10 Tips for a Smooth. Cost Effective Closing

1. USE A REALTOR -Using a REALTOR helps to determine your price range, assists in a home search and helps you negotiate a great price, necessary contingencies and terms. By using a REALTOR® you have the opportunity to see more properties and get assistance from a professional who knows property values and has immediate access to comparable sales information to help you determine value as you shop.

2.CHOOSE THE RIGHT AGENT- A good agent is worth their weight in gold, but do not think all are equal. The best source for identifying an outstanding agent is referrals. Talk to others who have recently been through the buying experience. The ideal agent is someone that makes you feel comfortable and who will commit the amount of time that you demand.

3. BE A "CLIENT" NOT JUST A "CUSTOMER" – In South Carolina, you not only get to choose your agent, but also the type and nature of services you receive. Unless you become a "client," (which can only be done by signing a written agreement) neither the Company nor the agent is required to promote your best interest, or keep your bargaining information confidential.

4.PICK THE BEST LENDER - Money is money, there's no variance in quality. A difference in rates will often be off-set by additional fees and/or terms. Be careful when you compare offers and take into account that not all lenders will deliver as promised. Picking a recommended lender that is accountable to the local real estate community better assures that you will get what was promised!

5. DON'T MESS UP YOUR CREDIT - Postpone any major financed purchases until after closing. When shopping for a loan, only let the first Lender pull your credit report with an understanding they'll give you a copy to provide to others.Repeat inquiries can negatively impact your credit score.

6.EARNEST MONEY MATTERS - A strong earnest deposit enhances the attractiveness of your offer which can aid your negotiations. However, an earnest deposit of $7,500 moves the matter to a higher level court if you wind up in a dispute over its return.

7.USE WIN-WIN NEGOTIATIONS - “Win-win” negotiation is more an attitude than a technique. Some believe in order to win, someone else must lose. However, Sellers want to sell and buyers want to buy. The main concepts are in harmony. Remain focused on the main objectives and then look to other areas of compatibility or easy compromise. People are usually more willing to give in on an issue when they feel they are winning on others.

 8.HOLD DEAR YOUR SALES AGREEMENT - Be sure it’s complete, no blanks. If something doesn’t apply, indicate “Not Applicable”. Also insure your service providers (lender, home inspector, etc.) can meet the time restrictions of your contingency clauses before signing the agreement or you may put your earnest money and more at risk. Be sure you read and understand the whole agreement. Talk to your attorney if you have any questions.

 9.SHOP YOUR INSURANCE - More than most commodities, the price variance on property casualty insurance can be staggering. When an insurance company becomes too exposed in our hurricane prone area, some will increase premiums instead of refusing coverage.

 10. CHOOSE THE RIGHT CLOSING LAW FIRM – There is a significant difference in fees being charged by closing attorneys along the beach. Some offices have additional administrative fees in addition to attorney fees. A written fee schedule should be available if you ask for one. Also, be sure you are able to communicate directly with an attorney and not just their paralegal staff.  Convenience of location, ability to schedule closing on the date you need and recommendations of others are all factors to consider. In South Carolina, you have the legal right to use the attorney of your choice.