Welcome to open house upstate when it's time to sit home builder by your dream home we have the information you need with your host Arthur wrote a number of homes Berkshire Hathaway home services seem to enjoy your realtors and county bank mortgage. Each check out open house upstate not come. We'll welcome to open house upstate pledged we will this today. I say we had a great show last week talking about how the market. Market conditions condos and all that kind of stuff don't account tie you to that. Conversation. From the perspective of an agent why you need an agent how can an agent help what can they do. And then we also got a question that came in non answer our questions an open house at state dot com about taxes. Property taxes. As they relate to properties whether their primary second home or investor and so we're gonna address that question is well. And so well we've got to weigh in here from Berkshire Hathaway home services seed in Joyner realtors sees the brokering charge. Over the Pelham road office has a going to whine don't bring Chris are you I'm fantastic news to see if it's a new course lucky enough to have Caroline here from Arthur run merge homes where their build them like crazy. Yes we are good afternoon to our. Glad you could be Willis today. We have some great topics. Last week we had it. A really good discussion. About the overall market conditions the breakdown in price segments of how you have that first time home buyer under 200. He got to 200 to 400 or 500 for that move up buyer and then that over 500. It's just that retiree market or that make mention market. One of the things we brought there is equality seems to take precedence now oversized which is a change in the market. And of course the when he pointed out last week that people are looking for that quality. More than they are sized to and so it's interesting. That that's what folks are looking for. But one of the things we didn't have time to address that we last week is you know how does an agent and their role in the transaction. Help the buyer work three and of course I know news that you guys have been around a long time ever seen in Joyner. And so who why don't need you start us out without question no. How does an agent and let's talk about let's talk about a buyer's agent first content how does a buyer's agent. Really helped. I think one of the things that take great pride in being where Berkshire Hathaway's CB enjoy hairs that. The agents there understand that they are agents and not a salesman. There is a difference. An agent move look out for their clients' best Reese. Interest best interest thank you. And so they NATO will go out they're not necessarily looking for the commission or looking. On how they can further their own personal gain that they are looking for the and the betterment of their client that they have signed an agency where. Doesn't it even if it means that they won't get paid they still have to look out for their clients dissenters. Yes so when you go out and I had this question over the years doing. Why does what is sky won't be sound aspires agency agreement well why does he won't indeed there. And look around the house yet blessed moment to do that so one of the things is say laws. Is that we have to disclose agency will there are several different types of days in Seattle there's a single agency. Which is if you use or a buyer you would hire a buyer's agent that's a single agency to represent you in purchasing a home. The and you have a dual agent a dual agent is is it if you happen to go to a open house the list teenage and is there. In the new sign all and as a buyer's. Buyers agency with Dan listen agent then as a do agency so in that case the the agent that was selling my house is representing both parties that is correct but he cannot represented both parties to gauge. Negotiating. Benefit. Over one over the other say he has to be neutral. NASA has got to be channeled all is very challenging any so he he there are agents within our own company that refused to do you do agency because just. To challenging. Absolutely but the reason. They want that document signed up Friday is just so that the buyer. Understands. What they're getting and what the duties. Of that agent is are two things right so say losses we have to disclose agency T every buyer okay. That's the first thing after that. The day and it's if the buyer feels comfortable on hiring an agent to be their representative then they signed the buyers agency. That is our fiduciary responsibilities that that agent bull I have for the buyer at that time and still lead agent it agency is signed. And when that agent is showing that potential buyer. Who's a customer not a client now he I just a customer v.s out there showing that customer other homes in that agent. Is inadvertently representing the seller as they sub agent. So okay during the negotiations. If that customer wants to remain a customer and not become me. A buyer. Right I'm not become a client and I didn't didn't we run into issues to Wear anything that that client says Kahne will be used against us. Yeah I'd say that's a good point. We're gonna head into our first break of the day we get back I think we really need to dig into either. Difference between a customer the client because it does matter in the level of representation again. And of course we're gonna tied in Arthur ray and burned homes as well. We're gonna will be right back after this. You're listening to open house upstate. You have questions about building your dream home ask our host Bruce castor oil from author Rotenberg homes email Bruce at open house upstate dot com. Arthur Rotenberg homes your custom luxury home builder. Are you in the market for a first home a step up and downsize or do you have questions about refinancing. Now's the time to call. The homeowner experts at county bank mortgage will help you through the maze of options to find the best solution for you. If you would like to discuss your situation with one of our experts. Give us a call. At 8664427553. County bank member FDIC. Equal housing lender in MLS number 462088. When it is time to build your dream home either Rothenberg is the only name you need to know from India house architectural and interior design to superior customers there is an exceptional craftsmanship visit any art H upstate SC dot com into their shell home at two LA it's a little run drive Piedmont South Carolina in the Acadia community. Prepare to be amazed visits they are each other state SE dot com or call 558006. Saves are threatened bird homes you dream. We build. When you're ready to buy or sell your home wouldn't you were work with the leader Berkshire