When first time home buyers start researching online, a loan calculator is one of the first things to pop up in their search. These loan calculators are designed to help home buyers get some idea what a basic principal & interest monthly payment would be…. for a certain loan amount…. at a certain interest rate. But there is much more to a buying a house than the monthly principal and interest (P & I) payment shown on that loan calculator, and that’s where things get a little wonky for first-time buyers.

You have to have at least a small amount of  money for a down payment, usually a minimum of 3.5% of the purchase price of the home  you want to buy – unless  you are a military veteran. (VA loans are the only true zero down payment loans.)  Have you saved some money, or received gift money from a relative, or qualify for a grant program to help you buy your first home? If the answer is yes to any of those questions, great, you have the seed money for buying a home. Steady income and your work history will then determine if you are ready to buy a home.  Normally a minimum of 2 years experience in your type of job is required, but if you are a recent graduate working in your field of study and also worked in your field while in school, that work experience may count. Your current credit score will also determine if you qualify for a loan, and if you do, whether you will be offered the lender’s best interest rate, or an alternative interest rate. The interest rate you are offered will determine your monthly principal and interest payment on the loan amount. The amount of money you have available for down payment and other costs will determine a variety of things, not just your final loan amount. The loan officer working for the mortgage lender will discuss all of this with you in detail, but that’s the basics.

A total monthly house payment, in most cases, will include the P & I on the loan, plus 1/12 of the yearly homeowner’s insurance premium, 1/12 of the yearly taxes on the property being bought –  and if you have less than a 20% down payment – 1/12 of the yearly premium for mortgage insurance. This true total monthly house payment is also referred to in “lender-speak” as PITI (Principal, Interest, Taxes, Insurance). It is the amount mortgage lenders use as the 1^st step in determining what price home you are qualified to buy. The loan officer calculates what percentage of your monthly gross income (the amount you earn, before payroll deductions) is necessary to make your total house payment. In “lender-speak” this is known as your “front ratio”.

The 2^nd step is to determine what other long term monthly payments you may have (car payments, student loans, high credit card payments, etc.). All of your long term monthly payments plus your projected total house payment will be added together, and that total combined monthly amount is calculated as another percentage of your gross monthly income. This is called your “back ratio”.

When your credit report, work history, ratios, and money for down payment have all been evaluated together, the loan officer will tell you the maximum priced home you would be qualified to buy.  Not everyone wants to buy a home at the top of the price range for which they qualify, but it’s always good to know your options.

All of this is a lot to grasp, and can be sort of mind-boggling for first time home buyers, for that matter – it is the same for many buyers with various levels of buying experience.  I worked in the mortgage industry for years, and the learning curve was steep for becoming well versed in mortgage matters.  At this point you may be thinking, since the lender has to evaluate all my info, the very 1^st thing I need to do is go out and find a loan officer – which brings us back full circle. How do you find a loan officer that will suit your particular needs?  In my opinion the FIRST thing you should do is ask your friends, family & neighbors if they know an experienced real estate agent who works well with first-time home buyers. Not all agents do. That agent will be able to serve double duty for you; not only to help you find your first home and understand the home buying process, but will offer you the names & contact info for loan officers she/he has worked with, who are experienced in helping first time home buyers. Not all loan officers have this special experience either, but the ones who do, can help you determine what you can realistically expect to buy, and can help determine if you are eligible for various special loan programs. Some loans are available only to first time home buyers, and may offer you some special financial benefits. The combination of an experienced REALTOR® and loan officer, who can lead you thru the mortgage and home buying maze, can make a world of difference in turning your dream of home ownership into a reality.

I thought dialing and answering my cell phone calls thru my car’s speaker system was such a great thing to have, but WHOA… a driverless car…. how cool would that be?!?!  Relating to it simply in my work as a REALTOR®, I can certainly see how helpful this would be to me on a busy day of phone calls that require making notes, sending and receiving texts and emails, reviewing info before an appointment, etc.…all <span style=”text-decoration: underline;”>without</span> becoming a public menace on the highways.  A future that would include a car with this amazing ability would be fantastic in my opinion.

