Mortgages in a Nutshell

In these challenging times it is easy to think that it is impossible to get a mortgage if you spend too much time watching the news. The truth of the matter is that there is still plenty of mortgage money still available, but the qualifying guidelines have changed somewhat. If you are considering purchasing property, but are wondering if you can meet the qualifying guidelines there are a few simple steps you can take to give yourself some confidence.

The first step for someone considering purchasing a new home and taking on a new mortgage is to consider the additional expenses they will be incurring. They need to determine the new Real Estate Taxes, Homeowners insurance, POA fees, and the mortgage payment. Once they have a reasonable estimate of this number they can evaluate for themselves if it is something they can handle. The best way to come up with this estimate is to work with a professional Realtor, like John Robinson, and a mortgage professional. John will help you figure out the taxes, insurance, and homeowners association fees, and your mortgage professional can help put together the mortgage numbers.

Once you have determined your proposed monthly expenses you can begin to pull together your financial documents to support your loan application. When you begin working with your lender they will review your information and be able to give you an idea if you are credit qualified. This means your credit score is acceptable and your income and asset document support enough income for you to mange the mortgage payments for the foreseeable future. If at this time you do not qualify, your mortgage lender will be able to help you identify the issues and help you make a plan to correct them.

In a nutshell, the most important thing for a prospective buyer is to know approximately how much their purchase will cost them. These costs need to be considered from multiple perspectives; funds at closing and monthly ongoing expenses. If the buyer is personally comfortable with these costs, they are most likely in a good position to qualify for a mortgage.

A Beautiful Day at the Beach on Hilton Head Island, February 17, 2009

North Shore Place - North Forest Beach, Hilton Head Island

North Shore Place in North Forest Beach, Hilton Head Island!

As of today, we have 8 units for sale with prices ranging from $495k to $849k.

One of these available units is a rare 3BR with gorgeous views of the ocean.


Click here to view the MLS page. Click the "Media" link to view photos of each unit: Buyer Short Report

Beautiful Wexford Estate on Hilton Head Island

Check out this link to view a beautiful Harbourfront estate in luxurious Wexford Plantation on Hilton Head Island. This home was just reduced by $600,000!

Click here: Buyer Full Report

“Who is buying Real Estate Now”?

I had a client ask me this today and I thought I would share the answer with you.

On Hilton Head Island, South Carolina there are approximately 339 pended listings as of this writing. Of the pended listings, 242 are homes with an average price of $710,198, 56 are villas with an average price of $368,549, and 41 are lots with an average price of $404,129.

Because of this statistic, we can expect in the next 30-45 days there will be 339 more homes SOLD!

Today’s buyer is savvy, smart and confident. They know the rule to ‘buy low and sell high’. Some people on the other hand know the cost of everything and the value of nothing.

These new buyers are educated on both cost and VALUE. They know that Hilton Head Island historically has some of the lowest priced oceanfront real estate on the east coast. They know that the town has protected over 1100 acres from development and they know that it cost the town $144,000,000. This new buyer knows when to take advantage of a great deal while selection is still inviting.

These buyers might be your neighbors, co-worker, clients, or family. This new buyer could be a couple preparing to retire, a young couple or family seeking to build wealth for their future and their family’s future, while creating memories that will last a lifetime.

They are the people at the party that talk about what they have done in their lives, their experiences and travels. These new buyers would rather listen to a story about Spanish Moss and moon beams before a story about a stock certificate hidden away in a safe deposit box.

I guess a better question is, "Are you one of these people”?

There has never been a better time to be a buyer.

Why Is Hilton Head Island so Special?

Here are a few reasons why 39,000 residents call Hilton Head home and countless others have made it their primary destination to vacation and relax.

Did you know:

1) Hilton head was one of the first eco-planned communities in the country. Charles Fraser, the visionary developer of Sea Pines Resort, set the stage with his very aggressive approach to preserving nature for the entire Island.

2) 70% of our population is under the age of 60 years of age. The largest segment of our population (18.2%) is under 18 years of age and the median age on the Island is 35.4 years. Hilton Head is much more than a retirement community.

3) We have one of the best climates on the east coast. We have a semi-tropical climate with an average daytime temperature of 75 degrees and an average evening temperature of only 55 degrees. Our winters last only a few weeks.

