Linda Rademacher

Spartanburg Real Estate: Buyers: Don't Put the Cart Before the Horse!

Beautiful Home for Sale In Boiling Springs

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Home for Sale In Spartanburg In Convenient Location

Spartanburg Home for Sale In Historic Beaumont

I have been in real estate here in the Spartanburg SC area for over 12 years now and it never ceases to amaze me when buyers do not want to get preapproved! They want to go look at homes for sale and WHEN they find the right one then they will get preapproved! Now, I suppose that makes perfect sense to them, however it is "putting the cart before the horse" as that old expression goes! Buyers, if you are reading this and recognize yourselves, please keep reading as I share why this does not make sense.

• Have you looked at your credit report lately? There could be something there that needs to be cleared up before you can buy that home for sale you have fallen in love with!
• How much debt do you have? You may need to look at a different price home than you think you need to be looking at! Your debt ratios may prevent you from going as high you might like!
• Is your employment situation really permanent? Quite often you cannot get approved for a mortgage if you are a temp or a contract worker.
• Did you recently buy a new vehicle with a big new car payment to match? Could affect those debt ratios!
• Did you change jobs recently and now you work in a totally different field? You might need to wait a little longer!
• Past foreclosure, short sale, or bankruptcy? Usually need at least 3 years of really good credit history before you can buy again.
• Have you applied for alot of credit recently? Lots of inquiries can affect your scores!
• Any recent late payments? Many loans require a 12 month history of no late payments.

Buying a home is NOT like buying a car! Make sure you get preapproved before going out to look at homes in Spartanburg and make sure you find qualified professionals to help you every step of the way. The home buying process can be lots of fun, but also can be stressful with lots of possible landmines along the way when you go it alone!

So, remember, don't put the cart before the horse!
Please feel free to contact me for help and visit my website at http://www.sellingupstatesc.net/.

Happy House Hunting for that perfect home!!



Linda Rademacher 864-909-2500



Each Office is Independently Owned & Operated

Spartanburg Spring Fling

May 6, 7, 8 2011

Downtown Spartanburg

It's that time again! Time for Spartanburg's most popular street festival! Spring Fling. This popular Spartanburg Downtown Festival has been drawing crowds for over 30 years and has something to offer every member of your family. From Arts and Crafts Vendors to live entertainment by Local and National Musicians this festival showcases the best of Spartanburg! When it comes to music whether you are a little bit country, a rock ‘n roller, into pop rock, blues, gospel, alternative rock, R&B, or jazz you will find a band for you! One of the concerts on Sunday will be the 2009 "American Idol" winner Kris Allen.

Many other activities and types of entertainment will be offered such as the

Disc Connected K-9 s (a professional dog and Frisbee show), a classic car show,

and a professional bicycle race -

The Spartanburg Regional Classic

that features top cyclists from all over the world.

The races are presented by Partners for Active Living. and have become popular events.

Another new addition to Spartanburg Spring Fling is

The Underground which will feature inter-active gaming and a texting competition.

On Sunday (Mother's Day) there will be a Mother Daughter Look-A-Like Contest and a Scavenger Hunt with $1000. worth of prizes for someone's lucky mother! And of course there will plenty of food and drink vendors so you can indulge in typical festival food or more gourmet menu items. General Admission is free and there is ample parking in Downtown Spartanburg. Festival hours are 6 pm-10 pm on Friday, 11 am- 9 pm on Saturday, and 1 pm - 7 pm on Sunday.
So come on out and enjoy the 33rd Annual Spring Fling in Downtown Spartanburg!

In today's world of real estate there are many opportunities for good deals. Foreclosures, motivated sellers, and short sales are examples of some of those opportunities. For those of you who may not have heard the term "short sale", a simple explanation is that a homeowner is trying to sell their home for less than what they owe their lender and are asking them to accept that lesser amount and also cover the expenses associated with the sale. On the surface that may sound as if it should be really simple, however it is much more involved than you the buyer may realize. I have handled numerous short sales in the Spartanburg area, many before most agents even knew what a short sale was. Over the 12+ years that I have helped people to buy and sell homes I have managed to handle some short sales successfully, some unsuccessfully and have found them to be difficult, challenging, frustrating, and rewarding! Rewarding because homeowners who desperately want to sell their home as a short sale rather than go through a foreclosure are extremely appreciative of their agent helping them through such a stressful time in their lives. It is critical that short sale agents be compassionate, empathetic, and sympathetic, as well as being a good listener! Unfortunately, bad things happen to good people and any of us could end up on the verge of losing our homes!

As a buyer there are things that you need to understand about short sales.

• Rule # 1 -- Patience, patience, patience! Do not expect daily or even weekly updates! Your agent cannot make loss mitigators or negotiators communicate with them. Quite often the attitude is "when we have anything to tell you you will hear something. When you don't hear anything then we have no news!" This is not your agent's attitude so please understand when there is no news it is not for lack of concern or effort on your agent's part.

