The Wendy Weeden Group Blog

Jan. 13, 2021

Mortgage Process DOs & DON'Ts

Our team wants your transaction to be a SUCCESS!  We have a few pointers to keep you on track no matter who your lender may be.  

1. Don’t Deposit Cash into Your Bank Accounts Before Speaking with Your Bank or Lender. Lenders need to source your money, and cash is not easily traceable.

2. Don’t Make Any Large Purchases Like a New Car or Furniture for Your New Home. New debt comes with new monthly obligations. New obligations create new qualifications.

3. Don’t Co-Sign Other Loans for Anyone. When you co-sign, you’re obligated. With that obligation comes higher ratios as well.

4. Don’t Change Bank Accounts. Remember, lenders need to source and track your assets. 

5. Don’t Apply for New Credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be impacted.

6. Don’t Close Any Credit Accounts. Many buyers believe having less available credit makes them less risky & more likely to be approved. Wrong. A major component of your score is your length & depth of credit history & your total usage of credit as a percentage of available credit.

If you have any questions about this process, reach out to us and we can connect you with any of our lender partners.  A smooth transaction is the goal! Let's do this! 

Mortgage dos and don'ts

Posted in Buying a Home
Oct. 3, 2020

What A Great Buyers Agent Will Do For You In Columbia South Carolina

Buyers Agent Will Do For

There are real estate agents and there are great real estate agents. Don’t assume that your buyer’s agent is exclusively a buyer’s agent and don’t assume he is great. With so many balls to juggle in a real estate purchase, there are some key things that great buyer’s agents will do for you in Columbia. Ask for referrals and conduct interviews to make sure your expectations are met and you hire the great agent you deserve.

Understand Desires and Set Expectations

A great buyer’s agent has a formal intake meeting to establish what you need, what you want and what is realistic. This is important since the three rarely are the same. For example, a couple that dreams about a large home with a pool may not be able to afford that home. But what they need is a home with three bedrooms and two baths to accommodate their family needs. Additionally, the intake meeting reviews what the market conditions are like and what types of strategies the client is comfortable with. A hot market may require bidding aggressively and making timeline concessions to be the most attractive offer. A great agent understands all these components before ever taking a client out on viewing appointments.

Shows Appropriate Homes

A great agent isn’t trying to oversell you and get you to extend yourself beyond your comfort zone. Sometimes this involves the home price. Sometimes it involves the home. When it involves the home price, even if a client can afford a little more home, the agent isn’t showing them only higher-priced homes. He is working to show them homes within the budget and may show a home or two above and below just to give the client an idea of the scope and scale of home valuations.

When it comes to the home itself, a great agent isn’t trying to sell a client on a home that is much bigger or smaller than the client stated was his need or desire. This wastes everyone’s time and doesn’t accomplish the goal. For example, a senior citizen might not want a large home with a large yard even though she can afford it. The agent shouldn’t show homes outside the desired size range.

Hold Your Hand When Necessary

A great buyer’s agent understands that buying a home is an emotional roller coaster. The buyer goes from the excitement of finding a home they want to the stress of negotiating an offer. When that is accepted, the inspection phase can put a damper on the buyer’s excitement because of potential problems. Great buyer’s agents do everything they can to prepare clients with every phase of the transaction and take the time to answer questions, even the ones based out of fear or frustration to help clients understand exactly what is happening and what options exist.

Essentially a great agent is a solution finder when it comes to problems in the transaction. This helps put buyer’s at ease knowing the agent will help them through everything.

Explain the Process

The process of buying a home has a lot of requirements. There is the initial contract offer. That sets in motion a series of inspections, disclosures, and future negotiations as well as appraisals and funding components. The great agent explains the process at the onboarding meeting and repeats it as the transaction matures. This eliminates confusion and helps keep clients on track to closing escrow. It also helps keep sellers on track to provide required documents on their end of the transaction. A great agent knows that buyers don’t do this every day and it is overwhelming and things get overlooked if someone isn’t leading the ship.


Are you ready to buy a house in Columbia, South Carolina? We can help! Send us a message or give us a call today to learn more about what we can do for you! 803-674-0006

Posted in Buying a Home
March 25, 2020

Buying A Home In Lexington SC - What You Should Know

6 Things Every Home Buyer Should Know About Purchasing A House In Lexington South Carolina

6 Things Every Home Buyer Should Know About Purchasing A House In [market_city]

You’ve thought about it and talked about it and finally made your decision: purchasing a new house is one the horizon for you and your family. But is it the right move for you? Buying a house, after all, is a huge, long-term financial commitment. If you go into it armed with a little knowledge, though, you can be fairly certain you’re making the right decision. To that end, here are 6 things every home buyer should know about purchasing a house in Lexington South Carolina.

