Buying Property with Multiple Offers

Posted on January 27, 2012 by sfloyd@carolinalandrealty.com

Do you know the rules when it comes to putting in offers on a property when there are multiple offers? Recently we had a listing that received several offers from different individuals within the same 24 hour time period. To a few of the potential buyers multiple offers were nothing new; however, several other individuals were unaware of how multiple offers work.  When purchasing you expect that you will be the only one to offer on the property. In most cases this turns out to be true but what happens if you are not the only one placing an offer?

What are multiple offers?  Multiple offers occur when there are two or more offers on a property at the same time. Multiple offers are not first come, first serve. If multiple offers are made at the same time the seller is free to choose based on whatever reasoning is best for them. When you offer on a property you write in a date and time for which the offer is valid until. If the seller accepts your first offer, obviously the property is yours.  However, if the seller counters you are either free to counter yourself or accept. When a seller counters they are tied down to what they offered until the date listed on the contract. If another offer were made to them after they countered they would not be able to accept, even if it’s a better offer, until you decline or counter.  If you decide to decline or counter, the seller is free to negotiate with other parties. You may even start out as the only buyer; however, every time you counter instead of accept there is a chance that someone else could enter an offer and put you in a multiple offer situation. These negotiations can be quite stressful. Choosing a good real estate professional can be helpful; they can help you get the best deal while guiding you through this process with little stress.

What offer gets accepted?   You can negotiate back and forth to receive the best price and terms for both buyer and seller.  However, when multiple offers come in on the same property, money may not be the only contributing factor. When I purchased my first home I was not the only person placing an offer. I had been negotiating for several days with the seller. I offered, they countered, I countered, and they were expected to accept the deal. Minutes before accepting the deal another offer came in. They were not tied down to me and could explore other options. I was told, along with the other buyers, that there were multiple offers and to bring my best deal. I offered at nearly full price and won. It wasn’t until the day of the closing that I learned the true reason I won. I met the sellers at the closing and they told me that I had not offered the most money; I offered the best closing date. They needed to move before the end of the month and my closing date alone allowed for that. Money is not always the contributing factor. Terms and dates can come into play more than you think. Be aware of all the things you are asking for from the seller. Are you asking for closing costs or for the seller to purchase the survey? Think about these things when in a multiple offer situation.

How much information can I know?   Unfortunately for buyers there are laws about this.  The agent is allowed to tell you when there are other offers. This usually spurs buyers to make their best offers outright. A buyer is not allowed to know what the other person is offering or where the offers are coming from.  There are times that you may enter into negotiations as the only buyer. As discussed above, the seller may counter at which time the decision to decline, accept or counter is completely yours.  As you are deciding other offers could be coming in. The seller’s agent does not have to tell you about other offers at this time. They can wait until after you make your decision.  You are allowed to know what your offer is and that is all.

 Multiple offers do not occur in all cases. They can be extremely beneficial to the seller but very stressful to the buyer. The decision to accept, decline, and counter offers can become huge gambles. Unfortunately not everyone is allowed to win.

www.CarolinaLandRealty.com              855.384.LAND

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1031 Exchange Rules

Posted on January 9, 2012 by sfloyd@carolinalandrealty.com

The basic five 1031 exchange rules include:

1. The federal and state capital gains taxes are deferred if the replacement property is equal to or greater than the property sold. The common misconception is that only the realized gain needs to be reinvested. Both the net equity and debt retired – if any – from the sale must be reinvested to defer 100 percent of the gain.

2. A Qualified Intermediary (QI) must be engaged to accommodate the exchange. This cannot be your CPA , attorney, realtor or financial advisor or a related party such as your employee or lineal blood relative. One exception is in a pure exchange where the Taxpayer and Buyer want each other’s property. For the nominal QI fee, it still makes sense to engage a QI to make sure the 1031 exchange rules are followed. A second exception is if the attorney has provided services related to title closing, they can also accommodate the 1031 exchange.

3. The taxpayer cannot touch or have access to the exchange proceeds or those funds are subject to taxation. Once the exchange proceeds are touched, the exchange is over.

4. The taxpayer who sells is the taxpayer who buys. If the wife owns an investment property, then the wife is the titleholder to the replacement property. The husband can be quit claimed or added to the replacement property title after the closing.

