One of the questions that arises on a regular basis has to do with earnest money.  First, what is earnest money? Wikipedia gives a wonderful definition of the term here.  Basically, it is the deposit made towards the purchase of real estate and is part of your down payment.  In South Carolina, this money is held in a trust account of a real estate company.  It cannot be used by the real estate company for any other purpose. 

So, here is the big question that normally comes up in regards to earnest money..."How much should I give for earnest money?"  Whenever I am writing an offer with someone, this question arises.  People are looking for some sort of formula to calculate out how much is needed.  Unfortunately, there is no exact formula to determine how much for your offer.  Some use the 1% of purchase price principal, but that does not always work.  For example, if you are buying an $75,000 condo, you may want to offer more than 1% or $750.00.  In this scenario you may wish to offer $1,000.00.  On the other hand, it could be some sort of offer where you are limited on money for down payment at the time of making the offer and only have $500.00. This amount is something that can be negotiated just like any other part of the offer.

The key concept behind earnest money is that it is the money you use as part of a down payment and is given at the time of presenting the offer to show good faith or earnest in a property.  The more that you put down shows a higher level of genuine interest.  You do not want to put too much money down because you do run the risk of possibly losing that money.  However not enough can offend a seller. Here is an example.

A few years ago we had a gentleman in town that wanted to purchase a 22 unit motel that was for sale for $660,000.  The gentleman made a fairly reasonable offer on the property and wanted to close in a rather short time of just over 30 days.  He was supposed to pay cash for the deal.  So, when we asked how much he wanted to put down as earnest money, he stated that he didn't have the money at this time, but it was "coming soon." He never would tell us where he was getting the money or could provide us with proof of funds.  So we asked once again, how much would you like to use as earnest money. 

The gentleman reached into his pocket and pulled out a dollar bill and slammed it down on the desk and said: "Here is my earnest money. And I am not putting another penny down!" A single dollar...that was his earnest money.  Needless to say when we presented the offer to the seller, they were not amused by this offer.  In fact, they were so annoyed that they flat out declined the gentleman's offer. 

This is a prime example where not enough earnest money caused a seller to not even want to deal with a buyer.  The reason the seller was so offended is that if the gentleman changed his mind about purchasing and walked away from the deal, the seller would only receive $1.00 for incurring all types of expenses for various tests, inspections, attorney fees, etc.

Hopefully this clears up the issue of earnest money a little bit.  In closing, I leave you with this piece of advice in regards to earnest money.  Each and every market all around the US is very different in regards to how much is enough/not enough.  I would strongly urge you to ask Your Real Estate Professional for guidance when determining how much to give. 

Jeremy Blanton- Myrtle Beach Real Estate Expert

Yesterday I signed up for Skype.  This is a program that allows you to call from computer to computer from free.  All you need to do is download their program and have speakers & a microphone which most laptops & some desktops already have installed. 

It works similar to some of the other messenger programs like AIM, Yahoo Messenger, & MSN Messenger.  The big advantage I see is how you can talk through your computer just as if you were on the phone.  If you have a webcam, you can also do video a video conference with someone. 

Last night I tried out the calling & video features by talking to my brother-in-law who currently is in Berkeley, CA.  We were able to view each other and talk as if we were sitting across the table from each other. 

So, how can we use skype for real estate? I am glad you asked!  In my area of the US, most of my sellers & buyers are not local.  This means that I can communicate with them for unlimited amount of time without it costing any money.  For me it is no big deal because I have an unlimited minutes program with my phone.  However not all my clients have that and they do not want to pay a long distance fee.  So, they can set up an account and we can discuss things through our computers for free.

For only $2.95 a month you can add unlimited calls to landlines & cell phones anywhere in the US & Canada.  For $9.95 you can add to anywhere in the world.  This is definitely much cheaper than digital phone.  If you use firefox on your computer, you can also install an add-on that will allow you to click on any number and dial directly from your computer.

So, if you are already using Skype, look me up!

The Farm at Carolina Forest continues to be one of the more active communities for Myrtle Beach Real Estate. Some of the things that make The Farm such a popular community is it's location to everything. It is close to Hard Rock Theme Park, Local Restaurants, Golf, and of course the Beach! The schools for children living in The Farm are Ocean Bays Elementary & Middle, and Carolina Forest High School.

Currently there are 93 homes for sale in The Farm. Of the 93 homes listed for sale, 44 listings are under a pending contract. Since July 1, 2008 17 homes have sold for an average sold price of just over $222,000.

Here are all of the current Active Listings as of September 4, 2008.

For more information on any listing for sale in The Farm at Carolina Forest, do not hesitate to contact me. I am an Accredited Buyers Representative. If you currently live in The Farm at Carolina Forest and are thinking of selling, allow me to sell your home for you. I believe that The Farm is such a great place to live, that I call it my home!