4) Nearly 100,000,000 potential visitors live within only a 15 hour drive to Hilton Head and more than 1,000,000 enplanements and deplanements happen at the Savannah Hilton Head International airport.

5) You can get to everything you need including schools, hardware stores, restaurants, hospitals, theaters, dry cleaners and more in 15 minutes or less from anywhere on the Island.

Do you know why people come to Hilton Head Island:

1) 23 golf courses that are meticulously maintained including the famed Harbour Town Golf Links, home of the PGA Heritage Golf Tournament.

2) We have hundreds of tennis courts. Four of our tennis resorts are listed annually in Tennis Magazines Top-50 Resorts.

3) We have 12 miles of white sandy beaches.

4) Or maybe it is one of our many marinas on the Island.

5) Our Island has been preserved with the town purchasing and protecting nearly 1,168 acres at a cost of $144,000,000 or eliminating 4,000,000 square feet of commercial development and 1,365 hotel rooms and 4,210 residential and timeshare units.

6) We have 7 beach parks, 6 recreational parks, and 8 community parks. How many places do you know that have 21 parks for 39,000 residents?

7) Maybe it is because of the 100 miles of bike paths that encircle the island.

I guess the answer to 'WHY' will be different for all of us but the place will certainly be the same HILTON HEAD.

Here is to Spanish Moss and moon beams!

Hope to see you soon!

Hilton Head Island - Questions & Answers

Recently, I've had the opportunity to answer a few questions for an article highlighting Hilton Head Island in an upcoming issue of Cincy Magazine which is an upscale Cincinnati business periodical.

I'd like to share the following questions and my answers with you.
___________________________________________________

1. Cincinnatians have many choices when it comes to buying vacation homes. In terms of location, what makes Hilton Head desirable? Obvious reasons include pristine beaches, manicured golf courses, immaculate tennis facilities, full-service marinas, fabulous shopping and a vast array of world-class restaurants. In addition, the Island offers a variety of communities including private & gated neighborhoods, townhome complexes close to the beach, villas, and golf course communities. I've driven to Cincinnati a few times and love your city! The drive to Hilton Head seems very straight forward and easy and I know a flight to Hilton Head or Savannah is very quick.

2. Why is now an ideal time to buy a vacation home in Hilton Head? As a buyer, there may never be a better time to buy a beautiful home or villa on Hilton Head Island. Inventory is abundant, prices have declined significantly, interest rates are at record lows, gas prices are not an issue, and sellers understand the need for qualified buyers in today's market. As a buyer, you have many choices and options that may not have been available 4 or 5 years ago.

3. What current market prices and interest rates can qualified buyers expect? It is always difficult to predict what market conditions will be like in the coming months, but we have been enjoying historically low mortgage interest rates over the last few months and they have dipped even further as 2009 has begun. These low rates have helped contribute to the outstanding affordability we are currently seeing. I have actually seen rates in the mid 4% range!

4. How do these market prices and interest rates compare to years past? These are the lowest rates I have seen in my career. So if you are looking at affordability from the perspective of monthly payments, we are looking at unprecedented levels. There are opportunities out there that buyers have not seen in years. It is somewhat like turning back the clock.

5. Given the current economic crisis, many Cincinnatians might be reluctant to spend money on a vacation home. What would you say to someone who is considering buying a vacation home but is worried about what the future might hold? If you're considering purchasing a vacation home or villa on Hilton Head Island, then I say 'congratulations!' There is no place in the world more charming and inviting than this beautiful Island. Consider your investment as a long-term proposition and you will be more comfortable as American real estate has always been a smart investment, especially in areas which are highly sought after and desireable. In fact, do as I do and consider your vacation home on Hilton Head Island as an 'investment with a sunset!'

Why Do I Love Hilton Head Island?

Well...here goes...

I moved to Hilton Head almost 19 years ago when I was hired as a tennis pro at the Sea Pines Racquet Club right after college. As a tennis pro, Hilton Head Island was (and is) the premiere location in the United States as there are over 300 tennis courts with 4 tennis resorts included in Tennis Magazine's Top-50 Resorts list each year.