Hathaway seated join a real herself more houses than any other company in the upstate. Since 1964. Of our commitment to quality and integrity has set us apart and her dress the upstage trust what nine offices in nearly 300 real estate professionals. We'll help you sell your current home and find your dream. Check out our book of dreams magazine and he'd enjoy Murdoch Comcast search thousands of listings trustee of State's leader to make your real estate dreams come true. Berkshire Hathaway seated when the wheels. You're listening to open house upstate. You have questions about building your dream home ask our host Bruce passed gorilla from author Rotenberg homes email Bruce an open house upstate dot com. Arthur rug burn homes your custom luxury home builder. Welcome back to open now so straight talk a little real estate today we got to Wayne and from Berkshire Hathaway home services. Seeding and join a real person of course we got calendar from Arthur rut and burn homes. And we're talking a little bit about how the agent an agency works when you're working we an agent when you go to buy a house or sell a house right now we're focused and don't. If you are looking for a buyer's agent. And one of the things that the when he brought up about that is there is a difference. Between a customer and client. And then not I think we need also state that from your perspective callon UN Nicole. Work for and represented are threatened or homes exclusively right that's correct and so somebody can come in and talk to you. And sand do we viewing get information that you're representation as for Arthur Bremer yes we. We represent Arthur armored columns. Met today in command and they can bring their. Buyer's agent with them we've worked in cooperation with buyer's agent yeah I think a lot of people don't know that that you actually like that the rest it. You know bring your own agent embryo when you register on. Let's make sure that we know who's who's representing whom in the transaction. And I've always found from the lending side if you get to agents that are quality agents wondering about our wondered representing the seller. That things have so much better. Absolutely yeah so and so you know you need to understand that when your outlook homes even if they're new homes. Your agents always welcome you should take a with the because they're there to represent you know let's. Let's go back to that other conversation. Customer client right. All right sue we NN if I if I could talk to when your agents going to win in my customer. And when does it change to be in a client and I'm talking specifically from the buy side at this point. You Horry customer at the very beginning is so good first mommy don't were stand and wrap talked and we're talking about if some Betsy king in the announces I'll say more. We're interviewing each other we're trying to figure out if we're gonna move forward at that point I make customer that's correct. OK and that agent is a Sundays in for the listing agent in the cellar. Okay and then wait. At what point. Does that transition. To where now I am my client. And and that individuals representing me. Where you signed an exclusive right to buy agency. OK any and then agencies did all it all document. The term of the agency. Which is usually anywhere from. Ninety days to six months OK we're a buyer. You don't document how the buyer's agent's going to get paid. And then it all also moved go in and any others specifications. You know reliability or whatever medication. And I understand a lot of times people are worried about the the buyer getting I mean the buyer pain that they do. And generally that's not something many worry about because it spelled out in the document how it's gonna transpire right that is correct in if you if if the buyer is going to be Bynum never solicited and AM hour as saying no us already has stipulated what they're going to pay a buyer's agent anyway not so it's already in the list right so the buyer's agent knows. Where it is yeah okay. So once I signed that agreement. And they're representing me. And this is a loaded question but what do I get for that. Yet this very question. So. Here's some things well what I would say is is that you're gonna get an agent's kind of like the movie Jerry Maguire he says he's gonna coach you on how to get this deal done. For you to get to dream that you want AJ did you get the benefit of all of their experience rise in media meeting different transact writes I do a good agent will close out anywhere between sixty to honor deals a year yet so where an average person who's not a real estate agent my only close olds. Five homes in their lifetime yeah. So let's say you get the benefit of all of their experience. And they've had good things happen the bad things happen in the they did what you get is the experience of all those right. They know they know which lenders are gonna get it done like you'll share so that they're going to be able to get you did an OK the first set we need to do we need to do take you over. To Chris and make crisp your preview astle and once that's done. And then we get debts set out there longer on take a look at then the next England who won't go over the contract make sure you understand. How this contract works and understand what your responsibilities. Are once you're under contract. This day you don't wanna you wanna be having that discussion today your sign in the contract you need to have that discussion way to bang the because. Understand with a new contract and you've spoken to have before. There's a lot as things and zags when it comes to. Repaired right conditions and and you've kind of need to be in agreement you're gonna address that. Before you write the contracts not the day you're trying to right what your agent should have an idea oh yeah on what your personality is what you're dead version too risky is seen your. Go all with us like that. Then once you get that done then the agent should be gathering information what does this is your looking for what type own bedroom school districts whatever. And insert narrowing down the focus on that now with this market being not you have got to be miss miss. Mr. or mrs. Johnny on the spot so that's an Angel has a market you get Agassi it. Now and I know another thing that I hazing can really help you and is never happened Ewing but you've got to buyers in marine. Trying to buy a house and they never had different objective reality. Yeah almost a live in the city won't want to live in the country. One wont so point 22 acres and one wants to point two acres owned they are gonna say is gentleman just give the fired up and matured decide I have to ask