any factor that might affect the value or desirability of the home being considered for purchase.

By the way, NEVER ENTER INTO A CONTRACT without reviewing the Sellers Property Condition Disclosure Statement. If you are looking at new construction, this property will not be available to you for obvious reasons.

(NOTE -- Not all homes are required to have this document. For a list of exemptions, please feel free to email me at blogger@davidpatterson.net)

4. CONFIDENTIALITY - Unless you give consent, an agent is obligated to safeguard your personal information and your ability/willingness to pay more for a home than your offer price. However, if you do not have a signed agency agreement with a real estate agent or company.....

"ANYTHING YOU SAY CAN BE USED AGAINST YOU........" (Know Your Rights!)

5. ACCOUNTING - An agent and their real estate company is obligated to account for all money, deeds, documents and/or any other property given to them by you. For example, I have a client from Virginia that is moving to our area. In an effort for me to work on her behalf, she entrust me and Russell & Jeffcoat with $1250. This money is to be held in earnest and for payment of required inspections.

When hiring an agent, you must hire someone trustworthy! $1250 is not a trivial amount to being handing over to any Tom, Teresa, Dick, Denise, Harry or Harriet!

6. Reasonable Care and Skill - This is the most ignored duty by first time home buyers! Just because you have a friend or acquaintance that has their real estate license, that does not equate to possessing the skill necessary to fulfill this and the aforementioned fiduciary duties.

An agent is obligated to use reasonable care and diligence when representing you. You should expect a standard of care that only a COMPETENT real estate PROFESSIONAL can exhibit.

You should hire someone with superior skill and knowledge of the real estate market. No agent can possess superior skill AND knowledge by having closed only 1-4 transactions in their career.

You need to hire professionals such as an Accredited Buyer Representative, a Certified Residential Specialist or a real estate professional that has closed at least 25 transactions.

In my opinion, I would not want to be in the courtroom with an attorney that has never represented someone on trial for their freedom. That same mindset should be used in hiring a real estate agent.

In Part Five of this series, we will discuss Columbia SC Real Estate Types of Agency.

Obama Endorsed by The State Newspaper in Columbia, South Carolina

2008-01-22T18:03:00.000-05:00

It's official! After a stimulating and, at times, heated debate in Myrtle Beach, South Carolina, The State Newspaper has endorsed the presidential campaign of Senator Barack Obama from Illinois.

What is your reaction to this news? Please post your comments.

Staff Writer Ben Smith with The Politico reported this endorsement news on his blog. One of the reactions included the following quote...

"I am a Republican and would gladly work with Obama......."

Congratulations Senator Obama! I wish you much success on this journey called life and your pursuit to become the 44th President of the United States of America.

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First Time Home Buyers Should Be Clients

2008-01-17T00:02:00.001-05:00

This is Part 3 in my series on Columbia South Carolina real estate agency laws.

In Part One, I expressed the importance of discussing agency relationships with real estate licensees (agents) and agreeing on your business relationship. In Part Two, I wrote about the difference between being a Customer and a Client.

This installment will discuss the importance of some sellers and all home buyers becoming Clients. Clients receive more services from real estate licensees than customers.

If you are a first time home buyer, I STRONGLY ENCOURAGE YOU to hire an Accredited Buyer Representative (ABR). There are ABR's that will work with you for FREE*! How can you beat that?

A seller becomes a client of a real estate company by signing a formal listing agreement with the Company. For a seller to become a client, this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the seller and the Company which becomes the agent for the seller.

A buyer becomes a client of a real estate Company by signing a formal buyer agency agreement with the Company. For a buyer to become a client, this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the buyer and the Company which becomes the agent for the buyer.

Let me take a moment and place emphasis on the previous paragraph. If you do not have a signed agreement from a real estate company or associated licensee, they are not required to work in your best interests!

For example, if you visit a new construction site and meet the on-site agent, they are talking to you with the best interest of the builder/seller in mind. Why do I know this? It's their Fiduciary Responsibility to represent the best interests of the builder/seller.

If you give that on-site agent information about yourself without representation, that agent has a legal duty to share it with the builder/seller. What you don't know about how they use your information could hurt you!

There are several examples of current homeowners that would never buy a new home again without the help of an Accredited Buyer Representative or Certified Residential Specialist. The ABR and CRS Designee is trained on representing and negotiating for your best interests!

Let me say this again...............If you are looking to buy a home, GET REPRESENTATION! Bad things can happen to you that could take years and thousands of dollars to correct.