Well, guess what, the future is here!  This amazing invention is on the roads NOW, albeit as a prototype.  It is being developed not by a car company, but by Google!  The driverless car’s inventor, Sebastian Thrun, was inspired to create this technology as a result of loosing a good friend in a car accident as a young man.  We’ve all been saddened by that kind of loss, either directly or indirectly, but what an inspiring way to turn a tragedy into a positive mission in life, and on a scale that can potentially save millions of lives.  The benefit to mankind on so many levels – from simply making car travel safer and easier, to how it will impact our transportation systems, our economy, the environment, and our lives in general – will make an impact on our future that is truly hard to conceive on an exponential level.

For travelers, how much more enjoyable would a long trip be when the driver could engage more with the passengers? (Yes, someone still has to be seated behind the wheel – at least in the current prototype.)  Parents would sleep better knowing that their teenagers of driving age would be less likely to become a statistic of distracted driving.  People who drive often as part of their job could be much more productive during their hours in the car…I could go on and on.  The advantages seem numerous to me.

 Now I know there are those among you who will say “Wait a minute, I LIKE to drive”, and I count myself in that group, sometimes.  But, we don’t have to worry about giving up our pleasure driving…. that’s covered too, by the simple use of the on/off button.  There are others among you who will think about how anything computerized will eventually cause a problem; count me in that group too.  This issue is just one part of the ongoing research being applied to the prototype, so we will have to wait and see what the final product will be when introduced to consumers.  But, surely you will admit, <span style=”text-decoration: underline;”>this is exciting stuff!</span>

Here is a link to a YouTube video that will tell you more about this marvelous invention; and the narrator begins as a bit of a skeptic, so watch it and see what you think.  <a href=”http://www.youtube.com/watch?v=J17Qgc4a8xY&amp;feature=player_embedded#t=15s”>http://www.youtube.com/watch?v=J17Qgc4a8xY&amp;feature=player_embedded#t=15s</a> . I hope it sparks your imagination the way it did mine.

I try to keep in touch with friends and relatives who live elsewhere by sending them emails periodically. Most of the time they are short and semi-irrelevant in content, but it’s just to let them know I am thinking about them.  On occasion  I write what I call my “novel length” emails, as some of my friends and relatives will attest,  and some part of me is afraid they may be thinking  to themselves .. .”Why does she write such LONG emails; I don’t have time to read all this.”  Such is the nature of the medium that email is supposed to be all about – short, to the  point messages, delivering only  relevant info, and using abbreviations and symbols to make them even shorter.  The bit of me that majored in English/Jounalism still wants to write complete words and sentences and use punctuation –  even in emails – but will follow the norm when I’m in the proverbial time crunch.  Sadly, I’ve even grown lax at sending friends & relatives emails in recent months, because I’ve let business dominate my time.  In real estate you must make hay while the sun shines, and after having some less than satisfactory earnings in recent years, I’m doing OK this year … because I work all the time.  That’s my story, and I’m sticking to it.

But, back to the title of my post….as I was rushing to get a few Christmas cards in the mail today, I came upon my letter writing relative’s name on my card list. I wrote a short greeting on the card (another “left over” from the days when sending a card without some kind of hand written personal message just was not done), and as I started to stuff the card into the envelope (that I also hand address), I stopped.  I thought about how getting her letters is always such a nice, unusual pleasantry that makes my day, I wanted to return the favor.  I looked all thru my desk and could not find any ordinary letter writing stationery; just business stationery, note cards, lined paper pads, printer paper, etc.  But I was determined to include a letter in my card to her, so I pulled out my lined paper pad and started writing.  Lined paper somehow seemed more letter friendly than printer paper.  I guess that goes back to the first letters I ever wrote being on my school notebook paper.

I of course opened with an apology for the lined paper, and then wrote some niceties referring to the contents of her recent letter, but before I knew it I was in full, real letter writing mode. I was sharing some of my day-to-day happenings, wondering out loud about some family stuff I never knew the answer to,  giving updates on my family, discussing health remedies, and various thoughts about random other things.   Eight pages later I started my sign off with the sentence “ I must go now, I HAVE to get some Christmas shopping done.” I asked her to give my love to all our family and to wish them all a Merry Christmas. I placed the letter inside the card, put it in envelope, stamped it and had the pleasant feeling that we had just enjoyed a nice visit together.  I don’t know how many other people respond to her letters by writing a letter back to her (I would speculate very few), but I my hope is that getting my letter will make her day the way her letters make mine.

