The Carmilla Rená Professionals
BUYER'S GUIDE
Charleston And Surrounding Areas
The Carmilla Rená Professionals Learn from a Realtor who has over 10+ years of real estate experience. Born and raised in Charleston, Rená has a unique understanding of the local market and is familiar with every street corner!
Carmilla Rená Brown
Founder/Realtor
Sydney Booher
Executive Assistant
Hiring Licensed Realtor
Our Team is Hiring! We are looking to grow! If you know anyone looking to join a Real Estate Team, reach out!
01
Contents
Map of Charleston
02 We're hiring!
04-05 Experience The Difference & Our Promise
06-07 Step #1: Hiring an Agent
08-09 Step #2: Pre-Approval
10 Step #3: Discussing your wants & Needs
11 Step #4: Negotiating your terms
12 Step #5: Inspections
13 Step #6: Submit Loan to Lender
14 Step #7: Appraisal
15-16 Featured Home
17 Step #8: Receive Loan Approval
18
Step #9: Get Ready For Closing
19
Step #10: Closing Day!
20 Timeline of Events
21 Upfront Costs
22 What Is the Earnest Money Deposit?
23 What are closing costs?
24 Put Down less than 6%
25-26 Smooth Closing Checklist
27 What people are saying
28 CRP Charity & Vendor List
Experience the Difference As a Charleston native, Carmilla adores working with buyers and sellers in a place where she is familiar with every street corner, every neighborhood and every home for sale, priding herself in having her finger perennially on the pulse of a thriving community. Rená is a Certified Luxury Agent with Keller Williams Realty-Charleston, and a Certified Luxury Home Marketing Specialist.™
The Carmilla Rená Professionals KELLER WILLIAMS REALTY GREATER CHARLESTON REAL ESTATE PROFESSIONAL SINCE 2012
2023 Top 500 Charleston Real Producer 2022 Top 6 Individual Producer at KW - Mount Pleasant Certified Institute For Luxury Home Marketing Member Certified Keller Williams Luxury Member Over 24 Million in Sales Volume from 2021-2022
The Carmilla Rená Professionals
Our Promise To You 1. To prioritize our client's and work as a team to ensure a smooth and seamless transaction from start to finish 2. To provide exceptional service and expertise in the real estate industry, utilizing the latest technology and tools to ensure a seamless experience. 3. To always stay ahead of the curve by embracing innovation and utilizing cuttingedge technology, providing our clients with a distinct advantage over the competition. 4. To be available to answer questions and provide guidance throughout the real estate process. 5. To be transparent, honest, and to act with integrity in all of our dealings with clients. 6. Our clients are our partners, and we value building long-lasting relationships and helping them achieve their real estate goals.
Need To Sell A Home Before You Buy? The Carmilla Rená Professionals represent both buyers & sellers! If you have a home to sell in the Charleston area before you buy (or after), we can help! Let us know and we can set up a listing appointment, check out your home and look over comps in your area.
STEP #1 Hire a Real Estate Agent Paperwork New construction or previously owned, we help with all disclosures & paperwork necessary in today’s heavily regulated environment.
Experience They are well educated in and experienced with the entire sales process.
Negoitations They act as a “buffer” in negotiations with all parties throughout the entire transaction.
Pricing They help you understand today’s real estate values when setting the price of a listing or an offer to purchase.
Expand Your Search Power Agents have access to the Multiple Listing Service, which gives the most up-to-date information on all listings and data in your area.
Offer Information We will offer our unbiased option and answer any questions you may have from neighborhood amenities, utilities, zoning and more!
Very Important!
The home seller pays the commission at closing. Using an agent to help you purchase a home costs NOTHING to you!!