your. That's exactly or I did play a lot better a good agent will dig through all that. And really. Nailed down who the winner yes yes who got PM yeah. I think that's a great point you know my wife told me said would you put the walls wherever you all. But I'm due on the carpet the paint now like cast that you just need to be quiet house fire. Good you know I can I can live with I can tell you where I want the walls. I can tell you where I want to veterans in the bathroom to do you do everything else in India get to pick was I was on the lake joining us scream fortunate area yeah yeah that's good. And in a course in your situation. Callon. There's a lot of moving pool parks we're trying to design and build. A new home and often times that buyers are easy to still do the same thing one they can help you negotiate that saved. They can they can help you understand process in the yellow or certainly gonna explain to. But they can help me guys because you're building a house like you guys feel you can take 6912. Months and they can be that can really help in that regard. Absolutely. I mean your. The buyer's agent is you know we are to penny in the community is your building in in the house in the size Internet guide you from our resale standpoint mostly you know annihilate Jamaican me. Mistakes is that may cost you to analyze it a listen I think that's a great great point out think a lot of people think about that. But you're exactly right if you do something that is unusual. Or if you do and I'm not so much pain they can be changed but if you decide that you want a fully encapsulated basement instead of they walk out basement. You know in this part of the world one is more desirable than the other chair and so it's important to note that right yeah I think that's a great point in. Encounter as part of this I had an agent yesterday he was taken clients have to look at new construction. And the first thing that Tomasson you'd just you're basing your only looking for. Is to make sure that all of that owns that their own Cologne. Doesn't price their home outside of what that subdivision is selling for us now sure. 'cause and whatever their preapproved for. Well yeah but I mean how much I remember you guys tell me this year had one ounce of buyers came manages head. Big pitchers are what they wanted to do and they were overpriced in the neighborhood. I absolutely happens all the time host cell the time but the AST's very careful you know what. You know to hold you wanna bills sits in the neighborhood in the price range for the neighborhood and I'm. Not only from a resale standpoint in getting that money back but if you're doing financing of course and praise an appraisal. If you go too crazy about it. Mean will say wanna get things are walking through model home for Arthur run berg vs some other builders is. EC which again we do we not shows you know 100000 dollars worth of upgrades which can sometimes. Did the other you know buyers in trouble yes. I rant and one of the other things that we talk about all the time if you just you know if you never know that you don't realize how important is that you nailed down that cost. Before you break ground this not to say you can't make changes right but you're not dealing with a allowances and averages and things like that you know if you won't XYZ grand. Before you break ground you know that's gonna cost the threat and and I tell you it's really easy when your build and home to get out of whack. In plumbing. Or get out of whack in lighting. You know and get out of whack and grant and stuff like this just easy to say well it looks really pretty. And spend that 3000 dollars on the one picturing your whole allotment was 3000. You'd much rather know that up front say it is it's much easier to also make the decision of you know maybe we don't want that right now I stood. Is very easy when she serve going down that. That direction on the certain upgrades on no account you parsley and when you get a certain level of granite. In so well I need. X pictures to to quit then good with anger and it tests all women now are got the fishers and I gotta get down period on the appliances now right yeah so so I mean I think you're agents and of course your experience. Dealing in that new construction market. Is is really gonna help but I think it's important that if you're. You know you should interview your agent your buyer's agent and make sure that they have some experience in that regard if that's what you're looking pork. If you think that's free and Wanda either in construction. Are you gonna wind up in in new construction right. It's a good idea to make sure your agent has some experience in that because. It can be very helpful later own. You know one of the other things that I think is very important is what you were talking about two Dwyane is let's try to narrow band known. That where we look at the world where we are looking for what is the money looked like try and make sure that you've been preapproved. So that you don't go out of my councilman number Marino if if you're only approved for 250 you sure don't we need to look at 270 falcons just knocked our. I mean you don't wanna be looking at houses is she got to win the lottery there were about right. On the one that was kind of hit this the one thing I will say about agents. What agents are not they're not CPAs. So they can area they can I give tax advice they're not lenders that are not lenders so we're not gonna give you lending advice. We're not structural engineers some are going give you structural engineer and advice. And I'm not an attorney so I can give you legal advice but what I can do is represented G usage and take you along on this process. I can help you are negotiating a contract yeah I can help be their launcher under contract and things get sideways. I can't help you represented either getting now of their contract. Or renegotiating. The terms so they knew we can get this ship Backstreet again chair. An end once again that goes back to that experience and that's their role in the transaction. And you know being a lender ASEAN in all different flavors I see it with. You know somebody's not represented its buying in somebody's not remove the selling us our worst nightmare right because that we get asked the questions and I have to say well look I can't do that. I'm not a licensed real estate professional. I can't give you real estate advice you know I can't do that you know hey can you look at this contract suit this country you know I can't do that you need to hire an attorney. So I do think it's important that they know what they're not as much as they know what they are. And you know I I think