As I opened my door to go put the card and letter in the mailbox, I saw the mail truck moving away from my house back down the street – - and it’s Saturday.  Darn it, Ilost a mail day!!  I took the time to write the letter and now she may not even get the Christmas card with the letter before Christmas!  All the old “snail mail” complaints came to mind, but quickly were quieted in my mind because I  knew she would be happier getting a possibly late Christmas card with a letter in it than just getting the card on time.  After all, as the saying goes, it’s the thought that counts; and I want her to know how much I think of her, how much her little gifts to me in the form of her letters mean to me, and how much I love her.  The simple act of writing her a letter gave me some welcomed ”Christmas spirit”, so I made my own day.  Think about surprising someone you care about with a letter; it will make both of  you feel really good.  Merry Christmas everybody!

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Downtown Charleston (Peninsula Charleston)

The city of Charleston, itself, especially the peninsula portion, is a smorgasbord of extremes- from high-rise condominiums built in the more recent years to small mansions built anytime in the last 250 years. Low-income housing developments can be found in the northern section of the city, while some of the homes in the historic section could empty the wallet of the richest man.

But by no means has the middle income individual been left out. Many smaller homes can be found downtown. As a matter of fact, these are the homes that add up to form a large majority of the downtown market. These homes, fronted on cobblestone streets or cozy alleys are far away from the noise and congestion of an average city’s downtown section. Charleston’s schools are plentiful. Private, church-related or public, they are all in downtown Charleston and most are an easy walk away. For recreation, there are tennis courts, playgrounds, basketball courts, baseball and football fields.

A very active Parks and Recreation Commission organizes all kinds of sports and tournaments. Two of the area Yacht Clubs and two marinas can also be found in the area. The oldest theater in the country is here. Charleston also has its own ballet and symphony, art museums and libraries. And of course, each year the city puts on the most comprehensive arts festival in the United States: Spoleto.

Click here for a map showing Public Parks in the Downtown Charleston area

West Ashley

The city limits of Charleston SC extend across the Ashley River to an area known to locals and Charleston SC real estate owners as West Ashley. In fact, West Ashley SC is the place where the English colonists established the first permanent settlement in the Carolinas in 1670 along the banks of the Ashley River.

Today the place where the settlers first stepped ashore, Charles Towne Landing State Historic Site, is among South Carolina’s most outstanding natural and historic parks, with 663-acres that feature a reproduction 17th century sailing vessel, natural habitat zoo and beautiful Lowcountry vistas. It is also a favorite play and picnic spot for families from across the Charleston area. Also among West Ashley’s historic treasures are three of the area’s most visited plantations, Drayton Hall, Middleton Place, and Magnolia Plantation and Its Gardens.

But amidst this historic fabric, West Ashley real estate sports a thriving urban community with a population that has more than doubled since 1960 – a testament to the Charleston area’s livability. Many West Ashley real estate neighborhoods closest to downtown Charleston feature charming brick cottages, many of which have been renovated in recent years. Other established neighborhoods within the West Ashley real estate market wind through hundred-year-old live oak trees, with some home sites that feature sweeping views of the marsh or access to the Ashley River.

West Ashley real estate has also kept up with the times. Modern neighborhoods with the latest amenities continue to spring up within the West Ashley real estate market, offering an ample range of home options, from marsh- or river-front condominiums to estate-sized mansions.

The area west of the Ashley River has successfully intermingled businesses with family-style living. Shopping at one of the largest malls in the Charleston SC area, or at a number of strip centers that line the major thoroughfares offers close-at-hand conveniences to owners of West Ashley real estate.

West Ashley is also blessed with its share of eating establishments, from pizza or burgers, to fine dining in style, anything the taste buds desire is nearby. And of course, West Ashley SC has convenient access to all the rich historic, arts and cultural opportunities just across a short bridge in the city center. It is an easy commute to downtown Charleston for work, a dinner meeting, or an evening stroll.

Click here for a map showing Public Parks in the West Ashley area

Find more information on my West Ashley area information page

Mount Pleasant is separated from Charleston, South Carolina, by the Cooper River. For many years it was primarily populated seasonally by Charleston residents wealthy enough to afford summer homes across the river from the Charleston peninsula. The population of Mount Pleasant was centered in an area of the town now known as “The Old Village.” It was determined in 1928 that a bridge from the Charleston Peninsula to Mount Pleasant was needed. Spanning Town Creek and the Cooper River and crossing the uninhabited Drum Island, the two-lane Grace Memorial Bridge opened for traffic as a toll bridge 17 months later. A second and larger bridge, the Silas N. Pearman Bridge, opened in 1966, further connecting Mount Pleasant to its mother city. On July 16, 2005, the brand new, eight-lane Arthur Ravenel, Jr., bridge opened for automotive traffic, replacing the two aging bridges.

