Archive for the 'First Time Buyers' Category
Multiple Offers - They Still Exist in a Buyer’s Market
Categories: Chattanooga Real Estate News, First Time Buyers, For Home Buyers
By Kacey Sides, Realtor
Multiple offers? In a buyer’s Market? Yep, they still exist! With some foreclosure sales they are inevitable, because sme banks will wait for them, but when a Seller has a great home at a great price, multiple offers can happen more often than you think. Here in Chattanooga the great deals go quickly and, if you don’t move fast enough, you’re likely to end up competing with other offers!
And . . . it’s not always the new homes on the market. Multiple offers can also occur with a home that has been on the market for a 
while. Sometimes it can be that another buyer appreciated the same features in the home that you did, and decided it was the perfect home for them. Other times a price reduction on a home can bring buyers back to a home causing greater interest. So make sure your Realtor gives you all the facts they can when you are looking for a great place to live.
If you get into a multiple offer situation, it’s time to put all your cards on the table. Most Realtors will call for “highest and best” offers. This is your chance to make your offer shine and possibly your last chance to get in the game. It’s important to review the comps (i.e. comparable sales and listings) of the neighborhood with your Realtor to help you tweak your offer price. Keep in mind that offers can easily go over the list price - especially if the home is competitively. So keep in mind what you are asking for when you determine your purchase price. Closing costs and other concessions will lower your offer in the seller’s eyes, and they are going to be looking at the bottom line. Basically sellers are looking at what they will walk away from closing with, and how soon they will be able to get it. So price and closing date are usually the most important focus.
As a Buyer, this is definitely an ideal situation, but if this is the perfect home for you, competition is what it might take to get it. Make an offer that you can walk away from if you don’t get it, or an offer you can sleep with if you do! Knowing that multiple offer situations still exist - even in a buyer’s market is important. So if you find that perfect home, don’t hesitate! Write an offer now before there is competition . . . you’ll be glad you did!
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Attention Buyers: The Benefits of Signing a Representation Agreement
Categories: Chattanooga Real Estate News, First Time Buyers, For Home Buyers
By Kacey Sides, Buyer Specialist 
So an agent wants you to sign a Representation Agreement. This binding agreement may not be something that you want to sign if you don’t know all of the benefits, facts about representation, and you are not yet comfortable with the agent that is asking you to sign it.
“How having a Representation Agreement” benefits you - 5 great reasons:
1. Your have the loyalty (and the legal requirement) of your Realtor to put your best interests first.
2. Your Realtor has systems in place to make sure you and he/she are up to date on a regular basis with all of the homes that come on the market with your criteria, so when your perfect home comes along, you are one of the first to know about it!
3. It educates you on the home buying process, and gives you all of the information available for you to make an educated decision on what home is right for you.
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Ready to Close? Not So Fast!
Categories: Chattanooga Real Estate News, First Time Buyers, For Home Buyers
By Kacey Sides, Buyer Specialist - Andy Hodes & The Scenic City Team
After jumping through all of the hoops you finally see the finish line. You’re counting down to closing, and moving into your new home. The movers are lined up, your things are packed, and your family and friends are ready to help you move in. Then you get the call, we have to move the closing date…
Going through a buyer’s consultation can prepare you for these unexpected glitches, because it covers everything you could possibly encounter. Not going through a comprehensive consultation can make this a huge surprise. Having a backup plan if the closing date has to be moved should be one of your top priorities when scheduling your move.
Each home purchase can be a little different, but whether it’s your decision or the Seller’s to move the closing date, you need to be ready!
New Construction- Builders hire subcontractors from various trades to complete the work on your new home. Unfortunately their schedules frequently are not the same as your and your builders schedule. This can easily lead to your home not having all the finishing touches complete and ready for you to move in. You could still close, and have the builder, or their sub, complete the unfinished items after closing, but it’s definitely harder to get it done once the seller has been paid. You risk the chance that it won’t get done. We urge all of our buyers to let the builder complete the home and the punch list of repairs before closing. If that’s not possible then proceeds should be withheld from closing in an escrow account until all the unfinished items are completed.
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Ready to Write an Offer? Show Me the Money!
Categories: Chattanooga Real Estate News, First Time Buyers, For Home Buyers
By Kacey Sides, Buyer Specialist - Andy Hodes and The Scenic City Team
So you’re pre-approved and ready to find your dream home. When you find that perfect home, do you have the money it takes to write the offer? You’re pre approved though… that should be enough, right? Wrong! If you have found a Realtor to help guide you through the process, and you have already had your Buyer’s Consultation, this part won’t come as a suprise to you. If you haven’t, I’m here to let you know, it costs money to write an offer on a home!
