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Real Estate FAQs

Why should I get a Realtor instead of buying/selling myself?

You can technically buy and sell alone, but should you? Some sellers think they can save money by

selling by themselves, and think they have the time to handle the extra work and paperwork. According to the National Association of Realtors, people who sold their home without an agent earned nearly 30% less on their home than if they would have sold with a Realtor. Not only that, but there are many legal issues and safety concerns when selling on your own. On the buying side, it is also very important. A Realtor can help you negotiate to get more from a deal. They will make sure you are hitting your deadlines and will facilitate scheduling and paperwork. If something happens and you need to back out of a deal, your agent will be there to ensure that you are getting your earnest money back, if possible, and that you are legally safe from being sued for performance on purchasing the home.

Are HOAs common?

There are pros and cons to having an HOA so I am happy to help discuss the benefits and downfalls of having one or not. In our area, we do have a lot of HOAs in the newer suburban areas. Some of the older neighborhoods and the areas further out do not have HOAs. If having an HOA or not is something you are concerned about, we’ve got plenty of options either way.

Why don't I see a lot of homes with basements?

We have a lot of limestone rock so digging down to make basements is costly and not common. You can still find homes with basements, usually small underground or large walk-out style basements. They exist but only in certain areas. You’ll find more basements in the Nashville and the areas north of Nashville.

If I am getting new construction, can't I just use the model home agent?

You can complete a purchase with just the model home agent for new construction, but it isn’t recommended. The model home agent is paid by the builder and will always be working in their employer’s best interest when there is a disagreement or decision to be made. This is the same when working with a listing agent while unrepresented with your own buyer’s agent. You really should take the protection a buyer’s agent gives. The Realtor you hire will know how things should work, they will know how to get you what you need in the home and contract, and they will know when the builder is trying to pull a fast one on you. You will benefit greatly by having this experience and support on your side. Please have someone in your corner!

Do I need a lawyer?

In Tennessee, we do not use lawyers for every real estate transaction like some states require. Your

Realtor will work directly with the lender and a title company to ensure everything is lined up correctly. The title company handles the background research to ensure your home is free of liens and unsettled

insurance claims. Some title companies have lawyers and there are instances when lawyers are involved, but they are not required. Your agent can direct you to a reputable title company.

How long does closing take?

Closing (called settlement in some areas), takes roughly 30 days in most circumstances. Some deals move much quicker, and some take a little longer. Usually, by 45 days, any loan type can be completed

so you can close on your new home. Talk with your lender to see if the loan type you’ve chosen will take longer than 30 days.

What does a Buyer's Agent do?

A buyer’s agent is a Realtor who represents a buyer in a real estate transaction. The buyer's agent is paid a commission from the seller, not the buyer, in most instances. Your agent should tell you up front if a deal will require you to pay any commission. Depending on your agency agreement, the tasks a buyer’s agent handles for you may vary. Typically, an agent will help you search for homes on the MLS, help you get into homes to view them, and answer your questions about the area, the home, and the offer terms. Once you are under contract, the agent will be helping with appointments, helping you understand inspection and appraisal results, and facilitating the behind the scenes activities so you can close on time. If there is something wrong with the home, your agent will be able to get you out of the contract safely without you losing money. Having a buyers agent not only helps alleviate the paperwork load, but also gives you access to local experience from someone who deals with these types of transactions regularly.

What does a Listing Agent do?

A listing agent is a Realtor who represents a seller in a real estate transaction. The Listing agent is paid by the seller to market the property and to attract and qualify buyers. Your listing agent should be providing staging services, professional photography, marketing through multiple platforms, and much more. They will be your advisor through the transaction for any concerns or milestones you have to work through. Make sure you interview agents and see their past marketing. You need to trust that this agent can get you the most for your house and will present it well.

Should I interview multiple agents?

Absolutely. You should look at online reviews, marketing, and overall presence. You should also speak with a few agents on the phone to see which will be a good personality fit and knowledgeable guide for you. You will be leaning on the experience of this agent while buying and/or selling, so you want to trust that they are being transparent with you and are able to negotiate the best contract for you. Every agent is not the same. There are many options in our area so doing your research will prove which ones will be good for your needs.

Where do I start?

Once you’ve figured out that you want to buy or sell, and you’ve researched an agent, The next steps are a little different depending on your needs. For buyers, the next step is to get preapproved for a loan or to prepare your proof of funds documentation. Most agents will want you to be preapproved before showing you any homes because this step is so important. We know you will be disappointed if you love a home in a budget that is unattainable for you. To save heartache and time, we always suggest being preapproved so we have proper expectations and direction. This helps your Realtor guide you into certain areas and home types so you will be more likely to find a home you’ll love.

What Closing costs should I expect?

Closing costs are fees and payments that you pay at the closing table to be able to purchase your home. These costs include paying a prorated tax amount, paying for lender fees, paying any title and brokerage fees, and paying to have your ownership recorded with the local government property agency. While these fees vary based on multiple factors, you can expect they’ll be around 2.5-3% of your purchase price. You will get the exact amount due when you’re under contract and have a closing date scheduled. To calculate estimated closing costs on a purchase, use this link and input your numbers.

Link: https://secure.signaturetitleservices.net/Default.aspx?tabid=493

What will my monthly payments look like?

Monthly payments will differ based on loan amount, interest rate, insurance, property taxes, and if you have private mortgage insurance (PMI). The best thing to do is to talk to your lender about the home

you’re interested in, give them the purchase price and zip code, and let them work up a calculation for you. It’s not an easy formula and their estimate will be much closer than ANY online tool you can find on Google.