Mount Pleasant is the fifth largest municipality in South Carolina, and for several years it was one of the state’s fastest growing areas, literally doubling in population size between 1990 and 2000. The population was 47,609 at the 2000 census. As of 2007, the town had an estimated population of 64,707. Mount Pleasant is included within the Charleston-North Charleston Urbanized Area and is the 3rd largest municipality in this metro behind Charleston and North Charleston.

At the foot of the Arthur Ravenel Bridge is Patriot’s Point, a naval and maritime museum, home to the World War II aircraft carrier USS Yorktown, which is now a museum ship. For those seeking to be transported back in time, Mount Pleasant is home to the most comprehensive collections of naval aircraft, a tour departure point to Fort Sumter National Monument, and home of the Congressional Medal of Honor Museum. Boone Hall Plantation is one of the few surviving working plantations in the nation and Charles Pinckney National Historic Site is the former residence of one of the framers of the U.S. Constitution.

Shem Creek, the most picturesque waterway in the Lowcountry and host to award-winning restaurants can also be a great place to enjoy sunsets while listening to the sounds of pelicans greeting the arrival of shrimp boats. Enjoy a relaxing picnic or romantic stroll in the historic Old Village of Mount Pleasant.

Choose from specialty boutiques and antique stores in Old Mount Pleasant, sweetgrass basket stands along Highway 17, or trend setting national retailers at Towne Centre. Mount Pleasant is also host to local and regional events including a weekly Farmers Market.

Click here for a map showing Public Parks in the Mount Pleasant area

Find more information on my Mount Pleasant area information page

James Island is a large triangular sea island framed by Wappoo Creek and Charleston Harbor on the north, Morris Island and Folly Beach on the east, and the Stono River and Johns Island on the west.  It is laced with creeks and sounds … and well known for its farming, fishing and shrimping,  and ancient live oaks.

The Civil War began on James Island on the morning of April 12, 1861, when Confederate forces at Fort Johnson fired on Union-occupied Fort Sumter. Both forts were located on the island’s northern shore.

Most of the fighting in the Charleston area during the rest of the Civil War also occurred on James Island and Morris Island, as Union troops tried to invade Charleston from the south, from their base on Folly Beach. All of these efforts, including notable assaults onFort Lamar and Battery Wagner, were defeated.

It’s a rare occurrence to drive over a James Island bridge without seeing recreational activity in the water below. Boating, waterskiing, and fishing are among the favorite pastimes of James Island residents. Folly Beach, the rustic, laid-back beach town across from Clarks Sound, has a boardwalk, a few small hotels, a lively surfing culture, frequent fishing tournaments, and a variety of summertime events.  The city is also home to the Country Club of Charleston, the Municipal Golf Course, and the James Island Yacht Club.

Marsh front neighborhoods with water views are plentiful in James Island, and many have private docks, neighborhood docks, or other amenities. James Island also has several classic, brick home neighborhoods and a wide variety of single family homes and condos.

During the Christmas season, people from all over the tri-county area head to James Island County Park to view the exquisite Holiday Festival of Lights, an annual event.

Click here for a map showing Public Parks in the James Island area

Find more information on my James Island area information page

Summerville     

Summerville, SC  is just 24 miles outside of Charleston, and is the largest city in Dorchester County. Situated on a pine-forested ridge, it was first inhabited in the late 1700′s as Charlestonians and other inhabitants of the SC Lowcountry sought respite from the summer heat, mosquitoes, and disease. From May to September plantation families along the nearby Ashley River and other coastal areas, headed for higher elevation to live temporarily in the tiny forest colony soon dubbed Summerville.

Modernization came with the arrival of the railroad in the early 1800′s. Trees were being cut in large numbers for laying rails and the clearing of lots to relocate the commercial center near the tracks. To protect Summerville’s biggest asset, the village became an official town in 1847, passing a first law prohibiting the cutting of certain-sized trees without permission, and fining offenders a then hefty $25. That ordinance, one of the oldest of its kind in the United States, is still on the books.