• Understand if you need to be in a house in 30 or 60 or even 90 days then attempting to buy a short sale may not be for you! Short sales can take months sometimes! When you start to get impatient remember Rule # 1!!

• The process is so much more involved than you and possibly even your agent realizes. There are so many "layers of approval". For example there is the mortgage insurance company and the investors that have to approve the sale.

• There is lots and lots of paperwork involved! Quite often the listing agent has to send the same paperwork numerous times since there is a "black hole" that some of it disappears into!

• Many lenders will not approve Home Warranties and quite often will limit the amount of closing costs on a short sale.

• Quite often short sales are "AS IS" sales. If the house does not meet your lender's requirements for financing you may either need to look at a different type of financing or move on to a different property.

• Understand that you still need to be reasonable with your offer. Usually a short sale is already listed significantly below normal market value. Your agent can advise and counsel you as to an appropriate offer based on comparables and an evaluation of the condition of the property. Short sale homes may have deferred maintenance issues that could affect value.

• Every short sale is different! Sometimes the list price is approved by the lender and sometimes the listing agent is just trying to generate interest by dropping the price. Don't assume that the list price is the price the bank will approve!

• Quite often the agents commissions ( ie: paychecks) end up being reduced by the lender even though the agents are doing alot more work to try to get this worked out for you and the seller!

• The lender will order BPOs (Broker Price Opinions). The information that the BPO agent will primarily use will be recent sales from MLS (Multiple Listing Service). Again as stated above be reasonable with your offer. More than likely you will get a good deal but making a ridiculous offer will not help you to get the short sale worked out!

• Remember - this process is just as frustrating for the seller and the agents as it is for you! Your agent wants you to get the house you want for the price and terms that work for you! The listing agent wants to get their seller out of the situation they are in without a foreclosure on their credit. There is no advantage to any of these parties to drag their feet. Basically all parties have the same goal! Everyone wants to make it to the closing table!

This is just an overview. It is not intended to be a complete list of everything involved in a short sale. Hopefully this overview will help you understand more about short sales and what is involved, and help you to appreciate the efforts of all parties involved!

After all of this if you decide to make an offer on a short sale, remember Rule # 1 - patience, patience, patience!

If I can help you or anyone you know please feel free to contact me at Linda.Rademacher@century21.com or call me at 864-909-2500.

And please visit my website at http://www.sellingupstatesc.net/

Spring Parade of Homes is coming soon! Homes all around Spartanburg will be open on Saturday, April 30 and Sunday, May 1 from 2 pm - 5 pm each afternoon.

Whether you are looking for your dream home, gathering decorating ideas, trying to find the right agent to market your home, or just want to see what the inside of some homes look like there will be lots of homes open!

I will be featuring Beaumont Mill Village which is now a Local Historic District on the Parade of Homes and will have 5 homes open!

408 Gentry St

442 Gentry St

443 Gentry St

115 Phifer Dr

693 Maywood St

Please stop by to visit these homes and find out more about Spartanburg's rich history that is tied to the textile industry. There will be members of the Beaumont Neighborhood Association on hand to share with you just how much this neighborhood means to them!

For more information please contact me at Linda.Rademacher@century21.com or 864-909-2500.

And visit my website at http://www.sellingupstatesc.net/

I have been in real estate here in the Spartanburg SC area for over 12 years now and it never ceases to amaze me when buyers do not want to get preapproved! They want to go look at houses and WHEN they find the right one then they will get preapproved! Now, I suppose that makes perfect sense to them, however it is "putting the cart before the horse" as that old expression goes! Buyers, if you are reading this and recognize yourselves, please keep reading as I share why this does not make sense.

• Have you looked at your credit report lately? There could be something there that needs to be cleared up before you can buy!
• How much debt do you have? You may need to look at a different price home than you think you need to be looking at! Your debt ratios may prevent you from going as high you might like!
• Is your employment situation really permanent? Quite often you cannot get approved for a mortgage if you are a temp or a contract worker.
• Did you recently buy a new vehicle with a big new car payment to match? Could affect those debt ratios!
• Did you change jobs recently and now you work in a totally different field? You might need to wait a little longer!
• Past foreclosure, short sale, or bankruptcy? Usually need at least 3 years of really good credit history before you can buy again.
• Have you applied for alot of credit recently? Lots of inquiries can affect your scores!
• Any recent late payments? Many loans require a 12 month history of no late payments.

Buying a home is NOT like buying a car! Make sure you get preapproved before going out to look at homes and make sure you find qualified professionals to help you every step of the way. The home buying process can be lots of fun, but also can be stressful with lots of possible landmines along the way when you go it alone!

So, remember, don't put the cart before the horse!

Please feel free to contact me if I can help and visit my website at http://www.sellingupstatesc.net/.

Happy house hunting!!