In Part Four, we will discuss the fiduciary services that Clients should receive from their licensee (agent) and the real estate Company.

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Attention 2007 Home Buyers! - Remember Your Tax Deduction

2008-01-15T00:06:00.000-05:00

As the sun rises on this morning, I am reminded of the 2007 Federal Income Tax Filing Deadline that is three months from today.

One of my annual January mailings that keep me in touch with my clients is their HUD-1 Settlement Statment from the previous year. If my clients purchased a home in 2007, they will be receiving this mailing.

Later in this month, I will be including a little extra note in the annual mailing. Do you remember the Tax Relief and Health Care Act of 2006?

This signed legislation will allow 2007 homebuyers to deduct premiums paid for mortgage insurance - which typically is required when homebuyers purchase a home with less than a 20% down payment.

This new insurance premium deduction will only apply to mortgage insurance contracts issued in 2007 and is only available to taxpayers whose adjusted gross income does not exceed $110,000 ($55,000 for married taxpayers filing separately).

What did you say? ---- You didn't purchase a home in 2007. ---- NO PROBLEM!

Legislation has been passed extending the tax deduction for private mortgage insurance through 2010.

For more information about H.R. 6111 (look in Act 419-Code 163-6050H) , contact your CPA or tax attorney.

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43 Years Young - Russell and Jeffcoat Realtors

2008-01-14T00:07:00.000-05:00

In 1965, Bob Russell announced the opening of Bob Russell Realty and Abb Jeffcoat, Jr. became a member of the Russell Realty Team. Over 40 years later, Russell and Jeffcoat has become the largest listing and selling real estate company in metropolitan Columbia, South Carolina.

Russell and Jeffcoat is also recognized as one of the leading independent residential real estate firms in the Southeast Region of the United States.

Below is a commercial released by Russell and Jeffcoat

You Are A Customer - Columbia SC Real Estate Agency Laws

2008-01-11T00:11:00.001-05:00

This is Part Two in my series on Columbia South Carolina real estate agency laws.

In Part One, I expressed the importance of discussing agency relationships with real estate licensees (agents) and agreeing on your business relationship.

Unless you have signed an Agency Agreement with a real estate licensee, you are a Customer.

South Carolina license law defines customers as buyers or sellers who choose NOT to establish an agency relationship. The law requires real estate licensees to perform the following basic duties when dealing with any real estate buyer or seller as Customers:

Present all offers in a timely manner
Account for money or other property received on your behalf
Provide an explanation of the scope of services to be provided
Be fair and honest and provide accurate information
Disclose "adverse material facts" about the property or the transaction which are within the licensee's knowledge

Unless or until you enter into a written agreement with a real estate Company for agency representation, you are considered a "Customer" and a real estate Company or a licensee will not act as your agent!

As a Customer, you should NOT expect the Company or its licensees to promote your best interest, or to keep your bargaining information confidential.

In Part Three of this series, I'll discuss the importance of establishing a client relationship with a licensee EARLY in the process.

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How to Determine Whether Your Loan Officer is Reputable

2008-01-10T22:19:00.000-05:00

Guest Contribution from Jorge Merlos
Integrity Home Finance-Rancho Cucamonga, CA
Phone: 909.945.8621 / jmerlos@ihfinance.com

In slower markets, some loan officers may feel pressured to close deals that aren't in the homeowner's best interest. In order to avoid getting into difficult and financially compromised positions with their mortgages, borrowers are well advised to be acutely aware of the signs of a responsible loan officer when selecting a mortgage professional.

First, look for a Mortgage Planner whose values are focused on helping individuals to achieve their financial goals in both the fastest and the safest way possible. A reputable Mortgage Planner will show you the numbers associated with the proposed loan and provide you with concrete information that backs up his or her claims. Review all of the numbers. If they don't add up, ask for clarification. If your loan officer can't or won't answer your questions, move on--without the loan.

Secondly, a responsible Mortgage Planner will present you with financial information that goes beyond the point of the transaction, and will illustrate the total cost of the loan over time. If your loan officer is focusing only on rates and fees, you may be working with someone who's looking out for his or her own best interests, not yours.

Responsible Mortgage Planners will also tailor their strategies to fit your unique situation. In other words, they always take your personal financial goals into account. No one should try to place you into a loan without knowing the intricacies of your personal financial situation.