RULES OF HAPPY HOUSE HUNTING 1: Feel free to go to open houses, but let them know you have a realtor and give them my name. 2: If you decide to build in a new subdivision, call me. I will accompany you to the model home for the first time. If you do find yourself at a model home, let the sales agent know I am your realtor. You may find the sales office will pressure you to sign something. Don’t. Call me at that time. :) 3: If you want more information on a house, e-mail me. Do not call the sign. I can help you with any listing, including For Sale By Owners. 4: Please note, most showing appointments require a 24 hour notice. 5: Also, many sellers have audio and video surveillance on the property. We need to be mindful of what we say during showings. 6: Texting or calling is always the best way to reach me.
STEP #2 Pre Approval - I can provide you with my contacts for preferred mortgage lenders. - Recommend obtaining a pre-approval vs. pre-qualification letter. -Required to provide documentation including letter of employment, pay stubs and past 2 year tax returns; credit report is conducted. - Bring to the lenders attention any of your concerns about credit history, bankruptcies, etc. WILL SAVE YOU TIME & MONEY!! - Ask lender about different loan programs that would best fit your needs. - Ask about down payment assistance if this is something you may be interested in. - Ask about Monthly Mortgage Amount with mortgage, taxes, mortgage insurance(if applicable), homeowners insurance, and possible HOA fees.
How Much Can You Afford? Key Factors to Consider
* The down payment * The interest rate * Your debt-to-income ratio * The closing costs associated with the transaction
Why Pre-Approval Should Be One Of Your First StepS In many markets across the country, the number of buyers searching for their dream homes greatly exceeds the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre- qualified or pre-approved for a mortgage before starting your search. Find a reputable lender to help you get pre-approved! Freddie Mac lays out the advantages of pre-approval in the 'My Home' section of their website. “It's highly recommended that you work with your lender to get pre-approved before you begin house hunting. Preapproval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets. One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.” Freddie Mac describes the '4 Cs' that help determine the amount you will be qualified to borrow: 1. Capacity: Your current and future ability to make your payments 2. Capital or Cash Reserves: The money, savings, and investments you have that can be sold quickly for cash 3. Collateral: The home, or type of home, that you would like to purchase 4. Credit: Your history of paying bills and other debts on time Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted. The bottom line is many potential homebuyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be surprised at your ability to do so.
Step #3 The Search: Let's Discuss Your Wants/Needs -We can figure our how much you are comfortable spending. Ensure you make a list of your fixed bills such as credit card bills, student loans, car payments, your Netflix subscription and any other monthly bills that you'll have after purchasing a home. Instead of looking at the "mortgage amount" set yourself a monthly max budget so that you feel comfortable making the payment every month. - We will discuss all the specifications you have in the home. - Complete the perfect home questionnaire. - We will work together to set you up to receive new listings from my MLS to be sent to your email with your personalized specifications (Note: Things like updated kitchens are not specified on MLS) - We can also research For Sale By Owner properties - Time to view potential properties!
MLS definition: Multiple Listing Service is the most up to date way to receive new listings. The MLS Updates every 15 minutes
Step #4 Negotiating Your Terms With Confidence Position of Strength * Pre-approval on hand * Type of financing * Negotiating with listing agent * Comparable sales to support offer * Seller's purchase price per tax records * Property tax assessment review * Walk away leverage
Making an Offer Once we've found the house you wish to purchase, you'll need to determine what offer you are willing to make on the home. After all, you are the one making the payments!
Multiple Offer Strategy * "Dear Seller" Letter * Increased Earnest Money Deposit * Closing Date
* Sales price * Comparative Market Analysis (comps) * Earnest money * Financing terms * Inspection period * Closing date * Personal property * Seller contribution to YOUR closing costs
Step #5 Inspections Very Important! Whether you're purchasing a resale property or new construction, we highly recommend that you have a professional home inspector conduct a thorough inspection. You need an inspector that is exceedingly thorough and detailed so as to minimize surprises for you. However, the inspection is not meant to be used to low ball the seller post-price negotiations, as all existing homes have minor imperfections. The inspection is intended to report on major damage or serious problems that require repair. Your home cannot "pass or fail" an inspection. The inspector's job is to make you aware of repairs that are recommended or necessary.