The ambiance of the Island coupled with the fact that so many happy people reside and vacation here make life on the Island very appealing. Aside from the miles of incredible beaches, the purest green fairways you can imagine, and the thousands of tennis balls smacked back and forth, one of my greatest and most comforting pleasures of being a resident is when I see a friend, customer, past tennis student, or acquaintance at the grocery store or post office. To live in a "big city" means rarely seeing folks that you know out and about, but on Hilton Head Island, it often feels like the small town of Mayberry with an international magnetism.

After 14 years as a tennis pro, I decided to take the next step in my life to pursue a career in residential real estate on Hilton Head Island, Daufuskie Island, Bluffton, Hardeeville, and Ridgeland, South Carolina.

Hilton Head Island is truly the gem of South Carolina while Daufuskie Island is our version of Gilligan's Island with its unpaved roads, lush tropical climate and surroundings, and a unique exclusivity due to the fact that you can only get to Daufuskie Island by boat. You would be amazed at the oceanfront opportunities you'll find on Daufuskie Island!

Bluffton is a fast-growing small town which offers a tremendous variety of community styles, homesites, townhomes, villas, and new communities such as Tradition, Mill Creek, Hilton Head Lakes, and Abbey Glen just to name a few. Bluffton is also the proud host of several very exclusive gated country club communities such as Colleton River Plantation, Belfair Plantation, Berkeley Hall Plantation, Hampton Hall Plantation, Hampton Lake, and Hampton Pointe.

Hardeeville and Ridgeland are two sleepy small towns with healthy growth planned over the next several years and offer opportunities for large parcels of land at minimal pricing. This is appealing to many buyers as these two towns are within 25 miles of the coastline!

Over the past several years as a REALTOR, I have researched and learned a tremendous amount of vital information pertaining to Hilton Head Island and the Lowcountry including coastal insurance, property taxes, rental issues, construction materials, quality builders, and of course the ebb and flow of our local real estate market.

As a young tennis pro, many of my tennis students asked me "Where do you go on vacation"? My response has always been the same: my vacation is on-going and is part of every day on Hilton Head Island. If you have a tennis racquet and a can of balls, a set of golf clubs, a pair of walking or running shoes, a beach chair and sunscreen, a pair of sunglasses, a love for boating & fine dining, and an interest in experiencing the great outdoors, then Hilton Head will offer you a lifetime of vacation memories every day you wake up.

Because of my infatuation for all things Hilton Head, I feel very lucky to be a realtor on Hilton Head Island where my job requires me to assist future residents and/or investors in choosing their dream home.

I'd love to hear other stories of Hilton Head Island and what the Island means to you!

Floyd Wickman SMART Program -- I Graduated!

I had the pleasure and opportunity to attend the Floyd Wickman Program this fall on Hilton Head Island.

My broker at Dunes Marketing Group organized for a Floyd Wickman trainer (Robyn) to give our group of 100+ agents a presentation highlighting the Floyd Wickman Program. After the presentation, several agents and I registered for the course.

WHAT DOES THE FLOYD WICKMAN TEAM DO?

They help brokers and their agents increase sales by causing them to:

Master the art of Listing and selling real estate.
Build and maintain a Salable Book of Business.
Become and stay organized.
Value the benefits of Teamwork and Mentoring.
Live by 5 client- and company-friendly Core Values.

S.M.A.R.T. PROGRAM: 7 weekly sessions teaches agents how to prospect their sphere of influence and FSBO's; generate referrals; control the complete listing appointment; price the listing so it is salable in the toughest of markets; service the listing; convert incoming and Internet inquiries into office appointments; sell more properties; create a business plan and focus for achieving that plan; work as part of a mentor group.

Includes:

1. 8 CD's

2. 1 DVD

3. Course Manual

4. Online resources

CORE VALUES CLUB: 1 year follow-up to the S.M.A.R.T. program (no additional charge) designed to help the agent fine tune all of the listing and selling skills taught during the 7 weekly sessions; and, to master the personal success characteristics necessary to achieve long range success.

Includes:

1. 12 monthly audio messages

2. Online resources

THE MASTER SALES EVENT: A 3 day event during January, limited to Floyd Wickman graduates designed to recognize achievement and to create a business plan for the New Year. To help agents achieve at a higher level.