Finally, if your loan officer is advising you on issues other than mortgages, you could be working with someone who is compromising your best interests. Issues like investment rates of return and real estate appreciation aren't the areas of expertise for the vast majority of mortgage professionals and should be left to the professionals who have training and direct experience in those areas.

When seeking a loan officer, look for someone who specializes in mortgage planning, which is the process of evaluating a borrower's unique financial situation and advising the borrower on a loan that best suits his or her individual needs and goals. If your loan officer is trying to put you into a loan without evaluating how that loan will effect your entire financial situation--including debt management, tax benefits, investment goals and net worth--it's quite possible that you're only getting half of the picture.

The bottom line is that your mortgage representative should always be looking out for your best interests, regardless of market conditions.

David's Footnote: For more information on Columbia, South Carolina loan officers, CLICK HERE.

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30 Things Before Putting Your Home on The Market

2008-01-09T14:45:00.001-05:00

Guest Contribution from Jill Wente, Realtor
Prudential Gary Greene - Spring, Texas
Phone: 281.804.8626 / jwente@garygreene.com

Top 30 things to do before putting your home on the market. Make your home's "First Impression" its "Best Impression"

Trim your shubbery

Add color with flowers and potted plants

Powerwash the front sidewalks and driveway

Clean the pine needles from the roof

Repaint to a neutral color walls with vivid colors

Wash the windows

Refinish your front door and polish the hardware

Get a new door mat that says "Welcome"

Clean up after your pets

Organize the garage to make the space seem larger

Make sure all your light bulbs are working and replace any burnt out ones

Replace old, stained, worn out carpet. If they don't need replacing have the carpets professionaly steam cleaned

Remove excess furniture that make your rooms look small

Wipe down the walls. If the walls need more than a thorough cleaning, apply a fresh coat of paint.

Powerwash the exterior of the home

Set out "show towels" in the baths

Clear away the items on your sink vanities and store them in the cabinet.

Get as much stuff off the floors in your closets as possible. Thin out your hanging clothes. Neaten up the things on your closet shelves. These actions will make your closets look larger.

Depersonalize your home. Put away family photos, sports trophies and yoru collectibles.

Organize your pantry

Remove all the items from the top of your kitchen counters. Only leave out those items that you absolutely use on a daily basis

Remove everything from the top, front, and sides of the refrigerator.

Repair or replace any leaky faucets

Make your fireplace the focal point of the room instead of the television

Dust all the light fixtures

Recaulk the grout around your shower and bathtubs

Clean your tile grout

Check all the ceilings for water stains. If an active leak exists repair it. If the stain is from an old repaired leak, repaint the ceiling.

Dust the baseboards

Freshen the air by deodorizing pet areas

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Lexington South Carolina Approves Sex Offender Ordinance

2008-01-08T22:19:00.001-05:00

The Lexington Town Council approved an ordinance that would effectively ban registered sex offenders from moving to Lexington.

The council made its decision after a favorable opinion from the state attorney general.

The ordinance would also prevent sex offenders from living or loitering within 2,000 feet of schools, churches, parks, playgrounds and other sites where children might gather.

State Attorney General Henry McMaster says the rule would likely stand up if challenged in court.

Click Here for more video about this story.

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Open Letter to the 2009 Outback & Capital One Bowl Committees

2008-01-07T23:51:00.000-05:00

Dear 2009 Outback & Capital One Bowl Committees:

According to a published report in USA Today, your bowl game is a competition between the Big Ten Conference and the Southeastern Conference.

This is just a quick note to remind you of The Ohio State University Football Program bowl record against Southeastern Conference Football Programs. That would be ZERO for 9!

If you would like to present a competitive game in which the outcome is in doubt, please do not invite The Ohio State University Football Program to participate in your 2009 game.

Your consideration is greatly appreciated.

Sincerely,

David A. Patterson
Supporter of Competitive College Football Bowl Games

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Hey BCS! No more Oklahoma Sooner Games!

2008-01-03T01:02:00.000-05:00

Oklahoma Fans! Be prepared to get MAD!

The BCS should have done their research............

Oklahoma is ZERO for 4 in their last four BCS games! They've won as many BCS games as my family since 2004. You don't believe me..... Here's the history.......

Fiesta Bowl 2008 - West Virginia 48 Oklahoma 28 (without Steve Slaton)

Fiesta Bowl 2007 - BOISE STATE 43 Oklahoma 42 (Note: Boise State is in the same conference that produced Hawaii. Hey, Hawaii.... How did Sugar Bowl 2008 work for you?)

