ASK AN EXPERT: Real Estate

News 13, the Morning News and scnow.com are committed to helping you make ends meet. Along those lines, we will be bringing you a regular series of online question and answer chats called Ask An Expert.

This week, we feature Rod Smith of Coldwell Banker Chicora who will answer your real estate questions.

(This chat is no longer active, however we will offer another opportunity to have your questions answered soon.)

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1:40 p.m.
Heather from Pamplico asks ...

I am a first time home buyer looking to purchase my first home in the next few months. I have been preapproved by my bank, have an earnest money ccount ready to go, and I've been looking at homes with agents. Do you recommend dual agent purchases or is it better for me, as the buyer, to seek an outside agent?

Congratulations on your progress! It is always best to have an agent working on your behalf. Once you decide on an individual who will represent you, give them your parameters and they will be able to show you any property that meets your needs. The dual agency you mention could arise if your agent has a listing that meets your needs. This means your agent would be acting in a dual capacity. While the duties they perform for you would be the same, they owe their allegiance to you AND the seller. This means that they can't share the motivation of the seller with you, nor can they share your motivations with the seller. This is limited service, but can still be beneficial to you as it means you still get the home you want. Sit down with your current agent and I'm sure they can provide you with more details. Don't forget that you get an $8,000 credit as a first time home purchaser so this is a great opportunity. Good luck!

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1:33 p.m.
Joanne in Garden City asks ...

I understand that the $8000 tax credit is available for first time home owners who purchase a home. First time means that you have not owned a home in the last three years. My question is this: My husband and I are interested in purchasing or building a home this year. We sold our primary residence eight years ago and are living in a mobile home that we purchased in 1993 for a vacation home. This mobile home is on a lease lot. Do we qualify for the $8000 first time tax credit? Or, is the mobile home that we owned considered home ownership?

You have posed an excellent question and I encourage you to speak to your tax adviser before making a decision. However, if your primary residence is the mobile home - which means this is where your voter registration is tied to and where you get your mail, you would not qualify. However, a mobile home is technically personal property and it is on leased land so you may have a chance if your voter registration and mail goes to a different address. The program is designed to help those who need to purchase a primary residence and have not owned one in the last three years as you so accurately pointed out. Please check with your tax adviser for more details and thanks for asking!

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11:06 a.m.
Maria in Cary, NC, asks ...

With the current market changes is getting into Real Estate as an agent still a viable career option and if so what suggestions would you have for someone to get started in the business?

We still see people getting into the business although not as many as before. Real estate is a very challenging, yet rewarding career. We get to assist people in making the biggest financial transaction of their lives and in some cases we help an entire family's generation over the life of our career.

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10:53 a.m.
Maria in Cary, NC, asks ...

How is the secondary investment market for beach property at this time? Are the prices being readjusted or are they still rising even though demand may be off a bit at the moment?

The second home market is very exciting right now because prices have fallen to levels not seen in 4 or 5 years. This means it is a great time to buy especially with rates hovering just over 5%

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10:51 a.m.
Ken in Florence asks ...

I have two lots side by side in central Florida. I live in South Carolina. The tax values went down this year so would this be a good time to sell the empty lots? How would I know that I am getting the best deal.

The determination to sell or not is a personal decision based on your needs. Contact a local real estate agent who can refer you to one in Florida. They can perform a market analysis which will give price and time on market information.

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9:35 a.m.
Michael in Myrtle Beach asks ...

How can I get out of my adjustable rate mortgage and second mortgage if I don't have a good credit rating?

A good credit score is very important so the first thing you need to do is work on fixing your score. Speaking to your lender on ways to improve it is good start. We have seen clients improve their score in as little as 6 months. Good luck!