probably one of the craziest questions today GPS is glorious thing. You know what do you think about this what do you think about that. And of course a solid agent would be Willis not really my opinion is your opinion. But it's also do you know if this is not what you won't how are we don't deal with it or you want something different. Power and do it and that's where their expertise come right you know when you say. Well you got god that surveys can be 450 dollars in really staging new do I need one of them. And good days it's gonna say yes it but you can opt out of it but here's the risk they're gonna help explain the risk. Of making. The decisions but you're right the client. Has to make the decision right there a couple things that then again agent can point out you can point out the obvious. Let me outside the powerline issues there yet. Easy to miss if you are looking for train tracks Tutsi yen and I've had this one miss the train tracks down all did you beat NL's. It never be there when the trainer named another good one of a quality Asia would say hey. Let me take you with this and know what the d.s gonna look like from here when there are no links via this is what you're only looking out. And you know they're just giving you that that breadth of knowledge and experience. And of course you know you do the same thing ever to right Byrd I know that one of the things that they Cole talks about his. How when a customer found a lie that fits what they wanted to. Right in terms of whether theater view you are under way this you decides. You know could you got one person saying hey I don't mind having two acres and India somebody else going unity gonna have to move that right or pay somebody to mow it have you. You know what kind of a lot do you live all night right creation is I think that's one of the things a lot of times people forget it is even wonder about lie it's good to have an agent. Because they have so much experience in that regard you know where's the water on the slot how you don't get the water to the slot parry and handled them. The septic I mean those are all things that a good agent has been down that pressure. Good AJ can walk upon my house announcing this happening goat that fans is on the Rome's the property on. Yet they they just had the guy they recognize those things and they can really like you said it navigate. Those issues there's going to be issues. You know but you gotta have somebody can help you navigate and that's what you need. Hong. Well the other things that have that I've heard him we we just got about a minute left so will probably carry this over to the next segment. Is do you won't a buyer's agent. If you're doing with a force Obama. Yes and as I couldn't agree more hot and that's screaming yes yes I mean you need that expertise and knowledge more than ever yes. I mean he's got to have it. Here it has fizz yeah. It's for sale by owners are what we affectionately call for is those they will always goes sideways cut. And that's why you need an agent and you gotta watch the price because most of time they are overpriced. Yeah absolutely let's get advice we're ahead enjoy our bottom of the hour break appreciate you being with us if you've got a question or comment. About. An open house upstate dot com ask questions at an open house upstate dot com we'd love to hear for onion. And of course your interest to get to the open house of state dot com website. And you can check out a link to the team Kenny made mortgage Berkshire Hathaway and of course Arthur Rothenberg. We'll be right back after this break in the ring into New York conversation about working with the agents and what they bring to the table. You're listening to open house on the street. Do you have questions about selling your home of fashion via the State's number one real estate company Berkshire Hathaway home services seem to enjoy inner realtors email your questions to questions at the moment house upstate. Dot com when it is time to build your dream home either Rothenberg is the only name you need to know from in house architectural and interior design to superior customers there is an exceptional craftsmanship visit any art agent upstate SC dot com into their shell home at two LA it's a little run drive Piedmont South Carolina in the Acadia community. Prepare to be amazed this is they are each upstate SC dot com or call 5580066. Are threatened bird homes do you dream. We build. Are you in the market for a first home a step up and downsize or do you have questions about refinancing. Now's the time to call. The homeowner experts at county bank mortgage will help you through the maze of options to find the best solution for you. If you would like to discuss your situation would one of our experts. Give us a call at 8664427553. County bank member FDIC. Equal housing lender in MLS number 462088. When you ready to buy or sell your home wouldn't you were work with the leader it's Berkshire Hathaway seated join a real yourself more houses than any other company in the upstate. Since 1964. Our commitment to quality and integrity has set us apart and earned us the upstage trust. When nine offices in nearly 300 real estate professionals we'll help you sell your current home and find your dream. Check out our book of dreams magazines and TV enjoy owner dot com search thousands of listeners trustee of State's leader to make your real estate dreams come true. Berkshire Hathaway's you can join the real. You're listening to open house upstate. You have questions about building your dream home ask our host Bruce passed gorilla from author Rotenberg homes email Bruce at open house upstate dot com Arthur Rotenberg homes your custom luxury home builder. Welcome back to open house at stake glad we witnessed today talked a little bit about. What don't roll the agent paid play east the end not the process and we're specifically addressing right now the buyers. Agent and and how they can help you navigate. You know I know one of the other things Joba can do. And and there's a lot of sites out there that would do this but one of the things you're aging can do. Is give them access to. You're website which populates all the MLS listings Ryan also you can kind of target which are looking for I think. Yeah we India target and also an old do a drip be no Suzanne and house. Who meets your criteria comes on the market union notification runaway. And says you know just one more way. To be of more in touch with what's going on in the market and and you've pointed out many times over the past couple months to wind it. You know that new house since the market. And you know if it's and that under 200 and it's in the hot. Location