I am constantly looking for way to speed up my time spent on writing posts.  Today a not so new idea came to me.  I used to use a program a few years back to help cut down on the amount of typing I would need to do for filling in forms that had the same jargon over & over.

Since there were multiple items, I couldn't just use copy & paste easily.  It became very time consuming copying from one area to another, then going back & forther over & over.  Then I discovered a free program called Shortkeys Lite.  This is the free version which allows you to store 15 items.  They have a paid version which holds much more, but I have been happy just with the free version.

So how does this apply to blogging?  Well there are many possibilities where this can come in handy. Here are a few examples I thought of.

First, say you are all about SEO and you link several of your pages into every post you write.  For me, there are two that I use on a regular basis.  One is our Myrtle Beach Real Estate Website, www.dennisgblanton.com. The other is my blog which is www.myrtlebeachhomesblog.com.  These two I use so much and have become tired of typing them repeatedly.  So, what I did was set up two short keys for them. So now instead of typing out the entire link into the insert link box, I simply type a shorkey.  For www.dennisgblanton.com I now just type A12 and it autofills in the rest.

Heres another example.  Many of you have some very long closing tag lines that you copy & paste into each post, or maybe you actually type them all out. Here is one I have use for market reports in the past...

For more information about The Farm at Carolina Forest, or Myrtle Beach Real Estate, call Jeremy Blanton or Dennis Blanton REALTORS® with Coldwell Banker Chicora Real Estate at (843) 222-9402. We can help you with all of your Myrtle Beach, SC and Horry County real estate needs. Contact Us Today!

Instead of typing this all out, or having to find where I have it saved, I can now set up a shortkey, and have it autofill in the item.

Now that you have 2 easy examples how to use this program, let me show you how it works.  First, download Shortkeys Lite Here. Once you have downloaded, you will have a home page that looks like this.

Then click to add a new shortkey & follow these 3 easy steps:

You are finished! Simple as 1,2,3 and you have now made shortcuts that will save you time and energy as you type.  If you have any questions, do not hesitate to contact me.

Jeremy Blanton- Myrtle Beach Real Estate Expert 

With the current decrease in Myrtle Beach Real Estate property values, many clients that we have recently met with are left speechless when we share with them a comparitive market analysis on their property.  The reason for their shock is that only two years ago they re-financed their property to get a lower interest rate. 

During the process of refinancing, they also were given an option to do a cash out refi and collect several thousands of dollars for all sorts of things. Some used the money to pay off other bills,do renovations on their home, or take a wonderful Caribbean Cruise, finally purchase that fantastic 50" plasma TV, or the shiny new red convertible sportscar.  Ah yes, those were the good times.  Nobody worried about the higher loan on their house because property values were rising and the market was strong. So we didn't care if we had a higher mortgage payment, if an emergency came, we could quickly sell our home, and still have some money left over.

Then, the market took a swift swing from this strong sellers market to a strong buyers market. And, all of the additional equity that we had left on our homes dissapeared instantly.

Here we are now, in 2008 and that job transfer has come in, or the family has added another little one and you need to sell the current property.  The problem is that home values have decreased and you are what we would call "upside down" in your property.  That means the value of your property is less than the amount owed.  Or, maybe you are lucky to break even.  Either way, when you are given the current value of your property, please remember that you are not losing thousands on your property. What has actually happened is that you have already spent the equity in your home to do other things.  There is nothing bad about that.  It is your money to do with what you please. 

When you begin to become upset about how you have "lost" so much and can't sell your home now, remember the wonderful trip you took to the Bahamas...Maybe sit back and watch your home videos of the trip on your big screen tv!  Also, remember you originally purchased your property for much less than it is still worth now.  

Jeremy Blanton- Myrtle Beach Real Estate Expert

We just listed this wonderful 3 Bedroom, 2 Bath Condo with great Golf & Pool views.  It is Located at Magnolia North which is in the heart of Myrtle Beach, SC.  This former model features custom decorating, ceramic tile floors, crown molding & chair rail.

For more information regarding this property or any other Myrtle Beach Real Estate, do not hesitate to contact me.

Jeremy Blanton- Myrtle Beach Real Estate Expert

Myrtle Beach has many different activities/events to offer.  Many think that since Labor Day has passed activities in Myrtle Beach stop.  That is not exactly the case.  In fact there are several wonderful things still taking place. This is just another wonderful reason why to purchase Myrtle Beach Real Estate.

Below is a list of some of the many great activities still to take place in Myrtle Beach.

As Gustav begins to calm down, Tropical Storm Hanna begins to pick up force.  Hanna which was up to a category 2 hurricane and is now a tropical storm is expected to once again become a hurricane before making land fall somewhere along the east coast.  The projected path at 2:09 PM showed landfall anywhere from northeast Florida all the way to North Carolina. Here is a copy of the most current projected path from Weather.com

Nevertheless, Coastal South Carolina is expected to receive some heavy rains with strong winds.  With all of the tropical storms this season, it reminded me of an article I wrote a few months back about a great free online product called Insurance Vault.  It is an online program where you can upload photos of your possessions for insurance purposes in case of a natural disaster.  To find more information about Insurance Vault, read the article here.