The last decade of the 19th century saw two of the worst local events, followed by one of the best pieces of luck ever to befall a struggling community. While still recovering from the War Between the States, Summerville suffered extensive destruction during the 1886 earthquake, followed by a downtown fire which wiped out most of the buildings surrounding the town square. The good fortune stemmed from Paris, France, when the International Congress of Physicians declared Summerville as one of the two best places in the world for the treatment and recovery of lung disorders. Such belief was founded in the purported healing aspects of that tree’s turpentine scent. This led to the building of inns and hotels to handle the mass of visitors, who first came for their health and then discovering the charms of the town, built winter homes and often became permanent residents. Today, elegant and internationally acclaimed, The Woodlands Inn is tucked away here as a hidden gem,and it’s restaurant was named Charleston’s 2009 Restaurant of the Year.

Summerville’s beauty is mirrored in her motto, “The Flower Town in the Pines.” Since the early 1900′s day tourists have flocked to the town during early spring to enjoy millions of  blossoms in Azalea Park, a 12-acre oasis in the heart of town with peaceful ponds, paths, fountains, tennis courts, and an amazing collection of permanent sculpture.  The park is host to several unique events, like Sculpture in the South, the Flowertown Festival, andTaste of the Town .

Despite the publicity and the development it spurred, the town’s population hovered around 3,000 for nearly a century, not reaching 6,000 until the late 1970′s.  Then, as a bedroom community of Charleston and within 2 hours of the state capital in Columbia, the re-discovery of Summerville resulted in a doubling of the population in the 1980′s. It continues to attract families, business people and military personnel, all looking for a quality of life that has long since disappeared in cities, and the population now exceeds 33,000.

The Dorchester II School District serving Summerville is rated as having some of the best schools in the state. Summerville High School’s  “Green Wave” football coach, John McKissick, has earned the distinction as the “winningest” coach in America.

Find more information on my Summerville area information page

One of the most carefully preserved barrier islands in the world, Kiawah Island was named for the Native American tribe that hunted and fished in the area during the 1600s.

In 1951 when C. C. Royal, a lumberman, purchased Kiawah Island for a mere $125,000. Just 23 years later, his heirs sold the property to a real estate developer for $18.2 million. In 1974, Kiawah Island was developed into a world-class resort and premiere Charleston SC real estate area. Then in 1988, in the largest transaction of both Charleston SC real estate and South Carolina real estate history, Kiawah Development Partners (then known as Kiawah Resort Associates) purchased the island’s assets for $105 million, restoring local ownership of the island. The acquisition included the Resort – the Kiawah Island Inn, retail and meeting facilities, three golf courses, and two tennis centers – and the undeveloped properties of Kiawah Island real estate.

Wildlife management is handled, in part, by a full-time wildlife biologist in cooperation with the Town’s Environmental Committee, the South Carolina Department of Natural Resources and other Kiawah Island entities. The Town supports research projects and programs in order to better understand and manage the wildlife species – deer, bobcats, osprey, raccoons, gray foxes, river otters and others – that live on Kiawah Island. The island is also tightly controlled by an architectural review board comprised of Kiawah Island real estate and property owners who have a strong commitment to maintaining Kiawah Island’s natural habitats.

There are three types of owners of Kiawah Island real estate: full-time residents, whose median age is 61.2 years old; those who maintain their residence as a second home; and investors who buy a residence as a vacation home and rent it when they’re not there. Kiawah Island real estate owners come from 46 states and 21 foreign countries. While there are more than 3,300 housing units within Kiawah Island real estate, only about 560 are owner-occupied year-round.

Find more information on my Kiawah area information page

Seabrook is a private island community.  Yet, despite its peaceful seclusion, Seabrook Island is conveniently located less than 30 minutes from all the charms of Charleston, the south’s most romantic city.

Seabrook has a known archaeological history dating back to approximately 200 B.C. In 1666, British subject Lt. Col. Robert Sanford arrived on Seabrook as an explorer in royal service to King Charles II. By 1684, the local Stono Indians were persuaded to cede their lands to the proprietary government, which in turn sold the property to English settlers.

During the American Revolutionary years, the island was used as a staging area for Hessian and British troops. In 1816, the island was sold to William Seabrook of nearby Edisto Island, hence the present name. Under Seabrook’s ownership, the island was used for growing cotton. At the height of the Civil War, Seabrook sold the island to William Gregg who rented the land to Charles Andell.