is going to be fast and furious has correct. Now I did want to point this out some people think that they can go and purchase some cheaper than they don't have representation. And that is not the case. If if you are dealing with the listing agent that listing agent has already negotiated their fee with the seller. And if you do not have representation. Then that listing agent is gonna keep the whole fee. If you don't like the c.'s gonna go away exactly. Yeah if you have representation. Then in this area the listing agent has agreed to split his. Fee whiz that your buyer's agent yes and all that information is detailed Al. In the MLS as correcting most most of listings in the MLS require buyers agency. Yeah they'd they want a buyer's agent to bring them they're buyer to have chosen liability reasons. Yeah I think you probably get the same question to calmest specially in the construction. And I think people make that mistake when they're looking at production build into the wind. Is it thank gosh if I don't Pratt and agent I'm gonna save all this money. All my house. And you know Lou I've heard this before and I'll love the saying the cheapest is always is not always the least expensive. And so I know people probably ask your question all the time. Right now actually our price is going to be the same way they bring a buyer's agent or not. And so. You know we encourage them to bring their buyer's agent and then do we work well with them. And you know it's it's going to be the same price for us regardless. Stay and I think that's important and then of course you know you. Doing the same thing you know production neighborhood team. I think a lot of time they think belittle this Asian descent in this model and I've already spoken her can just deal with her. But let's not forget to say her her heel is that person is representing. The the other side of the transaction. Right well I have obligations to you as a customer they're not the same as if you had you written your own buyer's agent. That's correct you know the one thing I would I think I would like to point out on this is that a good agent. Should be non emotional. To grade point oh a buyer. And I'm I have yet to me in a bar then at some point during the transaction are good looking do knows where their emotions. Don't get tied up in the process sure. And then you and I both know we all know they're better right now bitten once you get wrapped up with your emotions. Then your ability to make a wise decision tends to go out the window cheering us. You've got that you've got that agent besides you going. You're just saying but right and that but it is where the power is in you know when you when you go through that process. It is emotional especially if your first time home buyer. And it's tough in this emotional. You know through the entire process run its emotional getting preapproved this emotional collateral I have to tell everybody out this way you gotta tell us so that we can make the right. You know so that we can. Tell you that you can get the house right and then it's emotional when you're trying to find the property especially in this crazy market. There Oran right now because you may miss two or three before you get you might get lucky get the first one which you may miss two or three and secondly that can be emotional. And then you know you may put contractor won in the and you may find. Repairs to it. Did or are conditions that you're not willing to accept. And so all that is very emotional and I think you need that powerhouse. For Berkshire Hathaway stand behind you go whoa whoa hold on but. Let's think about this but let's look at this you know and and I think you just have to appreciate the role that they play in the transaction. And you know often times they can keep you out of the ditch because they've seen it but a war right and that level of experience is big. The other thing I was save values and an agent is. I would always recommend day is treason and agent if you're looking for conden. The person you're doing movies have kind of experience. If you're looking for new construction they said the construction experienced because once again is about their overall experience in the things that they've seen. That really make a difference because I didn't even though you plan the thing out calendar at the beginning. There can always be something that comes. I absolutely when you start digging the foundation there could be rocked their right I mean there can be. We felt we can put this here but we can't put it. Here correct if there ever that in it. Prior to our as a run burners work to the builder in the as they say this is. I still the largest product made by hand and made by humans in so you're gonna have things they're gonna come out. And good buyer's agent has connect help. You know usually if they've done a good interview process they're gonna bring. The buyer back to what was important to them to begin with cells these little things that do come up and do become emotionally and our concern at a time. Can kind of bring you back to us I'm telling. When I was trying to sell my house. I remember the very last negotiations. Our our offer that they sent across that yet and we want those six parcels. And my wife said oh no. And I had to go. Wait a minute to just marshals yes yeah we're we're talking about a large contract here. They're Jewish but since those are mop marshals that I'll go by you that there were handmade and if you're OK if got a good luck. Eight marshals just like this you have eight instead of six is like they can have Bob Marshall. And say your right eye witness that very emotional. What you talking about and said oh it is always nice to have somebody stand in my honeymoon when there's time out is just a martial we're talking about. 