THE INSPECTION WILL INCLUDE THE FOLLOWING... * Appliances * Plumbing * Electrical * Air Conditioner * Roof and Attic (if accessible) * General Structure The seller may be willing to negotiate completion of repairs or you may decide that the home will take too much work and money and rescind the offer during the inspection period. Your inspection is a contingency to the purchase and sale agreement and needs to be completed and repairs negotiated within the due diligence date on purchase agreement, usually a 7- 10 day period
Estimated Costs Standard Home Inspection
Starting at $350 Depending on size and age
CL100/Termite Test $70-$250
**Not all items are not necessarily required. Speak to your realtor for more info.
Step #6 Submit Loan To Lender When you submit a loan to your lender, it's known as "going into underwriting". The term "underwriting" refers to the process that leads to a final loan approval or denial. A loan's approval status is made by a professional underwriter which uses specialized software programs and numbercrunching analysis. Once an underwriter has reviewed all of a mortgage applicants information and documentation, a decision will be made on the loan's status. There are a few possible outcomes at this point.
Step #7 Appraisal An appraisal is an opinion of value from a licensed real estate appraiser who visits the home and inspects its size, condition, function, and quality. First, an appraiser comes out to the property and inspects the home. Next, the appraiser researches similar homes in the area and compares recent sales to determine a fair market value. The appraiser then gives a final appraisal report which includes a final “opinion of value.”
A real estate appraisal helps to establish a home's market value – the expected price it would fetch if offered in an open, competitive real estate market. Appraisals can help buyers ensure that they don’t overpay for a home.
By law, mortgage companies cannot complete their own appraisals so many hire an appraisal management company (AMC) to handle the work which, in turn, gives the work to a licensed professional appraiser.
Step #8 Receive Loan Approval After a file has been fully underwritten and all of the conditions are satisfactorily met, a final underwriting approval will be issued. This is known as a “Clear to Close”. Clear to Close means that the documentation you provided to your lender have met their approval, and that no additional paperwork is required. When you're Clear to Close, your lender is ready to fund your loan and will begin communicating with the closing agent to prepare your documentation for closing. It typically takes up to 5 days.
Step #9 Get Ready For Closing! Homeowners Insurance * Highly competitive rates * Impacts your monthly payment
Closing Attorney * Quality management of process * Manages all parties in transaction * Leverage for getting problems solved * Closing on time * Protecting your interest * Transferring ownership of property to you
The Final Details * All documents to lender in timely manner * Appraisal * Lender repairs where applicable * Closing & settlement review * Potential deal killers * Transfer of utilities * Moving into your new home
You have gone through all the hoops to get to this day… CLOSING DAY! Today is the day you go from home seeker to homeowner! But before you get those keys, there are a few things you should do ahead of time and keep in mind on closing day.
FINAL WALKTHROUGH Have you done a final walkthrough? This is very important! Make sure you and your REALTOR® schedule a time prior to closing to walk through the home one last time. This will ensure that all of the seller’s belongings have been removed and all repairs have been completed. If you asked for appliances to stay, ensure that they are in place. Make sure all of the lights, heating/air and plumbing are working properly. You may have asked for and agreed to certain requirements, such as draperies remaining or walls being painted a certain color. You will want to make sure these contingencies are completed prior to closing.
Step #10 Closing Day! Who Will Be There? * You, the buyer(s) * Seller(s) * Buyer's agent * Listing agent * Closing attorney, the party representing the title company and responsible for ensuring the title is transferred to you * Occasionally, your mortgage officer
What Will You Need? * Bring valid government-issued photo ID and a second form of ID showing your name. * Bring cashier's check for your cash to close ( your mortgage officer will tell you this amount approximately 24 hours prior to closing. Your attorney may have you wire money. Avoid wire fraud and ensure you verify account number with attorney)
Timeline of Events This is an estimate of timelines. Speak to your realtor about the timeline for your particular transaction.