The money needed upfront:
Earnest Money - This is the first portion of money you will need to provide when you sign on the dotted line. This shows the Seller you have valuable consideration in your future home. (Especially if you’re asking for closing costs and / or downpayment assistance!) The amount of money can vary, but you ultimately determine the amount. Typical amounts start at $500 and up and is held in an escrow account untill closing; it will go towards any residual money you owe at closing. If the offer doesn’t go through, this money will be given back to you, as long as you have not defaulted on your side of the contract. If not, it goes to the Seller. With a great Realtor to keep you on track, this is something you shouldn’t have to worry about!
The Inspection - Your inspection period is typically within 7 to 14 days from your accepted offer. This is the portion of the contract where you are able to do all of your inspections on the home. Here in Chattanooga, a home inspection can cost around $300 to $350 and up. It depends mostly on the type of inspections needed and/or desired by you. (Mold, Radon, Synthetic Stucco, etc.) It also depends on the size of the home as well.
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The Buyer’s Consultation - What’s the Point?
Categories: Chattanooga Real Estate News, First Time Buyers, For Home Buyers
By Kacey Sides, Buyer Specialist Andy Hodes & The Scenic City Team
Whether you are needing to buy a home in the next week or next 6 months, a Buyer’s Consultation should be one of the first steps you and your Realtor take. The Buyer’s Consultation or “Needs” Consultation, (as some may call it), can determine alot of key points for you and your Realtor in about an hour, but save many weeks of frustration!
A Buyer’s Consultation not only reviews the entire home buying process, it helps get you and your Realtor on the same page. It sets the expectation of what’s important to you not only in your home, but through the entire transaction and communication process.
What a Buyer Consultation covers:
1. The steps before you write an offer - From loan pre-approval to setting up a customized email search. Your Realtor should review what it takes to find your dream home, and what you need to do to be ready when it’s time to write the
offer.
2. The Offer - Your Realtor will discuss the money you will need up front, and the steps involved from acceptance to closing, and everything in between.
3. Your Dream Home - The Best Part! You will let your Realtor know what your needs and wants are in your new home. Be ready to discuss all of the things that are important to you to have in your home, and the things that would be icing on the cake. This allows your Realtor to see your new home through your eyes, so they can always be looking, even when you are not with them!
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A Home Warranty - Insurance for the Unexpected
Categories: Chattanooga Real Estate News, First Time Buyers, For Home Buyers, Home Maintenance
By David Israel, Business Manager - Andy Hodes and the Scenic City Team
In today’s Chattanooga Real Estate Market, whether you’re selling, buying, or plan to stay in your home, a home warranty protection policy gives you the peace of mind of knowing that your home appliances and mechanical systems are covered should there be any unexpected breakdowns. You can’t prevent system failures or breakdowns, but you can reduce the cost and aggravation with a good home warranty.
There are several home warranty companies serving the Chattanooga area. HSA Home Warranty is the one that we recommend to our buyers and sellers. They have great customer service, offer a fair and comprehensive product, and back up their policy with an outstanding team of licensed contractors.
“When working with seller’s our team recommends that they take advantage of a home warranty during the listing and then offer the buyer its protection after closing. “
Selecting a home warranty up-front protects the sellers while their home is on the market and is a valuable incentive to the buyer. The warranty goes into effect when the home gets listed and is transferred to the buyer for a full year at closing. The seller pays for the warranty at closing. Coverage is different for sellers and buyers so be sure to read the policy summary.
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Attention Buyers! Dream Home or Nightmare? How a Great Realtor is a KEY Player on Your Team.
Categories: Ask Andy, Chattanooga Market Conditions, Chattanooga Real Estate News, First Time Buyers, For Home Buyers
- By Kacey Sides, Realtor, Buyer Specialist with Andy Hodes & The Scenic City Team
Ready to buy a home? Whether it’s your first or your fifth, each experience can be a little different, so hiring the right Realtor can eliminate potential nightmares in finding and purchasing your dream home - especially when buying a home is not something you do everyday.
Here in Chattanooga, it’s definately a buyer’s market and you see multiple for sale signs in just about every neighborhood. Not only do those signs advertise the home for sale, they also show that the seller hired a Realtor to represent them, market their home and ultimately maximize their bottom line. Buyers, did you know that you can hire a Realtor to represent you in your home search? It’s a smart move that will put you on a level playing field with the seller and their agent.
A great Realtor will provide expert assistance to help you find a great house at a great price using these proven tools:
1. The Home Buyer Consultation - During the consultation your Realtor will talk with you to understand what you need and want in your new home. He or she will fully explain and guide you through every step of the home buying process.
2. The Mortgage Pre-approval - If you need a loan to purchase your next home, it’s essential to nail down those details up front. Unless you have an established relationship, your Realtor will get you to a reputable lender than can (1) evaluate your credit profile, (2) help you find a loan that best meets your needs, (3) determine your price range and (4) issue a pre-approval letter. A pre-approval letter shows sellers that you have a loan ready-to-go giving you a potential upper hand in the negotiations.
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