800 dollars here yeah. It's amazing to me when I have seen over the years yeah what is his weed people out there oh my brother lived. How. How to house up in the mountains. Area of North Carolina in it was not a very fast paced market very few transactions. It's again not much to get a contract. And I think the buyers did this on purpose that at the last minute they came back and say hey you get this 900 dollar picture window here. It it it looks like it's leaking a year you know that here that the market between the deal we we wanted to replace. And he flipped out yet that actually Kolb may EZ LN what are my obligations for us a look. If you don't have to do it I mean they're passed inspection period your week before clip there's issues and has attacked it but remember this. Exactly which you should want what it was your objective you're objective was to sell the house. And are you gonna let this 900. And think about this how long did it take it that not much to your country. Are you don't let this 900. Make you wait another nine months. Yeah of course he says the movie output that went in the sweet kid if you ever guzzlers like you're right you know brought him back to level. You know the other question you get NASA I guess there was no way of our random about 300 dollars which you buy that held so we're very yeah. Yeah unique doesn't mean you're led 300 dollars get no way to try as you gonna buy it. Yeah it has been it is it is. You know people take that concept very personal and I really. I see that really you know where are releasing that show is in the for so about owner. Where there for so while owner puts a stake in the ground you know even if it's not legal for them to do it at that you and you know you know where they say oh why didn't realize far. Hey I'm that there were no way you know tea chandelier. Was made clear it was grandma's it's like well that's not the contrast. We we're getting we're close and in a way that's right there yeah incentive. That's where an aging can really come in because you know quality agents gonna ask the sellers or anything here. This stay in that should get you or is there anything here that is gonna go do they should stay in. You know because we are here as well I'm sure you can tell Walter's story after Walter's story was dishwashers miss. Or the light fixtures miss it right and you have a good agent can manage that process right. We're gonna head into our last break of the day when we get back. Really changed things a little bit and we're gonna talk a little bit about property taxes we got an email McCain and not. To media questions and open house upstate dot com that's questions and open house at state dot com and the question was. Let's talk a little bit about tax rates on second homes. And so well I've done all the research we've got some information. And then to Wayne may have a little inside is aware that the state of south Carolina's thinking about going with this good so we get back with the sun commercial break. We're gonna talk about taxes we'll see on the backs out of the burning. You're listening to open house upstaged you have questions about pre qualifying to purchase your dream home and ask the other states most knowledgeable mortgage experts at county bank mortgage email account bank. That's questions and open house upstate not come. This is Danny Joyner Berkshire Hathaway CNN Joyner realtors you may have noticed our new cabernet green signs around town they're replaced the old white and blue that you reasons it. I'm here to tell you see enjoyed a realtors hasn't gone anywhere. We're still the same locally run family business that you trust us since 1964. And we remain committed to the quality and integrity that made a screen goes leading real estate company. And now we're even stronger and whether you're buying selling or just training we here for you and we always have that. Are you in the market for a first home. A step up and downsize or do you have questions about refinancing. Now's the time to call. The homeowner experts at county bank mortgage will help you through the maze of options to find the best solution for you if you would like to discuss your situation with a one of our experts. Give us a call at 8664427553. County bank member FDIC. Equal housing lender in MLS number 462088. When it's time to build your dream home Arthur Rosenberg is the only name you need to know from in house architectural and interior design through superior customer service and exceptional craftsmanship is it ARH upstate SC does come and tour their show home actually salute to run drive speed but South Carolina in the -- community prepare to be amazed visits ARH upstate SE dot com or call 5580066. Arthur number of homes you dream. We bills. You're listening to open house upstate new have questions about buying your dream home. Vastly upstate is number one real estate companies Berkshire Hathaway home services CNN Joyner realtors email your questions good questions and open house upstate not come all month. Welcome back to open ounce steak place we witnessed today we got to blame. From Berkshire Hathaway home services. Seen in Joyner realtors in the house we act cal home from our third Rotenberg homes and of course we've got my name's Chris sharks who carry bank mortgage we're here to answer. Your questions when it comes to real estate you can shoot your questions or request is an open house at state dot com ask questions. An open house upstate dot com if you do have a question about agency. Being represented things of that nature please shoot into this I'll get an average of Dwyane. And he'll be able to help you answer that call. And questions skis me and then of course if you want to look at the model. That they have ever Arthur Ryan berg and go visit when Nicole and cal logo there. They have a model in the Acadia subdivision. Getting ready to break ground own something up that clips Kia we springs. Plenty of technology out there to help you look at plans why you're out of their location. And is cal on set at best while ago you see which he did indeed come out really look at it and say in this finish level this is where it looked like. A 100% customs so do reach out cal only if you're reached in and do need construction. They be happy to help people. One of the questions that we got a plane is not cal on the Damione Lewis. Here Howell. It was kind of phrased as you know wire that taxes so much more on the second home. He can it's punitive from the standpoint of encouraging investment. Retirement and things of that nature so I think we just. Go back to the beginning and talk about how the properties are done are attacks this property taxes are specifically done insect in South Carolina. And you get a discount. If you have a primary residence. Residency in a particular location you can only have wine. And essentially it's a G two thirds on your property taxes. And if you were in a situation where you have a second home. Or if you have an investment property you pay a higher tax rate in the state of South Carolina and of course once again good agent. If you're shopping for a second home or for shopping foreign investment is gonna point that out because can impact your cash flow on an investment. Vienna but also move. If there there are a lot of different things slip let's kind of start out with a good foot on list OK let's do. On the State's homestead exemption okay. So if I'm not mistaken he once you're 65 in South Carolina and you've lived in your property for at least one year the first 50000 dollars of other praise