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Buyer’s Agent in A Seller’s Market

Buyer Agent Nashville Chase Leatherwood

Nashville has been sustaining historic economic growth as the place to start and build a lifestyle for all walks of life, from singletons to families. I’ve seen this happening for several years in the local real estate market, and the data confirms it—this is a Seller’s market with high concentrations in East Nashville.

What’s A Seller’s Market?

A seller’s market means that the person selling a property has been put in the position to get multiple, competitive offers. It doesn’t mean you won’t get a great deal on your dream home… but it could be a quick turnaround for closing inspections and signing dates.

I’m Ready To Buy Now.

When you’re ready to buy a home, I am available as your agent – for FREE. Seriously.

Finding a home is a process that happens every day. I walk through the entire process with you, regardless of the situation. We start with what you want most in a home, where you’d like to live in Nashville and start the search process. We’ll find the home of your dreams, on your terms.

Regardless of where you are, we can work showings in to fit your lifestyle. If you’re not available to attend a showing, there may be an open house over the weekend. If relocation to Nashville is in your future for work, technology is on our side! I can set up a virtual tour for you with FaceTime or other video chat and conferencing tools.

Putting In An Offer

So we found you the perfect house. Now is when a lot of Tennessee real estate laws work to our benefit. The Tennessee real estate laws require certain disclosures, inspections, and a title search to close on a property and transfer ownership. I recommend clients who are buying a home to hire their own home inspections.

Uh-oh! There’s Competing Offers

Nashville has a ton of people coming in to live, work, and play at a historically high growth rate. It’s a common real estate story in our city to have competing offers in with yours. While we can’t know exactly what other offers are on the table, our offer can be as bold as you’d like within the limits of your budget.

In the event that the seller’s needs are not met in your offer, they can counter offer. The seller can request for more time until the closing date, an adjustment to the closing costs, or the initial repairs requested from your viewing. If the counter-offer isn’t ideal or beneficial for you as a buyer, you can walk away from the sale.  

They Accept Your Offer

Once you have an accepted offer, it’s time to start negotiating the contract and final offer. Depending on the age and state of the property, it’s normal to request repairs or funds to replace worn out flooring. The best part of this process: you don’t need to be present during negotiations. An added bonus – my real estate services are still free of cost to you.

The offer paperwork and inspections will feel like it’s taking forever… maybe even five-ever. In this time frame, from offer accepted to contract and close, we’re coordinating inspections, repairs, and requests on the seller’s schedule. I am in the loop on this process and can inform you as much as you’d like to be.

Let’s Get Together

If you’re not sure if you’re ready to buy a house, I always available to talk through the up and coming Nashville neighborhoods, from East Nashville to Sylvan Park. You can find me online at https://chaseleatherwood.com/ or give me a call directly at 615.988.0355.

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Closing on a House

Closing On A House Nashville Chase Leatherwood

We’ve made it this far. It’s time to start the closing process on your property.

Buyers, your offer for the home of your dreams has been accepted. Sellers, you’ve accepted the best offer and have started to move. Now, we get the Legal Eagle on board to make sure the bottom line is ready to sign.

I don’t really have an eagle on staff but I do have a list of fees, inspections, and title search that are required by Tennessee State Laws for all real estate transactions.

Escrow & Earnest Money

Earnest money is the lump sum of cash from the buyer to the seller. It’s held in escrow and applied to the closing costs and fees on the property. If the offer is not accepted or falls through, the money is returned to the buyer as the contract was not validated.

Property or Seller’s Disclosures and Inspections

The purpose of a property disclosure in Tennessee is to have the seller share the details of the systems or structure of the house. As a seller’s agent, we’ll go over this document at your listing appointment. Check out the REALTOR pre-listing disclosure form here. If you’re heavily considering a home, we can request the property disclosure and related documents to evaluate it further and prepare a competitive offer.

If the property you’re buying or selling was built before 1978, the house will need to comply with EPA standards for lead-based paint and related hazards.

As a buyer’s agent, I advise my clients to get their own inspections before closing on a property. It allows us to get a second opinion on repairs (needed or completed) and any issues of concern.