5. Following the first leg closing, the forty-five calendar day identification period begins, followed by an additional 135 calendar days to acquire the replacement property, for a total of 180 calendar days.

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Fall/Winter: The Best Time to Search For Land

Posted on December 15, 2011 by sfloyd@carolinalandrealty.com

Rainy winter days are not the days that most people think of going to look at property. Most think of looking at property on sunny, warm days. Property interest usually fades from Thanksgiving until after the New Year; however, a little known secret is that this is the best time to look for property.

  1.  Fall and winter provide a great time to see the lay of the land. Leaves have fallen off of trees, allowing you to judge their health, and flurries of snow allow you to see streams, timber and rock formations in high contrast. This is a great time to evaluate access roads and make sure that private roads aren’t impassible. If you like a property at its worst on a rainy, cold day, then you will love it on a sunny warm day with plants and trees in full bloom. 
  2. Buyers can find more deals. Fewer buyers are looking for land in the Fall and Winter months. Sellers tend to reduce prices after the Spring/Summer months and new properties coming on the market tend to reflect the lull in the market. Due to less competition buyers can usually avoid a bidding war when making offers. 
  3. There are fewer annoyances to contend with when walking land in the Fall/Winter. Gnats and mosquitoes have disappeared, snakes are not crawling, and outdoor allergens are at low levels. It is always easier to slip on a few extra layers and warm boots than to try to beat the heat of summer, especially in the South.
  4. Loan terms are usually more favorable towards buyers. During slow seasons lenders are competing for your business and are more willing to negotiate loan terms. Fewer customers also lead to less paperwork. This usually results in quicker and more efficient closings for the buyer.

To begin your land search contact our office at 855.384.LAND or visit us at http://www.carolinalandrealty.com.  Begin your land search with us today!

Posted in carolina real estate, ga land for sale, Hunting, hunting land for sale sc, Land, land features hunting land, land for sale south carolina, land for sale waterfront, Listings, North Carolina, Real Estate, sc acreage, sc hunting land for sale, sc investment real estate, sc lake land for sale, SC Land For Sale, SC timberland for sale, South Carolina, south carolina waterfront land for sale, Timber, timber land for sale sc, waterfront land for sale | Leave a comment

Upstate, SC: Real Estate News

Posted on November 17, 2011 by sfloyd@carolinalandrealty.com

North Greenville University has something to celebrate. On Thursday, November 3rd they announced that a real estate gift had been given to the university by Greenville real estate investor Dr. T Walter Brashier.  The gift, a former Steak and Ale restaurant building in Greenville, had been appraised for $1.6 million.

The gift was given to the university “so NGU would have a presence in downtown Greenville,” said Brashier.  North Greenville could use the 7,000 SF facility to house the school’s adult continuing education program and extension offices for development and admissions.

Brashier, a resident of Travelers Rest, is one of South Carolina’s largest private developers. He has been a supporter of North Greenville University for four decades. Throughout that period he has built facilities, supported scholarships, and gifted one million dollars to NGU for the Walter Brashier Graduate School located in Greer, SC.

Downtown Greenville, SC has seen many recent improvements; a few of which are the new office building with retail spaces available at Washington and Main Street and the new CVS Pharmacy. This gift will undoubtedly help the economy in downtown Greenville by increasing the traffic of NGU students and staff to the area, giving a new life to a building standing vacant.

To start your land search in the Upstate contact us today!

Posted in carolina real estate, Land, land for sale south carolina, Listings, News, Real Estate, sc acreage, sc investment real estate, SC Land For Sale, South Carolina, South Carolina Events | Leave a comment

What Makes Hunting Land Great For Hunting

Posted on November 9, 2011 by sfloyd@carolinalandrealty.com

There are several factors to be considered when purchasing South Carolina Hunting Land. The first thing to consider is price. I know that this sounds obvious. Hunting land with a lower price per acre may not be as “ready” to hunt. When you find a lower priced property think of the work you must put in. Bulldozer work is one possibility; if you can’t ride a four wheeler on the land clearing can cost around $50-$150 per hour for a 40 acre tract. Another thing to think about is boundary clearing. A 40 acre property with no stumps to grub can cost a few thousand for boundary clearing. 