Includes:

1. National speakers

2. Added value workshops

3. Referral sharing

4. Higher level skills

Housing Affordability Is Up!

The Home Builders Association of South Carolina published a very interesting article in their latest newsletter.

With housing prices down, and rates still historically low, housing affordability is the best in 4 years.

Click HERE to read the full article.

The Difference Between Pre-Qualification and Pre-Approval

Ben Russ, Vice President of Hilton Head Mortgage sent me the following pertinent information regarding financing for a home on Hilton Head Island.

Pre-qualification is the first step in obtaining mortgage financing.

A potential borrower answers a few questions to provide the loan consultant with a quick snapshot of the borrower's income, existing debt, accumulated savings and whether or not there is a co-borrower. Signatures allow the loan consultant to run a credit report and begin to determine what loans are good candidates for this particular client. However, there are literally thousands of loan programs available.

It is important for the loan professional to know the long-term financial objectives of the prospective homeowner.

Pre-approval is a written documentation that proves the borrower has full support of a lender.

It means the form 1003 Uniform Residential Loan Application has been completed and reviewed by an underwriter. Based on the borrower's income, debt ratio and savings, the underwriter will provide a dollar amount this borrower is eligible for.

Now the borrower has the convenience of shopping for a home in the price range agreed upon by the lender.

Pre-approval allows potential homeowners to shop as cash buyers, and that means negotiating power. The seller will take an offer from a pre-approved shopper much more seriously and may even accept a lower bid because they know the financing is in place and the deal is secure.

For more information regarding the home-buying lending process on Hilton Head Island, South Carolina, or for real estate information, email me with your questions at HiltonHeadJR@aol.com.

Avoid Foreclosure with Deed-In-Lieu

A common way to protect your property from being taken away by the lender on account of non-payment of your mortgage is a deed-in-lieu of foreclosure.

Deed-in-lieu is a process in which the borrower failing to satisfy the loan obligation hands over his property to the lender. The lender may then sell the property in order to retrieve a part or whole of the amount borrowed from the sale proceeds.

What is the process all about?

When you go for a deed-in-lieu in order to avoid foreclosure, you need to sign legal documents such as the Agreement in Lieu of Foreclosure and a Warranty deed, quit claim deed or a grant deed.

The first document reveals the terms and conditions of the deed-in-lieu, and is signed by both the lender and borrower.

The second document, which is the deed, conveys legal ownership of the property to the lender.

The lender marks the borrower's note as "paid" and provides the latter with two forms - one which states that the debt is canceled and the other which refers to the waiver of the right to a deficiency judgment (the lender's right to ask for the unpaid debt amount if it is not recovered totally by the property-sale).

The agreement for deed-in-lieu is executed through an escrow company which receives the borrower's note (marked as "paid") from the lender. The escrow then records the deed used for transferring legal ownership of the mortgaged property and sends the note to the borrower. The borrower is thus released from the liability of the mortgage payments.

Does a borrower need to pay tax in the process?

Once a borrower gets a release from the loan, he may have to pay deed tax provided he doesn't qualify for the tax relief under the Mortgage Debt Forgiveness Tax Relief Act applicable till the end of 2009.

As per the Act, one need not pay tax on canceled debt (unpaid loan balance which is forgiven by lender) resulting from deed in lieu. The tax is calculated on the basis of unpaid balance.

Now, even if the lender may not collect deficiency, the borrower may pay cash towards the unpaid debt to avoid a negative impact on his credit report. This extra cash serves to reduce the amount of unpaid debt which is the basis of the deed tax.

It may happen that the lender pays the borrower a certain sum of money in return for the deed-in-lieu when there is some equity in the property. In such a case, the cash offered to the borrower is added to the unpaid debt in order to determine the basis of the deed tax.

More questions? Contact me at HiltonHeadJR@aol.com if you need more information regarding foreclosures, short sales, etc.

Good News for Home Insurance

Due to the efforts of our Insurance Commissioner, Scott Richardson, we now have many new insurance companies willing to write business for real estate in our area. All of the companies are A-rated or better and admitted to the State. This means that the insurers are bound by South Carolina's Guarantee Act.

These new companies are competitive and give us options so that we are, in most cases, no longer bound to the expensive Lexington and Lloyds products.

