Buyers

Myrtle Beach Real Estate- for investment purposes, retirement, or a permanent home this is the page to start your research. When looking for Ocean Front Condos, there are different rules & regulations and POA coverages. Different areas of Myrtle Beach have their own unique flavor. Pawley’s Island and Litchfield offer a little of the old world atmosphere. Conway and Georgetown offer small town Americana while being close to the sandy beaches and warm waters of Myrtle Beach, South Carolina. This whole area is called the Grand Strand with Brookgreen Gardens, Barefoot Landing, Broadway at the Beach, and over 115 active golf courses.

Before working with a Licensed Real Estate agent you may want to familiarize yourself with some of the documents that you may be asked to help complete and then sign. The state of South Carolina has for several years followed a rule of law that "protects the public." This means that the Real Estate Agent is required to inform you of the laws and then ask you to sign documents attesting to this fact. This process not only establishes how the agent and you will work together, but protects both of you down the road as the purchase process moves forward.

The Home Buying Process.

The home buying process is unlike any other purchase you will make in your life. It is not quite as simple as finding the house you like and buying it. There are many steps in between to make your dreams come true. We have broken down the home buying process step by step to help you prepare yourself for the journey that is home ownership.

1. Initial Consultation: Speak with your home mortgage consultant about your financial needs, goals and current situation.

2. Apply for a Preapproval Letter: Preapproval is critical and more important than prequalification because it utilizes credit and underwriting approval. You will need to provide requested documentation, to get a preapproval letter.

3. Find Your Home: Work with a real estate agent for valuable guidance and market expertise.

4. Make an Offer: Your preapproval letter helps your agent negotiate with the seller on your behalf.

5. Sign the Purchase Contract: A real estate agent should be fully aware of important negotiating points or contingencies to include in the contract. Laws vary by state. Make sure you have a contingency in your purchase contract that lets you renegotiate the contract if a major defect is discovered at inspection. You will be required to advance "earnest money" when you sign the contract. This payment will be considered part of your down payment if you are making one.

6. Get a Home Inspection: Hire an engineer or home inspector to evaluate the condition of the property.

7. Finalize the Application: When you finalize your application and mortgage choice, carefully review the terms and conditions.

8. Lock or Float the Rate: You can elect to lock in your range of rates at application or allow it to "float" with the market.

9. Provide all Requested Documents: Your mortgage consultant or mortgage specialist will advise you of the specific documents required for them to underwrite and approve your mortgage. It's important to submit the required documentation as quickly as possible to ensure a smooth process and on-time closing.

10. Receive and Review the Disclosure Package: You will be sent a package of disclosures including a Good Faith Estimate of Closing Cost, Truth in Lending Disclosure and other information about the financing you have chosen within 3 business days of your application. It's important for you to review these materials and confirm that the terms shown match your expectations.

11. Appraisal and Title Search are Ordered: The lender will order an appraisal. The attorney will order the title search.

12. Receive a Preclosing Truth-In-Lending Disclosure: You will receive an updated Truth-In-Lending Disclosure before closing

13. A Closing Date is Set and Your HUD-1 and Closing Package are Prepared: All involved parties need to arrange a date, time and location for closing. your closing agent will be equipped with a copy of the HUD-1 Settlement Statement, which shows all the closing related cost.

14. Obtain Your Certified or Cashiers Checks: You will be notified of the exact amount of money you will be required to bring to closing.

15. Attend Your Closing: At closing, your closing attorney, will review and explain all of your mortgage and closing documents.

16. Select your Preferred Payment Method: At closing, you will receive instructions on the amount and timing of your first payment. You'll also receive a document explaining your choices of automatic payment options to help with budgeting and/or paying down principal faster.

17. Congratulations: Now that you've closed on your home or property we're happy to have you as our client and look forward to continuing being your real estate agent for life.

Property Taxes

South Carolina's Constitution requires that property be taxed in accordance with the properties value. From the time your property is added to the tax rolls, the tax assessment does not change unless physical changes have been made or a reassessment program is implemented or an assessable transfer of interest occurs. The most recent reassessment was implemented for the 2005 tax year. The next countywide reassessment is scheduled to be implemented for the 2009 tax year. In determining the County's annual budget, County Council sets the tax levy each year. The rate is reflected in "mills" or "millage rate", and one mill is one thousandth of one dollar (.001). The County Assessor appraises real property, the Auditor maintains the property tax rolls and calculates individual property taxes, and the County Treasurer collects the property taxes. All property is appraised at its fair market value and is multiplied by the appropriate assessment ratio for the type of property. All real property is assessed at a four percent (owner occupied primary residence) four or six percent (farm) or a six percent (all other) rate. Therefore, property taxes are determined by multiplying the fair market value, times the assessment ratio, times the millage rate. For example, the tax on your legal, full-time residence in Horry County is determined this way:

This example includes a home located in the unincorporated area of Horry County. (Qualified legal residence)
$125,000 Fair Market Value of home

x 4% Assessment Ratio (4% if qualified legal resident)

5,000 Assessed Value

x .2133 Countywide Millage Rate (County millage - 47.3, School-143.3, Fire-16.3, Waste Mgmt-6.4)

$1066.50 TAXES

-576.50 Tax credit - (5,000 @ .1153) School operations

$490.00 TAXES DUE

This example includes a commercial property located in the unincorporated area of Horry County.
$125,000 Fair Market Value of home

x 6% Assessment Ratio

7,500 Assessed Value

x .2133 Countywide Millage Rate (County millage - 47.3, School-143.3, Fire-16.3, Waste Mgmt-6.4)

$1,599.75 TAXES DUE