24 Hours Or Less For Pre-Approval 3 Days For Earnest Money Deposit 5 Days For Loan Application 10 Days For Home Inspection 15-25 Days For Home Appraisal 5-10 Days Before Closing Title 30-60 Days to Closing
Upfront Costs Earnest money deposit: 1% of purchase price Home Inspection: $500 Appraisal: $500 Repairs: TBD Closing Costs: 3- 5% of purchase price Down Payment: TBD
For example: Purchase price $300,000 Earnest Money Deposit: $3,000 Home Inspection: $500 Appraisal: $500 Repairs: TBD Closing Costs: $9,000 - $15,000 Total: $10,000 - $16,000 + Down Payment
*Note the Earnest Money Deposit is applied towards down payment and/or closing costs
Above is an estimate of upfront costs please speak to your lender or realtor about your particular upfront costs on your particular transaction.
What is The Earnest Money Deposit? The earnest money deposit is an important part of the home buying process. It tells the seller you’re a committed buyer. Assuming that all goes well and your offer is accepted by the seller, the earnest money will go toward the purchase price. In many circumstances, you can get most of your deposit back if you discover something that you don’t like about the home. Typically 1% of the purchase price of the home. Must be turned in within 3 days After turning over the deposit, the funds are held in an escrow account until the home sale is in the final stages. Once everything is ready, the funds are released from escrow and applied to your purchase price.
What Are Closing Costs? The down-payment amount is the difference between the selling price of the property and the amount of money borrowed to purchase the property. The deposit provided with the offer is deducted from the down-payment. Example: Selling price is $300,000. Deposit with offer is $10,000. If the mortgage loan is for $270,000, the remaining down- payment will be $20,000. Prepaid Utilities: The buyer is responsible for paying utilities as of the closing date and may also need to reimburse seller for prepaid utilities.
Prepaid Property Taxes: Property taxes are calculated based on the value of the property. If the seller has prepaid property taxes, the buyer may be required to reimburse the seller. Interest Adjustment: The interest adjustment is the amount of interest accrued between the closing day and the date of the first mortgage payment.
Lender Fees: These fees generally include origination fees, appraisal, credit report, and points (money you pay to get a lower rate).
Legal Fees/Disbursements: Legal fees include conducting a title search on the property, putting title insurance in place, registering the home in the buyer’s name, and facilitating financial disbursements upon closing. Transfer Taxes (Land, Estate, etc)
Tax and Homeowners Insurance Escrow: Some lenders require prepaying taxes and one full year of homeowners insurance at closing and are placed in an escrow account so the money is always there when it's needed. This account is maintained in monthly payments
61% of First Time Home Buyer's Put Down Less Than 6% According to the Realtors Confidence Index from the National Association of Realtors, 61% of first-time homebuyers purchased their homes with down payments below 6%. Many potential homebuyers believe that a 20% down payment is necessary in order to buy a home and many have disqualified themselves without even trying, but in October, 74% of firsttime buyers and 52% of all buyers put less than 20% down. Elizabeth Mendenhall, President of NAR , recently shed light on why buyer demand has remained strong, “Despite first-time buyers struggling to achieve homeownership, Realtors® in most areas say demand is still the strongest at the entry-level segment of the market. For prospective firsttimers looking to begin their home search, competition will remain swift. That is why it’s important to be fully prepared with a pre-approval from a lender, and to begin conversations with a Realtor® early about what you’re looking for and where.” It’s no surprise that with rents rising, more and more first-time buyers are taking advantage of low-down-payment mortgage options to secure their monthly housing costs and finally attain their dream homes. Bottom line, If you are one of the many first-time buyers unsure of whether or not you would qualify for a low-down-payment mortgage, let’s get together to set you on your path to homeownership!
Smooth Closing Checklist Work with realtor to schedule all inspections Get the lender all documents and information they need on time Get homeowners insurance- make sure you shop around! Most insurance companies give you a discount for bundling home and auto!!
