Blog | Myrtle Beach Homes | Carolina Forest Homes

Apr 15 2020

Are Home Inspections Safe Right Now?

During the process of selling your home, one of the important steps is always the home inspection segment where the buyers are allowed to have a licensed inspector come in and check different items throughout the house. The inspection process is rather in depth and they are going to go through virtually every section of your home to test things related to the electric, plumbing, heating/cooling & more. I wrote about that before in this article 5 Things Every Home Inspector Checks In Myrtle Beach.

With all the uncertainty currently in the world, the constant talks of Social Distancing and stay at home during this current pandemic, one of the questions I’ve been asked by clients that are currently selling their Myrtle Beach home is if they should allow home inspectors to come in during this time to do home inspections.

I figured to get the best answer to the question, I should ask one of the top home inspectors in Myrtle Beach, so I reached out to Justin Ferraro at Rivertown Property Inspections to get the best answer possible. Justin & his wife Elizabeth own this company and currently employ five full time inspectors and are averaging around 125 inspections per month. I did a meeting with them to discuss home inspections during the pandemic, and here’s what they had to say:

According to Justin & Elizabeth, allowing a home inspector during this time is a low risk item because they are testing for the signs of the virus, they are using proper precautions, and they are all certified with the COVID-19 Safety Guideline certification to know the proper ways to handle safety now.

It still is your option to say no to the inspection and your right to not allow someone in your home, but understand that if you do not allow the inspector to do their job, there is a very good possibility that the buyer will want to either pause the transaction or even cancel the sale. Know, the inspectors will follow proper precautions, wear proper safety gear, and do whatever they can to keep you safe while allowing for your home to be sold on time without the inspection process slowing things down.

If you have more questions about this subject, do not hesitate to contact me with any other questions you may have.

Mar 30 2020

The Golden Mile In Myrtle Beach, SC

It’s time to visit the Golden Mile in Myrtle Beach, SC. This is the section of the beach inside city limits that is a little over a mile long stretch where there are no hotels, but simply all oceanfront homes that sit along this stretch of beach.

A few weeks back, we had one of our first days of fantastic spring weather on a Saturday and so I decided to load the family up in the car and take them down to the beach to enjoy some sunshine. Here’s a quick video showing off the Golden Mile:

As I mentioned, this segment of the beach has no hotels in it. The Golden Mile is just million dollar plus homes, so when you head to the beach here, you can find public beach access points every 2-3 homes where you can park.

Parking is fairly affordable, and the City of Myrtle Beach has now switched over to using the Parkmobile App to make it even easier. We were there for just under two hours and the total cost was $4.10.

The Golden Mile is definitely our favorite places to go and visit on the beach because you are able to spread out and have your own space on the beach. What’s nice is that it is only about a 12 minute drive from our home in The Farm. So it is a quick and convenient trip from home.

Because there are not as many people on the beach here, if you wanted to bring along some frisbees or a football to toss with friends, you have plenty of space to run and not worry about accidentally hitting someone else. On this trip, we took along our kites to fly.

Here’s a few images from our recent trip:

So, if you are looking for a good section of the beach to visit where there won’t be quite as many people there as the higher tourist areas, I would highly recommend checking out The Golden Mile in Myrtle Beach!

Mar 18 2020

How To Avoid Wire Fraud When Buying a Myrtle Beach Home

When buying a home in Myrtle Beach, there are tons of things you have to pay attention to. This is why it is so vital to have a real estate agent to help you through the transaction. The agent is going help you with the purchase price, the inspections, financing, appraisals, and so much more.

After we have finally finished all negotiations and get that final notice that we are ready for closing, the attorney will send you instructions to make send money to make the purchase. Nowadays attorneys will not take money orders, certified checks or anything of the like for the purchase but instead want the funds to be wired straight to their account.

Because of this, it has caused more and more issues with hackers trying to grab these funds. One of the worst things that could happen is to wire $100,000 for the purchase of a home and have it accidentally go to the wrong account and be lost forever. Unfortunately, we have heard stories of this happening multiple times.

How The Hackers Do It

The typical way the hackers get you to send them the money actually comes through the agents email. What they do is use a phishing scam on the agent to access their account. They normally send us an email with something that appears to be a pre-approval letter where we have to log into a system to get the information that looks like it is requiring our email credentials.

Once they have our email credentials, they access the agents email from other places and monitor it sometimes for weeks until they see emails regarding wiring money for closing. Then they will send an email to the buyers saying that banks were changed and the wiring instructions have been updated with new routing & account numbers.

The email comes from their agent and so they think it’s official and true because they have no reason not to believe their agent who has been trustworthy the entire time through the transaction, so they simply take the new instructions, take it to the bank and wire to the new account.

You then show up the next day at the closing table ready to sign papers and close on a new home to find out the attorney never received your money. Bye the time everyone figures out what has happened, the money has been moved into multiple accounts and is never to be seen again.

