Question 1

Why an agent with TREF?

Accepted Answer

Our Realtors focus on a few key elements when representing a Buyer.  First, getting you the best house and for the best price we possibly can.  We go into every negotiation with the mindset of spending your money like it were our own and advise you exactly like we would do it ourselves.  We are concerned with relationships because we want to work with you, not just on this purchase, but on the next one and the next one and then be the go-to Realtor for your kids and family and co-workers and friends as well.  We know to be the Realtor you refer everyone to means working for every client like they were the only one and putting in long hours and giving every transaction 110%.  So, why TREF, because we always aim to be the best real estate professional in every transaction every time.  And, your family deserves the BEST.

Question 2

What questions will the TREF Realtor ask me immediately?

Accepted Answer

The first question will always be “are you currently working with an agent?”  It is company policy that we discover if you already have an agent working FOR you before we begin gathering information.  Once we have determined you do not have an agent working for you, we will want to know the fun stuff, like when do you want to purchase the property, have you been pre-approved, how many bedrooms and bathrooms do you want, what area of town do you want to be in, etc., so we can begin learning what will be the best property for you.

Question 3

What will the TREF Realtor have me sign at the first meeting?

Accepted Answer

At the first meeting, the TREF Realtor will present you with a S.C. Agency Disclosure.  This document will explain to you the differences between the types of representation available to you as you purchase your home.  Before a TREF Realtor can show you a home, the law requires we have a written Buyer Representation Agreement signed.  This agreement may be signed for a specific property, a short-term if you are unsure of your plans beyond seeing one property or may be signed for a longer period if you love your Realtor and feel you have a great working rapport with one another and are ready to have a TREF Realtor working for you.  The Realtor will explain all of the duties and responsibilities at that time.

Question 4

What is the difference between an agent and a Realtor?  What are the independent contractors at TREF?

Accepted Answer

At TREF, all of our independent contractors are Realtors or are in the process of becoming Realtors if they are newly licensed.  The difference is hugely important to you and your transaction.  A Realtor is a member of the National Association of Realtors, the S.C. Association of Realtors and the local Charleston Trident Association of Realtors.  This means as a Realtor we must adhere to strict rules and regulations regarding the treatment of Customers and Clients and a Realtor is required to take many additional hours of educational training to retain their status as a Realtor member.

Question 5

I am buying a new construction home, so why do I need an agent?

Accepted Answer

New construction is a lengthy and sometimes tedious process and it is important to remember that an on-site agent works for the builder.  You should always have your own representation.  Your home will NOT cost more because you have an agent with you because commission are already factored in and in many cases, new home builders prefer you have an agent to represent you.  Most new builders will not negotiate prices, but if you have your own representation, they will be able to review the contracts for items that may cost you unnecessarily and will be able to find out about possible incentives that may not be discovered if you are on your own and not sure of the right questions to ask.  Your agent will also assist you in the designing of the home if you wish and will help in determining the best lot for your money based on resales history and future development of the community.  One of the most important uses of your own representation in a new build is during the construction phase to do walkthroughs and negotiate corrections needing to be made to the home prior to closing.

Question 6

I am buying a property from an acquaintance, should I have an agent?"

Accepted Answer

Yes. These transactions are sometimes the most difficult because the parties know one another and it is good to have representation to facilitate the process and ensure the proper contracts are executed to protect your investment.

Question 7

Do I pay a Realtor when I buy a house?

Accepted Answer

By law, the Buyer is responsible for paying their TREF Realtor fees as defined in the Buyer's Representation Agreement.  Certain negotiations can help pay those fees.

Question 8

When do I get a pre-approval?

Accepted Answer

When you are purchasing a home, your agent should require a pre-approval before you start searching for property.  A pre-approval is a short simple process where you will contact a lender and provide some information regarding your income and debt and the lender will provide a letter stating based on the information received, if accurate, a loan could be issued for a certain amount.  During this time, the lender will take a close look at your credit report.  This is important because some Sellers will require a copy of the letter prior to entering the property and some will require the letter before submitting an offer, and if you are hoping to buy a home that will likely sell quickly, you do not want to lose time having to rush to get the letter.

Question 9

I am concerned about my credit.  How do I know if I am ready to purchase a property?

Accepted Answer

A TREF Realtor will put you in touch with several lenders to find one you like.  The lender will make the determination if you are ready.  Please, do not assume you are not ready.  Homeownership may be closer to you than you think.  It is ALWAYS worth speaking with a lender.

Question 10

How are my taxes and insurance paid each year?

Accepted Answer

Generally, if you have a mortgage, your estimated monthly taxes and insurance will be included in your payment and your mortgage company will pay the total yearly bill for insurance and taxes when it is due.

Question 11

What will closing costs include and who is responsible for paying that and when?

Accepted Answer

Your closing costs will include, in most cases, one-year of taxes and insurance, loan costs such as loan origination fees, attorney’s fees, pro-rated taxes for the remainder of the year from the date of purchase and pro-rated HOA fees through the remainder of the year if applicable.  These fees will be collected at closing, but in some cases you may finance these costs into the purchase price and will receive a credit at closing to cover the majority of the fees.

Question 12

What could cause problems with my loan closing?

Accepted Answer

Before closing, do not purchase any large items without verifying the purchase through our lender, such as boats and cars.
Do NOT pay off any debts before talking with your lender.
Do not make any late payments.
If you change jobs or receive a promotion let your lender know immediately.
If you make overtime pay, make sure to let your lender know what is salaried pay and what is overtime.

Question 13

What other documents will I need for the loan?

Accepted Answer

Your lender will also require verification of income, such as a paystub or recent tax returns.
Bank Statements and details on long-term debt, such as auto loans, child support, etc.
Self-employed Buyers should be prepared to produce financial statements as well.
Other documentation may include:
Past 2-years W-2’s
Last 4 pay stubs
Last 2-month bank statements
Borrower and Co-Borrower Information including full name, social security numbers, date of birth, etc.

Question 14

Who will setup the inspections, closing attorney, Cl-100, and ensure the closing attorney and lender stay on track for closing?"

Accepted Answer

Your TREF Realtor, in addition to negotiating and formulating your contracts and addendums, including repair requests, will also perform these duties on your behalf and will let you know when and what they need from you during different times during the transaction process.

Buying FAQ

Frequently asked questions