sort tax. Taxes about you value is non taxable. Even serve that that's gifts they give you sixty fell plus it up primary residence primary residence and had to live their fur one year. So that's a gift. Right then you get your 4% to own any residential. Home detonate you are personally that your primary residence. In the Millicent it does change a bit depending on your school district pitcher in. That's right right so if you live in a school district like burns is crazy about football that my BR. And that's her life before if you live than nine Andersen accounting vs green bouquet on you might be lower bright he just Canada. But I still he would be still pay the 4% yeah and a lot of people hear us talk about 4% vs 6%. Are okay. And people think well I'm gonna say the third it's actually the other way around you save two thirds. So only your property. That would normally have these 6% tax rate of 6000. Dollars. It's generally don't be 2000 dollars if he's your primary residence correct and of course in your particular situation cal would somebody building. Often times that you don't need yet to get an estimate moment number right yes because your tax don't rolling. Right and there are going to be low and other building. Yes and but usually that's not their home price and a lot person injured again appraisals gonna deviate good estimate sure so one of the things is gonna impact it. Is how are you using that property and it is true to our our listeners senate questions say you know what about second homes and it is tree the second homes. And investment properties are taxed at the higher number. They they absolutely are one of the other things that I would tell you is that if you make you need change to your deed act fall. Even if you already have the 4% so you've applied you've been approved for the primary. If you make any change yet fall. To the it will revert automatically back to 6% or if you. Change the way you hold title you add somebody to title your remove title if you recording new deed. The Kerry has no way to know what's going on and so they were revert you back to the 6% rate in the new must apply. Again. In view once you purchase a new on the county will mail you a document. On their rules and all there are asking is that for you to verify that this is your new primary residence that's correct. If you don't yet back with him more man than your correct they're gonna keep that in 6% drive and then not to play used to this is changed as well. Is used to you. You know sign the document they should police stating that send it back with a no additional documentation. And then we just to prove that it doesn't work that way anymore. Depending on the county but you know you you have to prove. That you live they're singing need to make your driver's license or your insurance or utility bill that comes do you and they have different levels of things and each counting that that would take. Jeff to prove that you lived a script and you have to do it there's a lot of people come down here and transfer the driver's lessons that's right and you have to do any you have to to tax rates. I tell you another thing that we we recommend is if you move from another state here. It is likely. That you may have missed that part of your closing K you made just you know because of all the things that you're doing. And you may think that that 6% stack curry is reasonable. And so it is possible that you could pay the wrong right. And we have had customers over the years. Who have paid the wrong ray we've noticed it during the restart process. It was Gaza look he can go back and get a refund for this for the past three years there's a look back period. And we've had customers get 810121000. Dollars you know because they just didn't. And so that's one of the reasons they now not ever talked about this on the show that we do we we offer of an annual mortgage check up. We don't care for your barring are not barring scale like you're seeing your program and tell me. We don't care. We united we we want to look at it for you and you'd be amazed how would say about 10% of the people that we talk to you are paying the Roman amount taxes. And says if it is your primary you should always check on your bill. And if you if you don't know how to read your bill when you give it. You can always email an average county bank can say look at this for me to make sure that I'm paying the price and will be happy a look at. Now from the construction side. You do need the attorney as a general rule we give you an estimate aware that number's gonna wind up. Or the lender can help to America yes yeah and so when they look at it you know I have no way to know because of the and look it up before we came in here but a lot. Everett Acadia is gonna have a certain amount of value right it's gonna have a certain tax rate. Now once you've video old. Only that it depends on win you get done and as to what you pay for that year as I understand where that first year here and it. I think as long as it's completed like after made. Then you pay that cooperate but then other than that the next year they're gonna assess it like the winds. And they're gonna say hey here's what we think it's worse. Yeah I'm not sure in the exact date myself be you could have an artificially low the first year right and to be a little excited man the next year I guess here. You build and hopefully. You know. At the closing or you know with your agent Jim by decisions or conclusions about Iraq yes I know I'm there. Yeah we're gonna point it out and go here's the estimate we go straight to the closing agent and say hey tell us what this is. And then we use that we're trying to get to loan approved so we've we've pretend that there are a pain in the race so that we know they can afford it right. And then of course is based on estimate. And then not you know we didn't use the 4% estimate if it's going to be your primary we use a higher risk than if it's not. I will say that if you're buying investment property. You know please when you look at it on line and if you're buying that investment property from somebody who lives in a primary residence that they know you're looking at. Is the discounted rate so you need to triple that number when you're doing your cash flow analysis. And the wind now would expect that equality buyer's agent this helping you by investment would know that. Yes yes and aren't there a couple other Texas we are need to talk about too much or BD stamps yet so indeed stance. Deeds stance will affect the seller. And less is new construction I think in new construction has passed on to the buyers are Chris yet typically had when I see a new construction