Then, depending on the results of the inspections, the purchase agreement may be renegotiated to reflect needed repairs and resulting changes to the closing costs.

Title Search Before Final Closing

In the state of Tennessee, it’s required for a real estate attorney to search for any issues with the deeds of the house in public record. I often work with Rudy Title for all of my closing transactions when I represent you as a seller.

The title search is essential for determining if there are any liens or easements tied to the property and/or home. My title company works through the deeds related to the property.

Signing The Bottom Line

After the inspections and title search are all clean, a date is set for the closing appointment. Typically this occurs at the title company’s office so that the documents can be filed for public record by the real estate attorney.

If you’re unable to attend the closing due to being out of town, we can reschedule the closing. If no other dates are available, we can designate someone as your power of attorney to sign for you.

The title company is also in charge of certifying the funds for the closing. This includes the down payment from the buyer. They will coordinate with you to get the appropriate banking and lender information.

After the signing, we will stay in touch. It’s always a pleasure to keep up with clients as they grow into a home and make it their own. You can always reach me on social media or through my newsletter.

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Real Estate Terms Every First-Time Home Buyer Should Know | Chase Leatherwood Realtor®

You’ve found the perfect home, your bid was accepted, and your mortgage was approved. Home free, right? Don’t forget about the contract! Unless you grew up in a family of realtors, all those real estate terms can start to sound like the teacher in a Charlie Brown special (Wma-ma-MAW-maw!). Be on alert: terms that sound similar may have narrow legal definitions that you would do well to observe. Your real estate agent should be there to advise you during contract negotiations—but it can’t hurt to do a little homework on your own.

 

#1. Appraisal

Never mind the asking price: your lender will want an independent appraisal of its actual value. That’s because your house is collateral for a loan, and they need to know they’ve got a way of recovering their investment if you’re unable to repay.

 

#2. Earnest Money

Chances are you’ve already dealt with this one, since a high earnest money offer is a strong incentive to sellers. What you may not know is that if the contract doesn’t go through, the process for getting your money back differs from state to state. It’s generally better if contingencies are covered in the contract: for example, if the house is appraised for far less than you paid, an appraisal contingency can save you a lot of hassle.

#3. Disclosures

Sellers are legally required to fill out a property disclosure that reveals any defects they’ve become aware of since taking possession of the property—and there’s the thin ice you’re on. A seller is only responsible for what they’re aware of, so if you suspect they’re holding anything back, get an inspection. Intentionally withholding information in a seller’s disclosure legally constitutes fraud.

 

#4. Inspections

You have the right to an inspection of any defects in the home (usually within a week or two of your offer being accepted). A thorough inspection can reveal problems that may have escaped your notice during viewings. Once the inspection is complete, you can a) accept the house as is, b) terminate the contract and return the earnest money, c) or request repairs. If the refuses to make repairs, you once again have the option to terminate.

 

#5. Title Search

This is usually (but not always) a routine process of determining that the seller has clear and uncontested ownership of the home and is legally entitled to transfer ownership to you. Title searches can become messy if the home is contested in a divorce, or if there are liens on the property. This is why it’s always a good idea to take out title insurance to cover your losses in case the house becomes unmarketable.

 

#6. Kick-out Clause

You may need to sell your old home before you can buy a new one. In this case, the seller may insist on a “kick-out clause” that permits them to go on showing the house. If you’re unable to sell your home in the agreed time period, then the seller has the option to accept a new offer and “kick out” your offer.

 

#7. Effective Date

This is the date on which your sales contract is considered valid for the purpose of starting the machinery rolling toward closing. Every sales contract contains time-sensitive terms (such as the date for an inspection) that are dated back to when the last party signed, initialed, and/or made changes to the contract.

 

#8. Closing

What sellers, buyers, and agents all live for. This is the day on which everyone gathers around the table to confirm that the terms of the contract have been fulfilled and it’s time to sign all the final paperwork: the buyer provides the funds, the seller gets the amount due to them… and you get to move into your lovely new home.