Another important thing to do during the hurricane season is to make sure you have plenty of supplies on hand.  Michelle Tucker of Enterprise, Alabama put a great list of supplies to have on hand.  To see the list of items, click here. 

To stay posted on the latest updates on Hurricane Hanna, Ike, Josephine & other tropical storms, check back often.

Jeremy Blanton- Myrtle Beach Real Estate Expert

I am - Jeremy- A Real Estate Agent in Myrtle Beach

I think - too much at times and others not enough.
I can -beat Roger Federer on TopSpin2 for Xbox 360

I want - a plasma TV, Video Camera, Wii, and a couple billion dollars...how does it feel to want?

I have - a wife, a daugter, a dog, a cat, & 6 fish.
I wish - You would allow me to sell you a wonderful home in Myrtle Beach

I hate - Hate is a rather strong word...
I miss - my sleep I had before becoming a dad.
I fear - hmmm...not a big fan of things that slither...
I feel - good
I hear - a car driving by

I smell - some delicious steaks on the grill from TGIFridays across the street.
I search- Google is the only place I search anymore.

I regret - not being active on blogs earlier
I love - God and my family.
I care - about others...I am kinda a softie in this area.

I always - wanted to play major league baseball...I was actually pretty good...till my nose was broken by a ball.

I am not - one for doing nothing.  I am out and about almost every night.
I believe - in God.
I dance - horribly!  My wife gets on me to take dance lessons.
I sing - Every week at church.  I am on the Praise & Worship Team
I don't always - take time for myself.
I write - a whole lot of stuff on my blog.

I win - as much as possible.  I am very competitive and will work hard to win at anything I can.

I lose - often.  Luckily I don't dwell on the losses.
I never -bunjee jumped....something about dropping a few hundred feet with a rubber band holding you never appealed to me.

I listen - pretty well...it helps make me a good real estate agent.
I can usually be found - Either at church, work, or doing something fun with the family.

I'm scared of - nothing really...I deal with stressful things daily in real estate.
I read -spontaneously...before getting into blogging, I didn't do a whole lot of reading...I still can't sit down and read a book..just find it boring.

I forget - more often lately...I think that is due to being a new dad and having less sleep.

I just - wrote 3 great posts!
I am happy about - living where I do.  Myrtle Beach is wonderful!

I refuse - to let anything or anyone get me down...I can be insulted by the meanest people, but I just let it roll off and not ruin my day!

I tag Brad Andersohn, Melody Botting, and Richard Weisser

Jeremy Blanton- Myrtle Beach Real Estate Expert

This past week my three month old daughter began giggling and laughing at different things.  One of things I have been working with her on is playing peek-a-boo.  Now when I play peek-a-boo and surprise her, her face lights up and she smiles large.  You can see below how much she loves getting surprised by it.

There are other types of surprises we may experience in life that are just wonderful.  Things like a surprise Birthday Party, being surprised you are becoming a grandparent, or someone surprising you with a gift.  However in real estate, surprises are not always a good thing.

With the many changes that have taken place in real estate over the past few years, just about every aspect of either buying or selling property has changed.  That is why it is crucial to work with a Real Estate Professional whenever you are participating in any type of transaction regarding real estate.

I know what you are thinking..."Jeremy, I have bought and sold several homes on my own and never have used a Real Estate Agent, why should I start now?"  Great question!  Let me share a few examples of how over the past few years we have been able to help both buyers and sellers to avoid a transaction falling apart.

First, the Story of a Buyers dilemma... Read Here!  These buyers were so glad to have a Real Estate Agent representing them.  If they didn't have that, they would have either paid an additonal few thousand dollars or ended up walking away from a great home.  But, by having a Real Estate Agent represent them, when the surprise came up, they did not panic, they allowed the professional to do their job.

Secondly, The Horror Story of My Seller...Read Here!  Sadly, these sellers had to learn the hard way that sometimes selling your home FSBO can cost you more than a real estate commission.  Luckily for them, we were able to sell the property quickly and easily for them.  If we had been involved in the original deal, we would have been able to press for letters from the lender to make sure the buyer was capable of buying the home before the seller moved everything to storage, rented an apartment and moved out of their home while waiting for their new house to be built.

These are just two examples of surprises that were or could have been  avoided if the buyer & seller use a Real Estate Professional to assist them in the transaction.

So what are you waiting for? Contact a REALTOR® today! If you are looking to either buy or sell real estate around the Myrtle Beach Area, do not hesitate to contact me.

Jeremy Blanton- Myrtle Beach Real Estate Expert.