Ashley Lashbrook

What makes a property a good buy? There are so many different things to take into consideration: location, price, product...just to name a few. Chances are, if the price, property, or product (the home itself) is sub-par, the property will sit (and sit...and sit) on the market.

The point of Weekly Steals and Deals is to highlight areas and properties of interest in the Hilton Head Island and Bluffton, South Carolina areas. We sift through the huge amount of homes, villas/condos, and land to bring you the best of the best. The best price in today's market, the best location in the community, and the best built proprety we can find.

Weekly Steals and Deals has been extremely effective for our (many) past and current clients. Weekly Steals and Deals allows you to narrow your focus to only properties that are ready to move. We monitor new homes/condos coming on to the market so you can hear about them first!

Many of clients are concerned about financing. Well, we have exciting news for you! A lender we work with, South Carolina Mortgage Associates, has many different options available when it comes to financing. They can still do 100% loans! Also on their product list is: asset backed loans, lot loans at 60/40 LTV (wow...most are at 90/10LTV), FHA, VA, and jumbo loans. With interest rates at all time low and market prices still low, this is the perfect time to buy. We also have the LPTO program, which helps you out to avoid foreclosure or get into a home even if you cannot qualify for a mortgage. While our site is still under construction, feel free to take a sneak peek at http://www.wix.com/tmmlpto/total-mortgage-management.

Our featured property for today:

Calling all 2nd home buyers and investors! Oceanfront penthouse on the south end of Hilton Head Island, South Carolina. The price is absolutely incredible! Offered at $249,000!!!! Ocean Dunes - one of the best managed communities on the island. No debt. No history of foreclosures. Ample reserves. Seriously....a great deal!

Top floor ocean views from this South Forest Beach gem! This well-maintained ocean front 1-BR villa gives you all the options of beach front relaxation and living at a very affordable price. Use as a second home or income-producing vacation property. Complex includes elevator and beachfront community pool.

Interested in learning more? Email me at ashley.lashbrook@century21.com or call 843.301.8550.

During a recent brainstorming session at the office, we stumbled across what (may) be an extremely good idea. Lease purchases. Say those two words to the average real estate agent, and they'll be running for the hills in the blink of an eye. Scary! As real estate agents, it is our duty to provide the best assistance possible to each and every client.

Why do we hate lease purchases? Well, let's take a look at a few "facts" surrounding lease purchases.

"Fact" #1 As a real estate agent, I will never make any money off of lease purchases. It's a waste of time.

Hmmm...that's not quite true. Sure, you won't make any commission if you don't handle the transaction properly (or if you run away), but there are money-making opportunities available. If you find the potential buyer/tenant, as well as an acceptable property, why shouldn't you get paid? Provided you figure out the terms before showing any property, of course. Have the tenant direct the payment towards your realty firm, which you in turn send to the current owner. Take a commission! Long-term property management commissions tend to run in the 5-15% range (in the Hilton Head Island, SC area)...talk about generating relatively passive income! Then, when the property sells, you still collect the real estate commission you had previously agreed upon. Make sense, doesn't it?

"Fact" #2 Too many landlords are heading into foreclosure...it's not worth the risk.

Yes, foreclosures are running rampant across the country. To avoid any potential issues, require the seller provide you access to his/her mortgage account. Your office can check up once a month and make sure the payments are being received. Hold the buyer/tenant's deposit and downpayment income in your escrow or trust account....no the seller's! Problem solved. If the seller defaults, the additional funds from the lease purchase agreement can be returned to the buyer. They'll be out the rental payments....but hey, would they have been able to buy a house otherwise?

"Fact" #3 The odds of closing a lease purchase are horrible.

Kind of true. In the past, lease purchases have been seen as a way to make some evtra money. I have heard investors who utilize the lease purchase programs state their default rate is as high as 90%. Wow! Keep in mind, in the past, a lease purchase has always been treated a nothing more than a glorified lease. Not exactly encouraging the tenants to act as owners, are we? By establishing the lease purchase through a reputable realty firm, you are helping to create a more structured environment. The tenant/buyer has someone to answer to...not just a landlord.

What do you think? It seems to me that this may be the wave of the future for real estate, with so many potential buyers having credit dings and difficulty qualifiying for traditional loans. We'll see. I, for one, am jumping in with both feet...lease purchases here I come!

Looking forward to hearing any thoughts/comments!

Ashley

Happy Monday to all! Weekly Steals and Deals is a blog devoted to the best priced real estate on Hilton Head Island and in Bluffton, South Carolina. Consisting of minimum once weekly updates, this blog will help buyers to sort through the over abundance of properties on the market in order to find the Best Buys.Best Buys are based on list price, and meet our criteria due to location, price per square foot, and neighborhood value. We bring you real estate for sale from starter homes to luxury oceanfront properties.

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