Orange Bowl 2005 - USC 55 (yes 55) Oklahoma 19

Sugar Bowl 2004 - LSU 21 Oklahoma 14

After watching USC's, Georgia's and WVU's performances and watching the last four BCS performances of the Oklahoma Sooners, the BCS Committee should have their heads checked.

I know. I know. Oklahoma won the Big 12 Championship. Hey Missouri! You let down the whole country. We needed you in the Fiesta Bowl. This happened on your watch!

Unless proven otherwise, Oklahoma is not a Bowl Championship Series team.

For Oklahoma fans, here's wishing you better days for the football program.

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2008 Resolution #9 - Obtain My Real Estate License

2008-01-01T18:10:00.001-05:00

Guest Contribution from Darleen McCullen, Broker
Keller Williams Realty - Raleigh, North Carolina
Phone: 919.454.8864 / darleen@darleenmc.com

So...you're thinking of obtaining a real estate license. If you're enrolled in a real estate school, no doubt, you are studying hard and may be seeing visions of monstrous commission checks and living large.

Hold your horses, my friend! Don't jump in feet first. There are some things you may wish to consider before quitting your Day Job. Here are 5 things I wish someone would've told me:

1) Have at least 6 to 12 months of living expenses saved. You may need it! Since real estate is a 100% commission business, there will be up and down months. During those down times, your bills will still need to be paid. (It would look awful if you, as a REALTOR®, are selling the American Dream - but you're unable to pay your mortgage and other living necessities, wouldn't it?)

2) If you're planning to join a real estate company, do your homework. It's wise to interview a number of agents who currently work within the firm - as well as past agents if you are able to locate them. (The current agents more than likely will tell you all the things they like about the company - but the past agents may offer some insight as to why they left. )

Also, if you're new to the business, you're going to need training. And potentially lots of it. Real estate is a contact sport - and no two transactions are alike. (Ask any of the seasoned professionals. They'll tell you!) The more training you have, the better your chances are at being able to negotiate your way through complicated situations.

There are some firms that offer new agents very little training - and it's literally sink or swim. While it does take drive and initiative to succeed in real estate, it also takes training and sometimes a shoulder to lean on when you have questions or get discouraged.

3) Start making a list of everyone who know, love, and trust you. These people could potentially be your first clients or know someone who is looking to buy or sell property. With them, you won't have to build trust - it's already there. Send a mailing to these individuals. Here's a Sample Letter I sent to my contacts. Feel free to modify it and use it as your own.

4) Have some money set aside for marketing. When I first got into the business, I relied heavily on prospecting for new business and my sphere of influence - but did not market to those individuals I didn't already know (what is known as a farm). Taking a two-tier approach would've been helpful to build my business faster.

5) Sales is about building and maintaining relationships. It's also about rejection. So you must have a tough skin and not take things personally. There are going to be those people who you consider friends who may not use your services. I have read many blogs on ActiveRain of agents whose friends and family decided to go with another firm. It happens. Someone in real estate once said to me: "Some will. Some Won't. So What? Who's Next?"

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Dave's Top 10 - Television Marathons

2007-12-31T19:27:00.000-05:00

The Holiday Season is the most popular time for Television Marathons. At the moment of this post, the $100,000 Pyramid Marathon is winding to its conclusion on Game Show Network. Tomorrow, the Let’s Make A Deal Marathon will commence at 9am Eastern. Do you see a theme with my marathons?

Yes. I’m somewhat of a game show addict. One day…I hope that you’ll see me on TV and say…

I know that guy! He’s my real estate agent friend in Columbia, South Carolina.
Sorry. I digressed. Anyway…….

These marathons motivated me to share with you my personal 2008 Television Marathon. These are the shows that will give me a break from the real estate world. If you are looking for something new to watch on television, give these shows a try.

1. Family Guy – If you are a member of Generation X, this show will be hilarious!

2. The Boondocks – Aaron McGruder’s Comic Strip comes to life on Cartoon Network’s Adult Swim.

3. Countdown with Keith Olbermann – I can describe this show in eight words “World’s Worst Person in the World and Special Comments”. Don’t forget to by his book entitled Truth and Consequences.

4. The First 48 – This is a REAL LIFE (not staged reality) show based on homicide detectives in cities such as Memphis, Tennessee and Miami, Florida.

5. Reno 911! – If you are a fan of the long running television series COPS, you’ll love this parody! This is another hilarious show!