After the turn of the century, the island was sold to sportsmen for hunting, fishing, and recreation. In 1939, the Episcopal Diocese of South Carolina rented land on Seabrook to establish a summer camp for underprivileged children. In 1951, about 1,408 acres (5.70 km2) of land were given to the church.

In 1970, the diocese sold about 1,100 acres (4.5 km2) to private developers who planned the private, residential community that Seabrook Island is today. Eighteen years later, the town of Seabrook was incorporated, and it celebrated a decade of private ownership and self-government in 1997.

Club members and their guests enjoy two championship golf courses, a tennis center, horseback riding, a fitness center and many other amenities. Recently, the Club at Seabrook Island’s golf courses achieved the distinction of becoming South Carolina’s first Fully Certified Audubon Cooperative Sanctuary.

Find more information on my Seabrook area information page

On June 12, 1972, North Charleston became a city with its own Mayor and Council and is home to a variety of successful businesses, from the state’s largest industries to the military installations to the neighborhood shops. The North area’s proximity to the rapidly expanding areas to the north and the more established communities to the south give it one of the best central locations around. It’s less than a half hour from almost any location in the Tri-county metropolitan area.

Just up the road a little is some of the South’s best fresh water fishing in Lakes Marion and Moultrie. Just down the road is Charleston Harbor, opening into the Atlantic for the best salt water fishing you could imagine. The 12,000 seat Coliseum in the heart of North Charleston offers a wide variety of entertainment from the Circus to concerts by national acclaimed entertainers. Excellent shopping is also found with the two largest shopping malls sitting right in the middle of the North Area. Quite a few other shopping centers scattered throughout the area add a generous compliment to the shopping facilities available to North Area Residents.

Click here for a map showing Public Parks in the North Charleston area

Goose Creek dates back to 1670 when Englishmen who had prospered from Barbadian land sales arrived and developed plantations in the area. However, it was not until 1950, when the United States military realized the potential of the area for the military, that Goose Creek started to grow. The water and ocean access prove attractive for industrial growth. Alumax, Jim Walter Metals and other companies in Bushy Park are excellent sources of employment. Goose Creek also offers many acres of underdeveloped land for expansion plus excellent railroad and highway networks. Effective environmental management of these resources makes Goose Creek a highly desirable residential community. Goose Creek is “a little bit of town in a whole lot of country”. For recreation, the residents of Goose Creek will find waters for fishing, athletic fields, golf course, tennis courts, bowling alleys and of course, swimming pools.

Moncks Corner is approximately 35 miles from Charleston, 17 miles from Summerville and 16 miles from Goose Creek, making it desirable for those who wish to enjoy the areas and commute to work. The town is on Lake Moultrie and the Cooper River, which connects the Charleston Harbor. Lake Moultrie has over 60,000 acres of water for boating and fishing. The waters are famous for their world class fishing. Also adjacent to Moncks Corner is the Francis Marion National Forest with nearly 250,000 acres for hunting, fishing, hiking, camping and picnicking.

These lands are where General Francis Marion – “the Swamp Fox” – came to fame as a hero of the Revolutionary War. Although the pace is still blessed by an absence of the extreme hustle and bustle of heavy urban areas, there is still a wide variety of housing available to those wishing to locate here. The gamut runs from budget housing in the 40′s to country estates with acreage and lovely homes in spacious tree shaded subdivisions with access to the river or lake. If you wish an historic home there are still a few available for those who enjoy the romance of the past. Vacation villas with tennis, pool and a deep water marina are also there for your enjoyment.

As part of the City of Charleston, but closer to Mt. Pleasant, Daniel Island is a place in and of itself.  The story is quite interesting of how this river island has gone thru cycles of being a thriving,  productive community, then diminished into isolation,  and has evolved into what is modern day Daniel Island – a well known, self contained, resort style community.

The first known inhabitants of Daniel Island were Native Americans. Their name for the island was Etiwan or Ittuian. English settlers arrived in the area around 1670.  Because of Daniel Island’s location and its abundance of yellow pine and live oaks, it quickly began to play an integral part of early colonial industry.  Roads were built by landowners at their own expense until there were acts passed in 1703 – 1712 that created public roads on the island.