contract that is the buyers' experience. So it's three dollars and seven me or certainly five cents yet per thousand. So the united depending on the price of the moment or dictate don't want that costs will be towards us over or the buyer there Bynum ran to handle that closes it yeah exactly and it's a onetime fee that it won't have to be paid until you go to resellers don't try. The other the other taxiing to think about if you're an investor's capital gains sort of go in you buy a house. If you listen at a house for at least two years and then turn around and ran it. Then that can cover you all in the capital gains on genome announced slower than five as a strike if the strike. And of course if you sell it and warning yet the capital gains as long loses your primary. Two of the last five years. Dan you don't want to pay the capital gains only as often times what we've seen people do is. They'll have their primary and wanna downsized. So they may go ahead in the old. That second home. You know and then when they get ready to retire they'll move and it so they get the benefit of the first cell. Once they've lived in two years and get the benefit of the sex sell now talking about capital gain benefit that's important one other thing when it comes to taxes especially property. Taxes is the value. Now in the state of South Carolina is based dome. The sales price at the table as long as it's considered an arm's length transact. So. If you buy property that has not been reassessed for awhile and we do have rising property values now so let's say you go look on line. And that property values when 75 Richard agreed to pay 215 gives way. June 15 will be the number that's right and says the next year you're not gonna have to wait. What's Kerry used to do in the room specifically government Pringle is they would do a reassessment every three or four years now they have his point of sale. Reassessment. In he just brought up but you just segued into this is very generous and I'm I have seen several people who are paying cash and are asking for closing cost yes the slower. Which I do not understand and I've asked the agent. Have you explained it and they're gonna pay more in taxes yeah because they're financing their closing costs yes just offer a lower price and be done whether. Yes and and that is exactly right you know often times the seller has a net number in their mind that they won't yet and if you won't closing costs paid they just added to it and so in the example you give. Let's say this you about a 200000 our house and he got 5000 closing costs is being negotiated. Forget the closing costs by the house for one nanny back yet now medicine get the money right you know if you have the money. Pay the money right because. Your your point is cell value in the system is going to be 195 and Alistair 200. If you if you do that you hundreds gonna go up until another very extreme thing about the point so if you buy distressed property. Or during the downturn and so you go about 174135. Guess what county does that say no more. We're not gonna lower to 130. So the point itself generally works on the outside but not. On the downside and went to say is that was a distressed sales are non arm's length transaction and they want not just the value down you can always appeal. But it is often times not successful. And so you know when it comes to taxes we are two minutes left and should do you know when what you need to understand and primary. Is make sure you did not 4%. You know that would cut your taxes by two thirds it will be if you know it'll be a third of wage what it would normally that. If you have a second homer investment space land investment you need to make sure that the value unity you're using in your cash flow is based on the 6%. You also need to remember that. There is a difference. In. The tax rate that you pay based on the news sells price point of sale. New assessed value. On to your point earlier cal about the construction. That's a fake glow value that you're seeing in the beginning you'll get a big warned surprise the next year right which you'll get an assessment and an opportunity to appeal. And does so he's just good to know and of course when I was AT&T. As a listeners if you have any questions about it she listen email questions an open house at state dot com we'll be happy to help. And of course when you're negotiating the contract make sure you look for those the stands like a when he was talking about because that could be an expense that you weren't planning to. Listen guys great show appreciate Jovian here. I just invite to listeners she just questioned her visit with us and open house upstate dot com yeah I'll have a great we can and we'll see you next. We thank you for listening to open house upstate. Remember when it's time to sell builder by your dream home we have the information unique brought to you by author wrote a number of homes Berkshire Hathaway home services Sedin joined her realtors and county bank mortgage be sure to check out open house upstate dot com. An email you questions to questions and open house upstate dot com county bank member FDIC equal housing lender in MLS number 462088. When it is time to build your dream home either Rothenberg is the only name you need to know from in house architectural and interior design to superior customers there is an exceptional craftsmanship visit any art agent upstate SC dot com into their shell home until it's a little run drive Piedmont South Carolina in the Acadia community. They've scared the remains to visit they are each upstate SC dot com or call 5580066. Aren't there red bird home you've dreamed. We build. Are you in the market for a first home a step up and downsize or do you have questions about refinancing now's the time to call the homeowner experts and county bank mortgage will help you through the maze of options to find the best solution for you if you would like to discuss your situation with one of our experts give us a call. At 8664427553. County bank member FDIC. Equal housing lender in MLS number 4620. Eat me when you're ready to fire sell your home wouldn't you were work with the leader Berkshire Hathaway C did join a real yourself more houses than any other company in the upstate. Since 1964. Of our commitment to quality and integrity has set us apart and courtesy upstage trust what nine offices in nearly 300 real estate professionals. We'll help you sell your current home and find your dream. Check out our book of dreams magazines and he'd enjoy dot com search thousands of listeners trustee upstate leaders to make your real estate dreams come true. 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