As a generalization, I would say that insurance prices have dropped to about 1% of the purchase price of the home, sometimes less. This is a considerable drop from the previous year's when it was as much as 2%.

I hope this gives you a little insight into the insurance market. My thanks to Kristin Hayrinen at Kinghorn Insurance for her insights. Please email me hiltonheadjr@aol.com if you have further questions.

Loggerhead Sea Turtle on Hilton Head Island, Summer 2008

Very Important

My sister Pam has recently started making her own jewelry collection and has it listed on Etsy.com, which is a website for all hand crafted items. Check it out at http://www.pamlita11.etsy.com/.

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You'll also see a larger description on the lower left side of this page which includes a variety of jewelry photos.

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If you don't purchase something, we're ALL in trouble!

FHA Raises Loan Limits

Great News! The U.S. Senate recently voted 93 to 1 to raise the loan limits on government insured FHA (Federal Housing Administration) mortgage loans.

This is in response to the recent credit crisis and collapse of the sub prime mortgage market. The intention is that this will enable borrowers who deserve a mortgage to obtain one and at the same time allow those current mortgage holders to refinance their existing mortgages to lower payments.

FHA loans are frequently used for “first time homebuyers”. This is because these buyers commonly have decent credit, low monthly expenditures, but not a lot in the way of liquidity. An FHA Mortgage allows 97% financing with minimal out of pocket costs and more forgiving credit scores. FHA also offers attractive interest rates which is a big advantage over the high rates of previous sub-prime mortgages.

However, in the past FHA has been capped in Beaufort County at $284,000. With this increase in loan limits the new limit will be $387,500. This will allow more buyers to take advantage of home prices in Beaufort County and utilize the advantages of FHA Mortgages.

So what’s the bad news? At this point the Senate has only voted on this increase in loan limits until the end of 2008.

For more information on FHA Mortgages please call Tony Knapp from Mortgage Network at 843-341-0111.

Tony is a member of John Robinson’s Performance Team and a loan officer for Mortgage Network, Beaufort County’s largest and most respected mortgage lender.

Special Situation Pricing - Hilton Head Island, SC

Below is a list of MLS numbers which represent properties (single family homes and villas) offering special pricing situations which include:

Foreclosures
Pre-Foreclosures
Very motivated sellers
Very appealing prices

Non-Gated Single Family Homes & Villas
240551, 247058, 247609, 242460, 239359, 240240, 245077, 243175, 247273, 242937,
245829, 240581, 246140, 246178, 244239, 239411, 247243, 246248, 247782, 241588,
237342, 237627, 247017, 242888, 228008, 239118, 246285, 235777, 240361, 244716,
234841, 246768, 244290, 241904

Gated Single Family Homes
246477, 247193, 241662, 228637, 246263, 241656, 240766, 247025, 246170, 245144,
247695, 247198, 244486, 236183, 246292, 245525, 246930, 242930, 244983, 245923,
243453, 245601, 246010, 241511, 243854, 246816, 246987, 243596, 247003, 247593

Gated & Special Communities Villas
238191, 246006, 242993, 244097, 245069, 230220, 243607, 245980, 247219, 242889,
245363, 246744, 242621, 246431, 244424, 241478, 244957, 236154, 246933, 234749,
244730, 246741, 242772, 242459, 243848, 239229, 235053, 243088, 236022, 242458,
247076, 226959, 245837, 236462, 243700, 244989, 244558, 234403, 246620, 245241,
237663, 245175, 235631, 246986, 246326

Choose the MLS numbers, go to my website at www.JohnRobinsonRealEstate.com, click on "MLS Local Listings" and plug the MLS numbers into the appropriate spot. You'll then see specific information about the property.

Remember, this is a list of homes and villas which I've researched and deem to be a "special pricing situation" which may create an opportunity for you.

Please email me with your thoughts or questions to JR@JohnRobinsonRealEstate.com.

Hilton Head Island News

Spring has sprung on Hilton Head Island!

It’s easy to tell that’s the case because yellow pine pollen now coats our cars, driveways and shrubs until the next brief rain shower washes it away. A small price to pay for glorious sunshine and balmy temperatures in the 60’s and 70’s; perfect for walking the beach, biking, golf, tennis or sailing. Evenings are perfect for enjoying a walk on the beach or around one of our harbors and taking in the incredible night sky, and more stars than you’ve seen since being a child untold numbers of years ago!