Robert Daniell, for whom the island was eventually named, was a Captain, a Major, a merchant, a Deputy-Governor, a Governor and a Landgrave. A landgrave was the highest form of nobility there was in South Carolina. In order to be a landgrave, a person had to own a barony which was made up of several thousand acres.  He held land all over the Lowcountry, including his land on Daniel Island, Other wealthy Europeans and successful entrepreneurs were landowners on Daniel Island in the late seventeenth century as well, but by 1715 Mr. Daniell held so much of the island’s land,  and combined with his  stature in the colony,  the name of the island slowly evolved from Etiwan Island to Daniell, to Daniels, and then to Daniel Island. He was only governor for a short time, and died at age 72 in 1718. He was buried on Daniel Island and survived his wife Martha and five children. His grave marker was found in 1895 and was moved to the main graveyard at St. Philip’s Church in Charleston.

In the mid-eighteenth century, Ferries played a major role in the development of transportation for the island.  One of the entrepreneurs who operated a ferry from Daniel Island was John Clement.  Clement used his own finances to build a causeway through the marsh which created a more direct route from Clements Ferry to its several stopping points. The ferry was in operation until the end of the Civil War, but when the ferry stopped operating,  the island eventually became fairly remote. The only way to get there was through Strawberry Ferry across the Cooper River or though Cainhoy and then across the Wando River.  In 1939 a bridge over the Wando finally allowed trucks and cars to cross onto Thomas Island., and stirring the possibilities progress brings. When Henry Guggenheim purchased much of Daniel Island in 1946, he followed the entrepreneurial spirit of those before him, and many things changed on the island, including the roads and transportation. Then in the early 1990s, with the opening of Interstate 526, things changed drastically for the island. The present day roads on the island were begun in 1994, and today Daniel Island has some of the highest end real estate in the area.

Robert Daniell held the highest form of nobility, and today Daniel Island lives up to its noble namesake. It is a beautiful part of the Charleston area landscape. When driving on 1-526, you get a glimpse of the quaint city within a city. And much like colonial times, living on Daniel Island means you seldom need to leave. Its small town center includes most everything: a well appointed grocery store, banks, restaurants, office space, and all types of medical services. There is a school, and charming upscale homes are built to reflect the rich history of the island and the Lowcountry.  In April of 2001, the Family Circle Tennis Center on Daniel Island was introduced to the world during the first Family Circle Cup, one of the premier events in women’s tennis. This state-of the-art facility has 17 championship-level courts within the 32-acre park that surrounds the 10,200 seat Family Circle Magazine Stadium. The Tennis Center also hosts a number of other cultural events year round. The Family Circle Magazine Stadium is a perfect setting for concerts under the stars, and is a perennial venue for some of the world renowned Spoleto Festival events. The Daniel Island Club features the country’s only private pairing of golf courses by Tom Fazio and Rees Jones on the same property. A gracious golf clubhouse offers fine and casual dining, and the formal ballroom at the clubhouse is a coveted venue for private weddings, events and corporate functions. The Club also offers swim, tennis and fitness facilities to members. With beautiful landscapes and gorgeous views of the rivers and surrounding marshes, Daniel Island is promoted as being one of the most sought after places to live in the country.

Click here for a map showing Public Parks in the Daniel Island area

1. Mortgage payments no longer have to be more than 31% of borrower’s gross income.

2. Property no longer must have been occupied as primary residence within the last 12 months (previously, had to be owner occupied up until 90 days before the closing). 

 3. Now first lender can allow $6K to a second lien, regardless of what % of Unpaid Principal Balance that $6K equates to (previously, max of 6% of Unpaid Balance was allowed to any second lien).

4. If a seller and their agent request a HAFA short sale, the lender has 30 days to respond and tell seller whether or not they are eligible for HAFA. This notice is also to include the list price, or the acceptable net proceeds amount, from a sale. Also, once a purchase contract has been accepted by the sellers and submitted to the lender/loan servicer for final approval, the lender/loan servicer then has 30 days to approve or reject the transaction. (Under the current guidelines there is no timeline on the lender/loan servicer – and it can take FOREVER!)

6. The federal government has dictated fair market price for commissions, and says that 6% can be paid if that is the broker commission shown on the listing agreement (previously, commissions being reduced was part of the negotiating process).

7. The lender cannot charge 1% to the seller, or deduct it from real estate agent commissions, to pay a third party vendor – the lender must pay for this service fee.  Agents negotiating HAFA short sales may not charge the seller or other parties to the transaction a third party negotiating fee either.  