What property features are good for hunting? Look for properties with hunting features such as good border fencing, well established deer and turkey plots, creek/river frontage, gates, deer stands, types of deer stands, timber, and hardwoods.  Gates, fencing, and deer stands are all things that can be added later. Basic land features such as water frontage and types of vegetation are key in searching for hunting land. Water frontage is going to make the property more expensive per acre; however, it is not only going to make the land more beautiful but supply a water source that will attract a variety of wildlife. Hardwoods provide a natural food source for wildlife (i.e. acorns). Timber will provide value in today’s market and eventually, a return on investment. If your property has a small creek you may consider the possibility of creating a pond in the future to increase wildlife traffic.

Carolina Land Realty has a team of brokers that specialize in only timber and hunting land tracts. To begin your search today, contact us at 855.384.LAND.   www.CarolinaLandRealty.com

Posted in carolina real estate, Hunting, hunting land for sale sc, Land, land features hunting land, land for sale south carolina, Listings, Real Estate, Recreation, sc acreage, sc hunting land for sale, SC Land For Sale, SC timberland for sale, Timber, timber land for sale sc, Wildlife | Leave a comment

Fall in South Carolina

Posted on November 1, 2011 by sfloyd@carolinalandrealty.com

Today is November 1st. Before you know it we will be sitting down with friends and family for Thanksgiving turkey and Christmas festivities. I wanted to take a moment to share a link to some of the great November events you can expect in South Carolina this year. To see what kinds of events are taking place all over the state go to: www.sciway.net/calendar/november/html.

I also wanted to share a great fall receipe to try this season…Enjoy!

Rosemary-Garlic Pork Loin

  • 1 pound carrots, peeled and cut into 2-inch pieces
  • 1 pound parsnips, peeled and cut into 2-inch pieces
  • 2 medium-size sweet onions, quartered
  • 3 teaspoons salt, divided
  • 1 1/2 teaspoons freshly ground pepper, divided
  • 1/3 cup olive oil, divided
  • 3 tablespoons fresh rosemary leaves, divided
  • 1 (4-lb.) boneless pork loin roast
  • Kitchen string
  • 2 tablespoons Dijon mustard
  • 4 garlic cloves, coarsely chopped
  • 6 large garlic bulbs
  • 1/4 cup apple cider vinegar

Instructions
1. Preheat oven to 425°. Combine first 3 ingredients in a large bowl; sprinkle with 1 tsp. salt and 1/2 tsp. pepper.
2. Sauté vegetables in 3 Tbsp. hot oil in a 7 1/2-qt. roasting pan over medium-high heat 8 minutes or until caramelized. Remove from heat, and stir in 1 Tbsp. rosemary.
3. Tie pork with kitchen string, securing at 1-inch intervals. Sprinkle pork with remaining 2 tsp. salt and 1 tsp. pepper, and place on top of vegetables in pan. Stir together mustard, chopped garlic, 2 Tbsp. olive oil, and remaining 2 Tbsp. rosemary; spread over pork.
4. Cut off pointed ends of garlic bulbs. Drizzle with remaining 1 tsp. oil. Arrange garlic bulbs, cut sides down, around pork in pan.
5. Bake at 425° for 1 hour and 10 minutes or until a meat thermometer inserted into thickest portion of pork registers 160°. 
6. Transfer pork & vegetables to a serving platter, reserving drippings in pan. Add apple cider vinegar to pan, and bring to a boil over medium-high heat; reduce heat to medium, and simmer, stirring often, 3 minutes or until thickened. Pour over vegetables. Slice pork, and serve with roasted vegetables, garlic bulbs, and Caramelized Apples.
5. To serve place a tablespoon of the melted onions in the center of the plate. Stack 2 or 3 tater tots on top of the onions. Pour the hot soup around the onion and tater tots and enjoy.