If you’ve not ever had the pleasure of March, April or early May on Hilton Head Island then you’ve missed one of the two best times of the year (fall being the other). The azaleas are starting to burst forth and all is, almost, right with the world.

Spanish moss and moonbeams…and of course there are the unbelievable golf and tennis facilities to consider as an option.

Easter Holidays & Spring Break

Visitors are starting their trek southward in the annual search for sun, sand and relief from winter’s hold. The Chamber expects a big year in 2008 as folks choose to drive versus fly this year in hopes of keeping down their vacation costs. Amazing how accessible Hilton Head Island is to the eastern and central U.S. because of the feeder interstate highway system that brings folks down through Tennessee & North Carolina in less than 12 hours, versus the 18-20 hour drive to Florida. It’s no wonder we’ve become so popular for Spring Breaking families. If you are part of those excited groups, welcome home!

Highway Construction in the Area

For those that haven’t been here since last summer, you’ll be pleased to hear that the six lane expansion of Hwy 278 through Bluffton is complete! Incoming traffic on Saturday should be aided immensely with this improvement, and we hope you enjoy your bed tax dollars at work!

On the Island, there are a number of projects underway that you should be aware of, especially if The Old Oyster Factory is one of your favorite dining stops! The Town is widening Mathews Drive and constructing a traffic circle at Mathews and Marshland Road that probably will not be completed until fall.

Bikers Are Off Pope Avenue – Hooray!

Compass Rose Park, to honor Charles Fraser & the founders of Sea Pines Resort, at the corner of Pope Avenue and New Orleans Road, is well underway and could be a nice diversion for bikers. Speaking of biking, the new Pope Avenue bike routes are a work of art – traversing lagoons via wooden bridges with copper clad posts, on both sides of Pope Avenue, adding to traffic safety and dramatically improving the look & feel of the Pope Avenue corridor. It’s worth the ride!

New Dining Experience

While seeing the new sights on Pope Avenue, you may want to try one of Hilton Head Island’s favorite restaurants. Truffles has just recently opened a new location off Pope Avenue. A popular Sea Pines restaurant, Truffles is now open and they are doing exceptionally well. Great salads and French Onion soup! Try the BLT Bibb lettuce salad.

Hilton Head Foreclosures & Pre-Foreclosures

Many of you have asked about the availability of foreclosure opportunities on Hilton Head Island. While there are surprisingly few, I’ve made an effort to compile some links to properties that are either in foreclosure, in pre-foreclosure, or on the verge, based on the anxious seller’s ‘motivation’ statements. I’ve already emailed the links to folks that we had a current email address for. If you’ve not yet received it, simply request a copy of the link by contacting JR@JohnRobinsonRealEstate.com and I’ll get it right off to you.

Foreclosure rates in South Carolina are some of the lowest in the nation. Less than 2% according to USA Today, but there are some and they range from a low of $185k up to nearly $3 million.

Order your links if interested.

North Carolina Mountain Golf Communities

The winter has provided a chance to tour some of the new communities exploding in the western part of North Carolina in and around the Asheville/Hendersonville area. There are some great facilities that you might wish to explore. Private golf, of course, plays a major role in the amenity list, but access to nature trails and rivers is as essential. One of the newest of these communities is an Arnold Palmer signature golf facility named Seven Falls, featuring a complete golf learning center plus access to the French Broad River for boating, kayaking and fly fishing. The core golf course is built in a valley, with mountain-view homesites surrounding the course and including, surprisingly enough, seven waterfalls on the property from mountain streams leading into the course and to the river. Nine hundred residents, a full Town Center, and a River Club make for an exceptional development.

If golf isn’t a priority but river access is, maybe Cold Mountain, a magnificent community near Waynesville, which is all about the river and the mountains, is right for you. Let me know if you wish more information or a link to their websites.

New Villas – Sunset Bay at Palmetto Bay Marina

I mentioned the Sunset Bay Villa project to you in previous announcements and am excited to report that plans are in the works for this new complex at Palmetto Bay Marina on Broad Creek on the south end of the Island. The site will be familiar to those of you who are long-time visitors who might recall a favorite restaurant, the Chart House located at the marina.