1. Distinguishing Between Wants and Needs

Before purchasing a house in Lexington, South Carolina, one of the first things you should do, according to financial experts, is to get clear on what you want and what you actually need. “Before you even think about hitting an open house, you need to know what you are looking for. Otherwise, you may find yourself falling in love with something impractical or, worse, sweet-talked by an agent into placing an offer on a home that doesn’t fit your needs.”

A good way to proceed here is by making a double-columned list with your wants (the negotiables) one side and your needs (the non-negotiables) on the other. One column will contain all the things you have to have in a house, and the other column will list all those things that you can live without even though you want them. For example, you probably do need three bedrooms, but do you really need that huge master suite.

There is, of course, no perfect house. Your agent, though, can help you find the very best compromise between wants and needs. (To find out more, just call [phone].)

2. Getting the Process Right

Purchasing a house in Lexington, South Carolina also entails a definite process that must be approached in an organized, step-by-step manner. Following the established steps will make everything go a lot smoother.

  • Your first step should be to shop for a lender and financing. Getting pre-approved for a mortgage loan is important here. For it will show sellers that you are a serious buyer and will give you more negotiating leverage.
  • Next, you should find and retain an experienced local real estate agent. A good agent can help locate all the likely listings and then bring her negotiating experience to bear to help you get a better deal. The time savings alone is worth the agent’s commission.
  • The step in this process involves making an offer and then all that comes after – which often means making another offer to counter the seller’s counteroffer and/or negotiating concessions.
  • Typically, the final step before closing is the inspection (unless the inspection turns up major problems).
  • If the inspection reveals major issues, then you’re back to the offer/negotiating stage. And in this case, it’s wise to lean on your agent’s expertise.

3. Understanding All the Costs

The cost of purchasing a house in Lexington, South Carolina goes well beyond the list price. This is something home buyers often forget in all the excitement and then wind up with a home that costs more than they can actually afford.

Homebuyers should, the experts say, “walk into ownership with eyes wide open. That means factoring in all the costs associated with having a place of your own.” And these costs include the following above and beyond the monthly mortgage payment:

  • Property taxes
  • Homeowners insurance
  • Private mortgage insurance
  • Utilities
  • Cost of maintenance/repairs
  • HOA fees
  • Closing costs

4. Buying What You Can Actually Afford

Similarly, affordability (which is slightly different from understanding all the costs) has to be factored into your purchasing decision. So in purchasing a house in [market_city], you have to determine what you can really afford by looking at all the contingencies.

This means, for example, taking a close and objective look at your job outlook. Is your job secure, or is there the possibility that you could become a victim of outsourcing or automation? And if you were suddenly unemployed, could you keep making those big mortgage payments for several months till you found another job? These are the kinds of things you need to take into account when determining affordability.

Here’s a concrete example from a writer who’s been there. “When my husband and I bought our first house, we were approved for a mortgage of about three times more than we ultimately ended up spending. Fresh out of law school and working for established firms, our finances looked good on paper. But we dialed back our expectations because we weren’t convinced that our income and expenses would remain at those levels. We were right: two years later, we started our own business just as the economy turned south. The less expensive house meant that we could still make our payments even with less income in pocket.”

5. Buying for Your Future Life

One thing that’s absolutely crucial to keep in mind when you’re purchasing a house in Lexington, South Carolina is that you should be buying a home that will suit your future life. Things change, and your current life situation may not last long. And if that happens, the home you bought for your life now may not be suitable in a few months.

For example, your family may be just the two of you right now, but will you have enough bedrooms when children come along. Or if you don’t plan to stay in the house for many years, will the price tag allow you to build some equity before you sell? “Depending on the market and terms of your mortgage.” according to industry pros, “you may not actually pay down any real equity for between five and seven years: if you aren’t sure that your house will be the house for you in a few years, you may want to keep looking.”

6. Hiring the Right Agent

Of all the things Lexington, South Carolina home buyers should know about purchasing a house, this one very well could be the most important – that is, that you should make sure you hire the right real estate agent. A knowledgeable local agent can help find the house that’s just right for you, protect you against shady dealings, and help you get a better price. Ultimately, it pays to hire a good agent.

Find out how our experienced agents can help you purchase a house that best meets your needs and within your price range. Contact Us today! 803-513-6021

Posted in Buying a Home
March 17, 2020

Buying A Home In Lexington SC

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates