Archive for the 'For Home 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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Chattanooga: No. 3 City to Live in the U.S.!
Categories: Chattanooga Real Estate News, Flavors of Chattanooga, For Home Buyers
By David Israel, Business Manager
Every year around this time, Relocate America comes out with their top 100 list of the best places to live. This year Chattanooga, Tennessee, yes our great Scenic City, was chosen third, only behind Charlotte, NC (1) and San Antonio, TX (2). Notably, this is the only list that bases their decision on statistical data and feedback from the people who live, work and play in each communitiy.
Throughout the calendar year, Relocate America accepts nominations for cities and towns throughout the country to be considered as a “great place to live”. The nominating parties must include their own reasons why they feel their city should make the list. The nominations, along with key data regarding education, employment, economy, crime, parks, recreation and housing are reviewed, rated and judged by an editorial team. Special consideration is taken on the Top 10 Cities as they are listed in a ranked order of America’s Top 10 Places to Live.
To those of us whom have chosen to move to the “Scenic City,” this is no surprise to us. Chattanooga has everything a large city has, just on a smaller scale. A beautiful downtown area, minutes from the mountains, great biking trails and a wonderful arts community, among other great options.
The rankings were as follows:
Top 10 Cities
1. Charlotte, NC
2. San Antonio, TX
3. Chattanooga
, TN
4. Greenville, SC
5. Tulsa, OK
6. Stevens Point, WI
7. Ashville, NC
8. Albuquerque, NM
9. Huntsville, AL
10. Seattle, WA
We hope you will read the article on the Top 100 Cities and consider a move to the Scenic City where you will find great views, fun people and outstanding home values. We’ll even invite you over for a real “home cooked” dinner.
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Appraisals vs. Inspections: Two Different Animals
Categories: Ask Andy, Chattanooga Real Estate News, For Home Buyers
By Andy Hodes, Realtor
Many times Buyers ask about the importance of a home inspection if they are getting an FHA or VA appraisal. When the FHA or the VA is involved, the appraisal, in addition to establishing value, looks for certain standards in the home so that its loan can be insured (FHA) or guaranteed (VA) by the federal government. These standards include several, but not all, of the same items covered by the home inspection. Last year the FHA loosened their standards and we now rarely see any FHA concerns while the VA’s standards remains vigilant.
In either case it is essential to obtain a complete home inspection by a licensed home inspector. While the FHA and VA appraisers are looking for certain things during the 15 to 20 minutes they spend in a home, a good home inspector will spend three to four hours (and sometimes even more) completing a thorough inspection of all the various home systems including the roof, attic, electrical, plumbing, most appliances, heat and air, foundation, crawl space, drainage, etc. Home inspectors provide a detailed report of their concerns that a buyer can use to negotiate repairs with the seller.
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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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Want to Buy a Foreclosure? Read this First.
Categories: Chattanooga Real Estate Investing, Chattanooga Real Estate News, For Home Buyers
By Kacey Sides, Buyer’s Specialist - Andy Hodes & The Scenic City Team
Foreclosures are everywhere. Here in Chattanooga, we definitely have our fair share. Buying a foreclosure can be a great investment or a huge nightmare. Having a Realtor on your side to guide you through the process can help keep you from a major, personal disaster. Keep in mind every foreclosure sale can be a little different, so being on top of your game will help give you the edge over your competition. Whether you are buying one to flip, or buying one to fix up and live in, keep one thing in mind - the good deals go fast, so you need to be prepared to move quickly when the RIGHT deal comes along!
The homes that are priced significantly below market value are going to get a lot of interest from other buyers and most likely sell quickly. Banks that own these properties are aware of this, and will typically wait to receive multiple offers from buyers before they make a decision to select the best offer. After receiving multiple offers, some banks will ask each buyer for their “highest and best” offer. You will then have a chance, possibly your last chance, to submit your very best offer, keeping in mind that your competition is doing the same thing. Conversely, some banks will wait for multiple offers, but then won’t call for highest and best. Keep this in mind when writing your initial offer!
Regardless of the situation, you want your offer to stand out. Keep these steps in mind when prepariing your offer to purchase:
1. Keep your inspection period short. I wouldn’t advise skipping a good home inspection, but having more than 7 days to inspect the property can adversely affect your offer; banks are looking for buyers that will move quickly. Many times, the bank will require any inspections to be done prior to making the offer so that contingency is removed from the contract up front.
2. Don’t ask for repairs. Most banks won’t do them. Just make sure you reflect potential repairs in the price you offer.
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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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