The Chart House closed down about seven years ago, only to be followed by a series of mediocre-to-bad food operations, while positioned on an unbelievable piece of land, surrounded by Live Oaks and with a western view down Broad Creek with some of the best sunsets you’ll ever see.

Now an investor has taken an option on the property and intends to build 12 three-bedroom luxury condos with 2,500 square feet of interior space and huge decks looking over the Broad Creek that will provide owners with an unbelievable location and views to die for. Prices range from $899,900 to $1,299,900 with a summer of 2009 completion date. If you have an interest call right away and I’ll send you information to help you make a decision. A 3% deposit is required to secure your unit until contracts are signed in 90-120 days.

Speaking of Real Estate-Good News

Finally, and for a change!

‘Pended’ sales (placed under contract) of homes on Hilton Head Island are UP for February!

After a gruesome December & January, activity has spiked up by 50% during February 2008 from January, and came close to reaching the historical ‘average’ activity on the Island over the past 12 years! It’s the best month of sales activity since April 2006. It appears that the combination of a less than robust stock market and continued cuts in the prime rate has finally brought in some second home buyers who believe that if we’re not at the bottom, then we’re pretty damn close. Villas continue to lag, but are still way up as well for February.

In a month or so you may read in the national media about an up-tick in real estate activity. But all real estate is local! Remember, you heard it here first that we’ve turned the corner.

Best Real Estate Opportunities

I remain convinced that oceanfront and near-ocean condos, that generate rental income for their owners, are the best possible solution for the buyer not ready to make a permanent move to the Island. Rental income can make your ownership costs surprisingly affordable, while allowing you usage of the property during much of the year when it is not in demand.

JohnRobinsonRealEstate.com

If you haven’t visited my website lately you may not know that you can check the local MLS listings for yourself! Go to www.JohnRobinsonRealEstate.com and click on ‘Hilton Head Island & SC Lowcountry Listings’ and take a tour of Hilton Head Island and Bluffton anytime you choose!

JohnRobinsonBLOG.com

I’ve added a new addition to my online presence. If you’ll visit my real estate blog at www.JohnRobinsonBLOG.com, you’ll see informative, interesting, and valuable opinions and pertinent information relating to the Hilton Head Island area and real estate in general.

What is a BLOG? A blog is a “web log” or a journal. You’ll find daily updates, virtual tours, photos, and an occasional Redskins update.

Feel free to peruse the multitude of postings and make comments by clicking the “comment” link below each post. You may also forward the information to your friends or associates. In fact, I have added a special button which will allow my blog posts to be automatically delivered to your reader. I’ll explain more about this in a separate email.

And….

…finally, I’d be eternally grateful if you would consider recommending me to friends and associates considering purchasing property in the Low Country. Call me if you intend to visit this spring; I’d love to discuss your plans for the future and how I might be of assistance to you in your search for just the right community.

Compass Point Villa - Hilton Head Island, SC

Quit Claim Deed vs. Warranty Deed - A Difference Indeed

A quit claim deed is the legal way that one person (the grantor) transfers real property, such as a house or land, to another person (the grantee). As an example, a divorcing husband may quit claim his interest in certain real estate to his ex-wife.

While the concept is simple and straightforward — relinquishing all ownership claims to a particular property — it’s also important to note what a quit claim can’t do.

In renouncing claim, the grantor makes no guarantee or promise that the property is free of debt. Another important distinction is that the grantor makes no promise that no one else claims to own the property. Tracing its origin to Anglo-Norma times (circa 1,000 CE), the quit claim deed says, in effect, that the grantor is signing over whatever ownership he or she may have in the property. It does not even guarantee that the grantor has any ownership interest at all. By accepting such a deed, the grantee assumes all the risks.

Furthermore, many title companies are reluctant to insure title when a quit claim deed was used previously to transfer title, and therefore, recommend use of a warranty deed instead. A warranty deed conveys full title to the property and warrants that title against defects such as tax liens, legal judgments and unpaid debts.

To figure out the differences between a simple quit claim and a warranty deed, I recommend you consult your real estate attorney for more information.