Provide insurance to lender Preview closing disclosure statement (must be signed at least 3 days before closing) Final walk through Wire your down payment and closing funds or get bank check for these funds to bring to closing (check with Lawyer for more info on what method they use) (DO NOT WIRE ANYTHING WITHOUT GETTING DIRECT WIRING INFORMATION FROM THE ESCROW OFFICER, UNLESS YOU TALK TO THEM IN PERSON, CHECK WITH YOUR REALTOR FIRST)
Put utilities in your name and turn on effective on the closing day Bring your drivers license or passport to the closing table Get the keys Move In!
What people are saying..... "Working with Rená was such an easy and amazing experience. We absolutely love her! She was so patient with us through the process, and stuck with us for over a year till we found our unicorn home. She never rushed us, often guiding us to keep looking when she could see that we weren’t in love the way we should be. She was always available to show homes when we needed her and was so knowledgeable about areas and the ins and outs of the process. When we found our home she was instrumental in getting us a better price than what were going in with. She was confident and it worked! We are so incredibly happy in our new home and it’s absolutely perfect! We will always call Rená our fairy godmother realtor, because she led us to our forever home. She also happens to be lovely and I enjoyed spending time with her. 10/10 the best realtor in Charleston!"
-Cristina Paz 2622 Kiln Creek, Mount Pleasant, SC "Rena did a great job in helping us "My husband Brian and I ask anyone who’s in find a house - the needle in the hay the market…”do you have a realtor yet?!” The stack! She was always punctual and answer is always, “we have one for you!”, and helped tremendously with that is Carmilla Rená! Her vast knowledge of low country real estate, paired with her zeal for negotiations. Highly recommend design and marketing make the ultimate Carmilla Rena" broker to find or sell your home. -Marlene Koch
-Jennifer Ruberti 803 Kings Oak Court, Charleston, SC
2202 Waterfowl Drive, West Ashley, SC
Working with Carmilla Rena’ Brown has been a pleasure! Carmilla Rena’ is very knowledgeable of the current, changing market in the Charleston and surrounding areas. She has exceeded our expectations in representing us as her clients in every aspect of our process. She stays positive, helpful, open, and transparent throughout. She has been reliable and available for any questions we have had. We thoroughly trusted her to represent us with the utmost professionalism during the selling of our old home and buying of our our new dream home! We highly recommend Carmilla Rena’ Brown!!!
-Kirsten Lanphear 108 Wrigley Boulevard, Summerville, SC My experience working with Rena was wonderful! She was fantastic at keeping up with communication & checking in with me. After looking for 2 months she stayed patient and was ready to hop on an offer once I found the right place. Being new to the area, Rena helped Tremendously with her vast knowledge of the surrounding areas, and always had the answers to my questions. I highly recommend Carmilla Rena whether you're moving within Charleston or moving here from out of state. -Vicki Booher 5108 Park Creek Ave, North Charleston,SC
CRP Charity The goal of this charity is to take a portion of the commission earned on each property closing and put it towards HELP In The City. This allows me to give back to Charleston and the place I've called home my entire life!
HELP (Hope, Empowerment, Love, and Protection) IN THE CITY is designed to empower and uplift every individual within our community by creating an environment that nurtures hope, fosters empowerment, cultivates love, and ensures protection. By promoting collaborative efforts and providing essential resources, we aim to HELP our neighborhoods, individuals and families to overcome challenges, embrace opportunities, and grow together. At HELP In The City, we are committed to fostering lasting positive change, safeguarding the well-being and development of all community members, and inspiring a brighter future for generations to come.
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843.926.2007 crena@charlestonpropertyqueen.com www.carmillarena.com
We help you have a smooth and seamless real estate transaction We have fun We live an abundant life by being learning based, having a positive mindset and sharing our passion
The Carmilla Rená Professionals Keller Williams Realty Charleston
503 Wando Blvd, Mount Pleasant, SC 29464 (843) 926.2007 crena@charlestonpropertyqueen.com www.charlestonpropertyqueen.com
Locally Grown, Locally Know, Globally Connected