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Financing Your Land Dreams

Posted on October 21, 2011 by sfloyd@carolinalandrealty.com

Many people would like to purchase land, whether it is to hold, for building a home, for hunting or for farming. Most think that financing in an economic climate such as this is impossible. While some banks have slowed or halted their lending for acreage, many have just included a few conditions for buying acreage. For example, one lender I ran across required that the acreage be less than 10 acres and not be for commercial or industrial use; to purchase acreage they required you take out a home equity loan.  Of course with this, interest rates can run higher.  Another way of lending that has become very popular is owner financing. With more properties on the market and fewer buyers than in times past, owners like to give themselves the advantage. Owner financing is a way to cut out higher interest rates and numerous conditions that banks may have.  AgSouth Farm Credit is another great way to finance land. AgSouth specializes in funding acreage across the Southeast.  Their agents are more knowledgeable about land use, timber values, and farming than other banks. Interest rates are as low as 5.25% for a 5 year balloon right now.  The dream of owning property isn’t as far off as you may think.  

For more information on AgSouth Lending contact Daryl Griner at 800-462-5819 ext 2414.

Start your search with Carolina Land Realty today!

Posted in carolina real estate, hunting land for sale sc, Land, land for sale south carolina, Listings, News, Real Estate, Recreation, sc acreage, sc hunting land for sale, sc investment real estate, sc lake land for sale, SC Land For Sale, SC State Park, South Carolina, south carolina waterfront land for sale, timber land for sale sc, waterfront land for sale | Leave a comment

Carolina Land Realty & Evergreen Properties Presents: Lake Russell Waterfront Lots

Posted on October 13, 2011 by sfloyd@carolinalandrealty.com

Carolina Land Realty has teamed up with Evergreen Properties to provide affordable waterfront properties on Lake Russell. Lake Russell is located south of Lake Hartwell on the border of South Carolina and Georgia. It is just over 1 hour from Greenville, SC, 2 hours from Atlanta, GA, and 3 hours from Charlotte, NC. Lake Russell covers over 26,250 acres at full pool level and has a shoreline of 550 miles.  If you’re tired of crowded and overdeveloped lakes, then find out about Northeast Georgia’s best kept secret.

Conveniently located about mid-point on Lake Russell, places these properties within a few miles from Richard B. Russell State Park where you will find many activities such as golf, disc golf, fishing, boating, water-skiing, rowing canoe, pedal boat rental, beach volleyball, swimming, geocaching, hiking and bicycling with 6 miles of trails. Arrowhead Pointe, a new 18-hole golf course, opened in August of 2004; it is rated as one of the top 50 amateur courses in the country. Tee time is only 10 minutes from “your” lake lot. Many other beautiful and challenging golf courses are within a 15 to 30 minute drive from these properties.

Here are just a few things to love about Lake Russell:

  • Army Corp buffer around the lake, which means no storm water pollution and mud in the lake. This also maintains vegetation along the shoreline, is important to prevent erosion, maintain good water quality, and provide necessary habitat for fish and wildlife. Vegetation helps hold soil in place and traps sediments and pollutants, providing an area where chemicals, pesticides, and fertilizers can decompose rather than flow directly into the lakes, adversely affecting water quality. A healthy vegetative buffer also shields water areas near the shoreline from extreme summer temperatures, providing cooler areas for aquatic life. Cooler areas hold more dissolved oxygen, which fish need to breathe. Shoreline vegetation provides food, cover, nesting, and sanctuary for animals and is essential to maintaining the natural beauty of the lakes.
  • Unlike surrounding lakes, the lake level remains relatively stable throughout the year, normally fluctuating no more than 2 to 3 feet from the normal pool elevation of 475′ above sea level. Most of the other southern lakes have been down as much as 15′ to 20′ for years from drought conditions.
  • Very limited development is likely due to a very small amount of private land available. This results in a quaint rural setting in the middle of small towns with adequate goods and services that we all enjoy.

Waterfront lots start at just $17,900 and interior lots start at $9,900! Call our office to schedule an appointment to see Lake Russell today!  864.331.1600

To view a documentary on Lake Russell click here.

Posted in carolina real estate, GA Golf course on lake, GA Golfing, ga lake land for sale, GA State Park, ga waterfront land for sale, lakd russell land for sale, Lake Russell State Parks, Land, land for sale south carolina, land for sale waterfront, Listings, News, Real Estate, Recreation, sc acreage, sc investment real estate, sc lake land for sale, SC Land For Sale, SC State Park, South Carolina, south carolina waterfront land for sale, waterfront land for sale | Leave a comment

Knowing your Real Estate Rights

Posted on October 6, 2011 by sfloyd@carolinalandrealty.com

In the state of South Carolina agents are required to provide information on agency relationships in real estate. As a buyer you do not have to always become a client of a real estate firm, you may wish to remain a customer. Here are a few things to consider. 