I’m a stickler for accuracy, so before I mentioned all this to my short sale clients I wanted to find the actual new guidelines, and read them thoroughly to satisfy myself that there were new guidelines, and that they were going into effect on 2-1-2011.  I had a hard time finding an official resource. I searched on and off for hours online, and also made a few calls to agents who had posted info about it (who BTW haven’t returned calls or replied to emails). Most of the other sites I found that referenced the new HAFA guidelines wanted to sell me software in order to get the guidelines.  But I persevered, and finally found the new HAFA guidelines online, in “Supplemental Directive 10-18”, dated December 28, 2010 and titled “Home Affordable Foreclosure Alternatives Program – Policy Update”.

If this IS the document upon which everyone is so happily promoting upcoming changes that will help short sales….. Well, I hate to break it you (to all of us) but to my great disappointment, based on what I read in these new guidelines, it appears these new guidelines will only apply to non- GSE loans (GSE=Government Sponsored Enterprise). Meaning, if the short sale is a Fannie Mae, Freddie Mac, FHA, VA, etc. loans, (which ARE GSE loans) these new guidelines won’t help. Here is one of the excerpts I found in the Supplemental Directive 10-18 that has lead me to this conclusion.

“Servicers that have executed a servicer participation agreement and related documents (SPA) must follow the guidance set forth in this Supplemental Directive. This guidance does not apply to first lien mortgage loans that are owned or guaranteed by Fannie Mae or Freddie Mac, or insured or guaranteed by a federal agency, such as the Federal Housing Administration, Veterans Administration or the Department of Agriculture’s Rural Housing Service.”

What is SO very sad, is that these changes are exactly what the average HAFA short sale homeowner needs – most of who DO have a GSE loan thru Fannie, Freddie, FHA, or VA! Why make these new guidelines applicable to only non-GSE loans?!

Have you had a seller turned down for a HAFA short sale, after a long drawn out process, because their mortgage payment represented 30.49% of their gross income – it’s ridiculous! And, taking months to get an answer about whether or not the seller qualifies, and even more months to get a counter offer to a buyer’s offer (if we’re lucky), has caused many short sale contracts to fall apart, and the home to go into foreclosure. Is that good for anyone? We have to streamline the process for every short sale!

Often homeowners/borrowers HAVE to physically leave the house they intend to short sale. They need to secure a ”stable” home for their family – which they won’t have to move out of at some unknown future date. To lessen the trauma their family is already enduring, they at least want to keep their kids in the same school district, so they rent a home and move nearby. If they’ve been out or work and finally get a job (or are offered a better job) elsewhere, but it’s not far enough to qualify as a job relocation, it’s a problem; or if they move in with relatives because they have lost most of their belongings and are not functional in the home that is to be a short sale, they suffer under the current guidelines. Why is there no relief for people in these situations?

Second lien holders not agreeing to a short sale is a common reason for lost short sales. Helping them reduce their losses, even a little, could be an incentive that could make more successful short sales transactions possible.

Most agents work exceedingly hard to bring a short sale to the closing table, and we deserve the full commission agreed to in our listing agreement. Even at full commission, calculating income to effort would probably show us making less than minimum wage, based on the number of hours we put into the process.

If lenders/loan servicers retain third parties to process paperwork in connection with short sales, and charge an additional fee, they can either deduct it from the agent commissions or charge it back to the seller.  Sellers don’t have that option. While some short sale listing agents do hire separate negotiators and pass that cost along to the seller because they don’t want to absorb the cost due to the lowered commission they will be paid, most of us don’t; and charging that expense to the seller does need to stop. Doing all that paperwork in connection with a HAFA short sale, handling all the pressure coming from many different directions, and enduring the long drawn out process entails has practically become part of our job descriptions. Shouldn’t that be an even stronger reason why we should be paid our full commission, without any deductions by lenders/loan servicers? If they didn’t have real estate agents willing to work on short sale listings, they would “be in a world of hurt” to use an old expression, so how about a little professional respect!

So, now that I have vented about all this I feel better, but still don’t know what we can do about the negative aspects of working on short sales, and the shortcomings of the guidelines that dictate them.  But, I do know we need to continue to make enough noise about these problems to hopefully bring about real change, for people who really need it. Make some noise of your own if you agree.