How To Protect Your Wire

Whenever there is information sent like wiring instructions, you need to always double check that they came from the person you think they are from and that the numbers are correct. The absolute best way to confirm this is to pick up the telephone and call the attorney directly and ask them to confirm everything. Don’t simply send them an email asking if they are right because if their email is hacked, of course you are going to get a quick response saying they are accurate. Also, I’d refrain from texting as well as hackers can clone someone’s phone number for text messaging.

Next, don’t ever accept wiring instructions from your agent. As a Myrtle Beach REALTOR® I am never going to send you wiring information or get involved with this segment of the transaction. In fact in the footer of ever one of my emails is the following:

IMPORTANT NOTICE: Never trust wiring instructions sent via email. Cyber criminals are hacking email accounts and sending emails with fake wiring instructions. These emails are convincing and sophisticated. Always independently confirm wiring instructions in person or via a telephone call to a trusted and verified phone number. Never wire money without double-checking that the wiring instructions are correct.

So when you get instructions, always confirm with the person by hearing their voice and making sure they are correct.

What If

So what do you do if you wire money to the wrong place? Well, the first step would be to reach out immediately to your bank and see if they can track things. Sometimes they can if it is soon enough and they can reverse things back into your account. But too many times the hackers are watching the account closely for the minute it registers they send from there to another account and then to another and another. When this happens it becomes virtually impossible to track and get your money back.

Once you speak to the bank, next contact your attorney right away and let them know of the mishap so that they can then alert all parties involved. Unfortunately, when these things happen, it usually means that the buyers can no longer afford to purchase and the sellers need to know quickly as well so that they can get on to trying to find a buyer for their home. You also will want to then reach out to local authorities and file a report. Who knows if they will be able to recover anything, but it definitely wouldn’t hurt to get police involved too.

Hopefully this never happens to you that the hackers get your money. Be careful, remember to always verify on the phone and you should be good to go. If it does happen by chance, make sure to act swiftly and recover what you can.

Feb 12 2020

Essential Guide For Moving To Myrtle Beach

Have you been thinking about how nice it would be to live the dream life in beautiful Myrtle Beach, South Carolina? Myrtle Beach offers a wide array of affordable residential homes, retail shopping, dining, entertainment and the most scenic views along the east coast. While many may think of Myrtle Beach just as a great place for a vacation, those who live in this beautiful coastal town enjoy mild weather and beaches that extend for miles with plenty to do all year round.

Myrtle Beach is popular for retirees who are seeking nice weather, affordable housing and plenty of activities to keep them busy. It’s also a great place for families and individuals to live who want to find employment opportunities, entertainment, shopping and more. Myrtle Beach offers the best for those who want a quiet, calm lifestyle with beautiful oceanic scenery but it also much for those who want to live in a place where there is always something fun to do.

Housing In Myrtle Beach

If you have not yet taken that leap and hauled all your worldly belongings to Myrtle Beach, you will want to take time to look for housing in the area. Home pricing for family homes in the local area can range anywhere from around $100,000 to several million. This opens a wide array of homes for families including condos, townhomes, houses and more to choose from. Property taxes for a primary residence in Myrtle Beach are only 4% and secondary homes and vacation homes are taxed at 6%

If you plan to rent rather than buy, rental housing can be found with rental rates ranging from $500 a month to several thousand dollars. It’s best to work with a licensed real estate agent to locate rental or sales property not only so you have someone who understands the local market, but also to help you avoid real estate scams and to find you the best properties that fit your budget.

Moving Everything to Myrtle Beach

Once you pass the hurdle of finding a new home in Myrtle Beach, you will want to work with a professional moving company to have your furniture and other household goods relocated. Prior to the move, take time to carefully go through your belongings, one room at a time to determine whether you will need everything once you arrive to your new home in Myrtle Beach. You may also want to speak to a professional auto transport company, especially if you and your family have more than one motor vehicle to relocate. Having a vehicle shipped rather than driving can cut down on wear and tear while getting the vehicle delivered safely.

Myrtle Beach is not just a beautiful beach town. There is so much to do in this beautiful region of the state and no matter the age, you can stay busy year-round.

Things To Do Outdoors in Myrtle Beach

You already know that the beach is perfect no matter the weather, but there is so much more to do in the great outdoors when you live in Myrtle Beach. Water sports are always fun for all ages and with plenty of Intracoastal waters, you can head off on your own, take a charter boat or even a casino boat for a little winning action on the sea. Jet Ski’s can be rented at various rental shops along the waters edge and surfing, wakeboarding and more is just a quick walk in any direction down the sandy shoreline.