6. Mythbusters – This show deals with the validity of urban legends that have existed throughout history. Does mice actually scare elephants? This show attempts to answer that question.

7. American Gangster – This is a documentary series featuring some of the most notorious African-American gangsters. Ving Rhames is the narrator.

8. Dr. Frank E. Ray, Sr. – Dr. Ray is the pastor New Salem Missionary Baptist Church in Memphis. If you are ever in Memphis on a Sunday morning, Dr. Ray's sermon is a required activity. I watch his sermons on The Word Network.

9. Boston Celtics Games – I am a huge Kevin Garnett fan! This will be his best opportunity to with a NBA Championship! “Let the truth be told!”

10. The new television show of 2008 that catches my attention.

Here’s wishing you a safe, blessed and healthy (and great TV watching) 2008!

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Buying Real Estate Foreclosures

2007-12-17T08:46:00.000-05:00

Guest Contribution from Rhonda Burgess

Realty World Southern Living - Nashville

Myth: Buying a foreclosure is always the best deal.

Buying a foreclosure is NOT always a good deal. With so many foreclosures and distressed properties on the market right now, one could easily assume that a foreclosure is the way to go. After all, it was a nice house at one time. The lenders have lost so much money lately that foreclosures are being sold for pennies on the dollar, right???

Wrong! While no lender wants to foreclosure on any homeowner, it does happen. We are all told at the closing table "If you don't pay, you don't stay." The main reason why so many people lose their homes is because of illness and being unable to work due to the illness.

Even though these days more and more foreclosures are being attributed to the adjustable rate mortgages, illness is still the #1 cause. And usually what happens during this time of illness is that the house as well as the mortgage is neglected. No maintenance, no pest control, no lawn care, no painting, no cleaning, etc. These houses become a shell of their former selves. Normally by the time the bank has taken it back, this once prized asset has deteriorated in condition and value.

Lenders never want to own real estate. Banks/lenders are in the business of loaning money, not buying or selling real estate. Lenders make even worse property managers so they had that over to Realtors to do.

The marketing job comes back to the Realtor to market that property and get it sold FOR AS MUCH AS POSSIBLE and as quickly as possible. The lenders want to stop the bleeding too.

While in some parts of the country that have been hit especially hard by foreclosures, the vast majority are not selling these properties for pennies on the dollar. Many of the banks have gotten into the home improvement business by rehabbing many of these properties before they place them on the market.

Let me say it again, the banks want them sold FOR AS MUCH AS POSSIBLE.

Simply do the math: If a lender has invested thousands of dollars in rehabbing a property, do you think they are looking for 50 cents on the dollar when it sells?

We get calls from buyers who only want to see foreclosure listings. There are certainly still some bargains to be had in the foreclosure market but buyers need not overlook the other existing homes on the market. If you find a great home that has been loving cared for by their present owner who continues to do the grass cutting, maintenance, etc., at a below market price next door to a foreclosure that needs work for the same price, which one do you choose?

With the sheer number of well-maintained, aggressively-priced existing homes with motivated sellers, buyers need to consider all of the properties on the market and not just focus on the foreclosures.

Foreclosures sure do sound good on paper or in the media, but foreclosures are not always the best deal.

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Get A Home Warranty!

2007-12-16T22:44:00.000-05:00

For homeowners, selling a home can be a challenging task. For home buyers, purchasing a home is a major investment and a big step in their lives. For both, most systems are hidden from view and are easily taken for granted until something goes wrong. That is when your asset/investment can become a major headache! Hence, home warranties are becoming a fundamental part of all real estate transactions.

Homeowner Advantages

Sellers give themselves a marketing advantage and are protected from unexpected bills on covered systems and appliances during the listing period. Sellers also reduce their after-sale liability. In this litigious society, that type of protection speaks for itself.

Buyer Advantages

After making your down payment, covering your closing costs, paying for moving and incurring all incidentals, your home should provide comfort and joy, not the surprises of extra (and expensive) repair bills on major systems and appliances.

Beginning on the day of closing, your year-long home warranty provides for the repair or replacement of mechanical systems and major appliances that break down due to normal wear and tear. Plus, if you like the peace of mind that is provided by your home warranty, you have the option of renewing your warranty on an annual basis.

For more detailed information about your Home Warranty options, please feel free to email me at blogger@davidpatterson.net

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Welcome to The Patterson Files!