  1. As a real estate consumer in South Carolina, you have three choices as to what type and nature of services that you receive.
  2. You may choose to remain a customer and represent yourself while the company represents the other party.
  3. You may choose to hire the company for representation through a written agreement. If represented, you can decide whether to go forward under the shared services of dual agency or remain under single agency.

It is important to keep in mind that until you enter into a representation agreement, you are considered a customer of the company. As a customer, the company cannot be your advocate, cannot advise you on price or terms, and cannot keep your confidences.  As a customer you should not expect the company, or its licensees, to promote your best interest or keep bargaining information confidential.

Even if you decide to remain a customer the law in South Carolina requires real estate companies to provide you with the following basic duties.

  1. Present all offers in a timely manner
  2. Account for money or other property received on your behalf
  3. Provide an explanation of the scope of services to be provided
  4. Be fair, honest, and provide accurate information
  5. Disclose “adverse material facts” about the property or the transaction which are within the licensee’s knowledge.

It is also important to understand the difference between Single Agency and Dual Agency. Single agency is when the company represents only one client in the same transaction (the seller or buyer). Dual agency exists when the real estate company has two clients in one transaction, a seller client and a buyer client.

When buying or selling with an agent it is important to know the following things about your agreement.

  • Can I work with other companies during the time of the agreement?
  • What will happen if I buy or sell on my own without the agent?
  • When will this agreement expire?
  • How will the company be paid for its services?

 Whether you are buying or selling a property it is important to understand agreements and the real estate business. Research, know your rights as a real estate customer, and always ask questions. At Carolina Land Realty we would love to work with you. Contact us today to find out more about our company!

You can find the South Carolina Agency Disclosure Brochure here.

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How to Protect Yourself as an Absentee Land Owner

Posted on September 29, 2011 by sfloyd@carolinalandrealty.com

Absentee Land Ownership can be fairly common. Many people own land far away from their primary residence. This can make monitoring and caring for the property difficult at times. Here are some things to consider as an absentee land owner.

Steps to take to protect your land:

  • Schedule visits 4-6 times per year
  • Photograph the property
  • Record all activity and expenses
  • Maintain a written Land Management Plan
  • Post  “No Hunting” and “No Trespassing” signs at property lines

Land that is not maintained on a regular basis can invite damage, misuse, trespassers, hunters, loggers, overgrazing, plant diseases and more. You may find shotgun shells, open gates, or trash that would indicate trespassing. Make sure to contact law enforcement immediately so that the incident can be logged. Poaching can often become a serious problem because hunters will notice the property is not being used. Often they suspect that no one will know they have been there. If this becomes a concern you can invest in trail or wildlife cameras. This can become proof for law enforcement if you decide to press charges or simply have them follow up with the appropriate individuals.  If you do allow people to hunt or fish your land, provide written documentation for them to show if they are stopped by law enforcement.

If you are unable to visit your property 4-6 times per year, you should hire someone to monitor your land. Land agents often offer property management and leasing services, as well as real estate services, for a small fee. Have a trusted neighbor or friend in the area take pictures periodically to document any changes on the acreage. Keep up with local news in the area. Arson has destroyed hay fields, rangeland, pastures, and abandoned buildings. If something like this is taking place in the area you should notify the neighbors that no one should be on your land.

If you are going to own land farther away from your home it is good to know how to protect it. Consider hiring someone to manage the property and protect your investment. Acreage is naturally good at bouncing back from damage but sometimes there is a limit as to what it can recover from.

Posted in carolina real estate, Hunting, hunting land for sale sc, Land, land for sale south carolina, Listings, News, North Carolina, Real Estate, Recreation, sc acreage, sc hunting land for sale, sc investment real estate, SC Land For Sale, SC timberland for sale, South Carolina, Timber, timber land for sale sc, Wildlife | Leave a comment