For a romantic day or a family excursion on a private beach, you can take a horseback riding tour at Inlet Point Plantation where you can catch glimpses of the majestic water, stop for a picnic on the beach and catch an incredible sunset over the ocean. You can have fun on a ziplining course, playing ball at the local parks and rec or picnicking in the park.

Myrtle Beach is also home to the best places to catch a good game of golf and with courses designed by Greg Norman, Robert Trent Jones you will find incredible golf courses and resorts to enjoy any day of the year.

Things To Do Indoors in Myrtle Beach

If you prefer to stay indoors you will find many things to do all around the area. Shopping is often at the top of the list for things to do and if you are a shopaholic you can spend quality time at shopping centers including:

The Market Common
Barefoot Landing
Coastal North Town Center
Tanger Factory Outlets
Broadway at the Beach

After a long day of shopping, be sure to stop by one of the local spas or nail salons to be pampered and relax for a little while before heading out for a night on the town. You may even want to check out one of the local wineries and enjoy a tour or a wine tasting with friends.

When hitting the social scene at night, you can find dancing and good times at one of the many hot clubs or lounges near the shopping districts and all along the coastline.

For a fun family day indoors, Myrtle Beach offers incredible art galleries, museums and more.

Transportation in Myrtle Beach

If you plan to stay close to home, you can always take a walk or ride a bicycle, but for those who want to go from North Myrtle Beach to other areas you will need to have a personal car to get around easily or an Uber. During tourist season which runs from March through November, traffic can be heavy so be prepared to wait in heavy congestion during peak hours in the morning and evening in areas near the beach.

Luckily though, with the openings of new roads like SC 31, you can now easily get from the southern end of the beach to the northern end fairly easily. This road is a 6 lane highway where the speeds are 60+ Mph and zero stop lights.

Beach Rules

Before heading down the beach, you should be aware of some of the rules.

Alcohol- Alcohol is not allowed on the beach. You can also not have glass containers or bottles.
Litter– Littering is illegal and you can be fined if caught littering.
Dunes- It is prohibited to walk on the dunes or to damage them in any way.
Fire- Fires are not allowed at all on the beach. This includes bonfires, barbecues and other open flame.
Pets- Dogs are allowed on the beach from Memorial Day through Labor Day only from 8:00 AM until 5:00 PM. After Labor Day, pet owners can walk their dogs on the beach anytime if they are on a leash.
Bathing Suits- Bathing attire can be worn on the beach, but thongs or other swimwear showing off your rear-end is not be allowed.
Umbrellas- Umbrellas must be seven and a half feet circular or smaller.

Annual Climate

The climate in Myrtle Beach is mild and you can expect temperatures ranging from the mid to upper 70’s in the spring and fall, upper 80’s to mid-90’s in the summer and mid 50’s in the winter. Hurricane season is June through November, but hurricanes are very rare in Myrtle Beach and a significant one has not struck the area since Hugo hit in 1989. Tropical storms are typical and can bring heavy rain and winds to the area.

Employment in Myrtle Beach

If you are new to the area and did not transfer with an employer, work can be found in many industries. The hospitality, tourism, and retail sales industries are always booming and seeking employees. Myrtle Beach is also a great location for small business owners as the local tax rate is low and the community is very small business oriented.

Myrtle Beach is home to nearly 33,000 people in the city limits but hosts more than half a million visitors annually. Spending time walking along the boardwalk next the Atlantic Ocean is a dream come true for many people. When you’re ready to take steps to a new life in Myrtle Beach, try to plan a few days to explore the local area and see the sights and check out the atmosphere and then, sit down with a Myrtle Beach REALTOR® and discover everything that Myrtle Beach has to offer.

This was a guest post by Melissa Villalobos.

Jan 28 2020

Downpayment Cheat Sheet To Buying A Home For $500 Or LESS

This past week I attended a conference where they had an economist who was sharing some statistics on our local market and it’s current status here in Myrtle Beach. One of the slides she shared had an interesting statistic on it that I posted onto Facebook. It stated:

“34% of renters can afford to buy the typical home.”

After posting this onto Facebook, I had numerous comments posted there from friends, some in the industry, but many who were not that all basically said the same thing.

The #1 reason most people are renting instead of owning is because they do not know how much money they need to purchase. It was interesting because many of the comments said people do not understand that you do not need 20% down in order to own a home.

Because of this conversation, I created this video to discuss some of the various financing options that are out there currently to buy a home. Some of the options give you the ability to buy a home for as little as $500.

Financing Options In Myrtle Beach Area

So there are multiple types of programs out there to help you purchase a home. In this post, I’m going to cover the main types that most buyers are using to purchase a home. They are:

FHA
VA
USDA
Conventional
Second Home/Investment
Specialty/Portfolio

FHA Financing

This is probably one of the most typical types of loans that consumers are using to purchase a home in the Myrtle Beach area. In this type of loan, you would need to have a downpayment of 3.5% of the total purchase price in order to purchase a home. There isn’t any restrictions as to what area you have be in to purchase a home via FHA.