2007-12-15T09:33:00.002-05:00

The Patterson Files is the blogging voice of David Patterson, Broker with Keller Williams Realty in Columbia, South Carolina. Through this blog, David will express his opinions on metropolitan Columbia real estate, area attractions, local vendors and public establishments. David will also share his thoughts on sports happenings, music and an assortment of other topics.

“From personal experience, I have found that trust can be gained through friendship.” – David Patterson

“In order to make a friend….you first gotta be a friend.” -- Chuck Brown (http://www.windmeupchuck.com/).

The Patterson Files is David’s attempt to be your trusted source for Midlands community information and your friend in Columbia real estate.

From time to time, David will be inviting some Guest Contributors to this blog. His goal is to build a network of families, friends, neighbors and fellow real estate agents in an effort to openly discuss real estate and life in our lovely corner of the world known as Richland County.

Who knows……you might be asked to become a Guest Contributor.

“Remember…this blog is for my readers (that would be you). Without you, it cannot be a success." -- David

If you’d like to submit a topic for to be covered on this blog, please send your topics to blogger@davidpatterson.net

Click Here to visit the most recent articles.

A Columbia South Carolina Real Estate Agent....and more

2007-01-13T11:17:00.002-05:00

My name is David Patterson and I am the architect of this blog. Let me take a moment to tell you about me, my experiences, hobbies and my professional mission statement.

I’m a 36 year-old West Virginia native. I attended Mount View High School in Welch where I was the Football Defensive Captain of the first playoff team in MVHS Golden Knight history. How would I rate our first defensive performance? Mount View 12 -- #4 Martinsburg ZERO! I can’t believe that we’re approaching the 20th anniversary of that team. Time flies……

After graduating from Mount View, I obtained my Bachelor of Arts Degree in Mathematics from Queens University in Charlotte, North Carolina. Queens is truly a community and an extended family of diverse backgrounds (we miss you Dr. Billy O. Wireman).

While going to school and briefly living in Charlotte, I had an opportunity to experience the birth of the Carolina Panthers. Hence….I am an original fan (in 2007….that’s a hard fact to admit).

Currently, I am a real estate Broker with Keller Williams Realty in Columbia, South Carolina. My mission statement is to become one of the most trusted, best trained, solutions oriented real estate broker in South Carolina. What makes me qualified to publish this blog?

I have been awarded the prestigious Certified Residential Specialist (CRS) Designation by the largest not-for-profit affiliate of the National Association of Realtors.

DAVID PATTERSON LOVES HELPING FIRST TIME HOME BUYERS IN COLUMBIA, SOUTH CAROLINA!

I’ve been awarded the Certificate of Professionalism by the Greater Columbia Association of Realtors. GCAR recognizes some of its members for their participation in educational opportunities which sets us apart as professionals with the knowledge and skills to provide clients with the best possible service.

Also, I am a licensed real estate instructor with the Real Estate School for Success. If you are interested in getting your real estate license, read Darleen McCullen’s post on obtaining your real estate license. Who knows…..I might have a role on my team for you.

Enough about my business side! What does David do for fun?

Like the O’Jays……….I LOVE MUSIC! All types…..Old and new! RIP....Gerald Levert!

If you're interested in some of my favorite songs, VISIT MY SQUIDOO LENS.

I’m an avid sports fan! Some of my favorites include:

Kevin Garnett – Could this be the year for him and the Boston Celtics?

The Atlanta Braves – Let’s get back to the glorious days known as the 1990s.

The Pittsburgh Steelers – BORN & RAISED a Steeler fan.

I can’t claim too many hobbies. However, I enjoy……

Old game shows such as Match Game, Family Feud, the bonus game on the $100,000 Pyramid. One day…..I’d like for you to see me achieve my goal of appearing on a game show.

Playing Golf…..However, it is hard to play as much as I like. What’s my handicap? My drive off the tee!

Traveling - I will save my Top 10 Destinations for a future blog post.

Spending time with my friends and family. My mother has 9 brothers and 5 sisters. Family reunions and holidays are truly fun. Oh…I don’t want to forget one of my favorite members of my family. Introducing my niece Amaya Jade Martin

She’s going to be a superstar! In what field? Whatever she chooses!

That’s me in a nutshell. If you’d like to know more, execute Luke 11:10

10For every one that asketh receiveth; and he that seeketh findeth; and to him that knocketh it shall be opened.”

If I can ever help you with anything or if you’d like for me to discuss a topic on my blog, please don’t hesitate to email me at blogger@davidpatterson.net or call me at (803) 960-5231.

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