However, when purchasing a home with an FHA loan, the property is going to need to meet certain criteria & standards. Typically, you cannot purchase a fixer upper with this type of loan because the appraisers are going to make mention to any types of major repairs that would need to be addressed prior to closing.

I recently had a home that a buyer was purchasing with an FHA loan and the appraiser made mention of exposed wires hanging from the ceiling in the dining room where the previous owners had removed the chandelier and did not cover it up. Because the appraiser made mention, the seller had to buy a plate & wire nuts and cap off where the chandelier used to hang in order for the buyer to get a final sign off on the appraisal and final approval given to purchase the home.

VA Financing

VA Financing is an awesome program in which you can purchase a home for literally no money down. But, in order to qualify for this program, you have to have served in the military. There is a bunch of fine print on whether you qualify for a VA loan, this was a great resource to walk you through all of it.

As I mentioned, if you qualify for a VA loan, you get many breaks from little to no down payment, but you also normally qualify for lower interest rates as well as lower closing costs. VA loans definitely have many great benefits.

USDA Financing

USDA Financing is another low downpayment option that is a great way to own a home for little to no money down. This program though does have some rather specific location requirements for a home to be eligible. They actually have a pretty nice USDA eligibility map where you can type in an address and see quickly if a home is eligible for USDA financing.

Now some of the other stipulations that are applicable to a USDA loan relate to credit scores, and condition of the property. If you do not have a credit score of at least 640 in order to qualify for a USDA loan.

Conventional Financing

This is one of the more typical financing options that are out there which gets used to purchase a home. Since I am a Myrtle Beach REALTOR® which is self employed, this is the type of loan my wife & I used to purchase our current home last year.

This type of loan is flexible on what type of property you can purchase and also on the area in which you were to purchase it in. In a conventional loan, you will need 5% of the purchase price to put down on your home. This means if you were to purchase a $200,000 home, you would need $10,000 as a down payment.

Second Home Financing

In Myrtle Beach, we have a lot of people who purchase a second home here in the area & many times they are confused as to what type of financing they can use to purchase this type of home. Many of the financing programs we discussed above like FHA & USDA financing are programs designed to be used on the purchase of primary residences in which you are going to live permanently.

So when you are thinking of purchasing a second home, you will need to have 10% down to make the purchase. You are actually doing a version of conventional financing in this type of purchase, just a higher amount of downpayment is required here.

Investment Home Financing

Now, if you are thinking of purchasing a home that you plan to rent out most of the time instead of using it as a second home, then you are going to need a different type of financing than the ones listed above. First off, just like with a second home, FHA, USDA, & VA financing options are not available as they are designed for primary residences.

Most of the banks out there are going to require more of an investment into the downpayment on investment types of properties versus a primary residence or second home because they look at these type of properties as a higher risk to the bank. If something happens in your finances, you are more than likely to let go of an investment property faster than your main home you live in. To purchase an investment home, you are more than likely going to need 20-25% of the purchase price for the downpayment.

Specialty/ Portfolio Financing

Sometimes, you are wanting to purchase an awesome condominium in a complex that has a current litigation matter against the original builder where the HOA is suing them for things they were paid to build and never did, or for construction that was done improperly.

There isn’t necessarily something wrong with the property, but because of the litigation, most typical financing options will not be able to be used. In these cases, you will need a specialty/portfolio financing option. Normally, these are offered by smaller local banks that have flexible financing options.

These types of loans typically require 25% for a downpayment. The other thing to note with this type of loan is that they normally are not offered with a 30 year fixed rate. Instead they are usually either a 15 year loan, or something if a flexible rate arm after a few years.

Additional Expenses When Purchasing

In addition to your downpayment for the mortgage, you are going to have a few more expenses that you can expect when purchasing a home. The first is for a home inspection. You aren’t required to get a home inspection done, but I always highly recommend a home inspection be done before purchasing a home. These are typically around $300-$500.

Many of the other expenses you would incur when purchasing a home, you could request the seller to pay for you. With a strong enough offer, you can normally get the seller to agree to cover these expenses.

These closing costs would include attorney fees, appraisals, taxes, loan processing, title search, homeowners insurance, title searches, courier fees, and many other items. The last home I sold with an FHA loan for my buyers we asked for the seller to give 3% of the purchase price to the sellers as a credit and it basically covered all their expenses other than the downpayment, so it is possible to get most of the items covered.

I hope that this post helps explain financing options and how much you will need in order to purchase a home here in Myrtle Beach. It hopefully is nowhere near the amount you originally thought it might be. If you would like more information on buying a home, which lenders you should consider, and what options might fit your situation best, feel free to reach out & contact me. I’d love the opportunity to help you start the journey to home ownership in the Myrtle Beach area.