Nashville Real Estate Blog

When Should I Start Looking For A Home?

When to start looking for a home in Nashville?I haven’t answered a good question in a while, so here we go.

Q: We are looking to be in a new home by the end of the year. Lease is about 4K to get out of early, so not really an option. When should we be pre-approved by and when should we start looking at houses?

A: This is a great question where there isn’t a clear answer for everyone.  That’s because it depends on what type of home you are looking to purchase and the market for similar homes.  

For example, if you wanted to buy new construction by the end of the year, it could be too late.  That’s because it is taking 8+ months to bridge the gap between pouring the foundation and closing day.  So trying to find a new home in less time can really narrow down your choices.  

Or you might be trying to find a home in the most popular price range and location.  This is a tougher fish to fry because of the level of competition.  It’s common to find multiple offers on homes like this where people are paying well over the list price.  

In this case, it might be cheaper to buy now and pay the $4,000 penalty then wait until the end of the year.  Since the beginning of 2017, the median price in the Greater Nashville Area has increased $26,743.

The first part of that question, the pre-approval, is easier to answer.  

I would contact a lender (or several) when I first started thinking about buying a home.  I would want to find two things first: a lender that you trust and the lending options available to you. 

Then just before you start looking at homes, I would contact them again to go through the pre-approval process.  This part takes a little time on your end and is necessary...

One if by Leverage, two if by Standards

One if by LeverageI decided to get my real estate license in 2005 so I could work with banks to sell their inventory of foreclosed homes.  Since I had experience in B2B sales and contracting, it seemed like the best fit for me in a new industry.

I also noticed that getting a loan was easier that it was ever in the past.  And that buyer’s with less than good credit could get a loan without any verification of their income (and ability to repay).

They were called stated income loans. Because of them, I thought that it might be a good time to enter the industry.

However, I never expected the financial tsunami that would come in a few years.  

After the crisis, these loans took on a new name, “liar loans,” however they were only part of the problem.

According to studies completed by CoreLogic, a leader in information intelligence for the real estate and lending industries, mortgage defaults are driven by excess leverage.    

And by leverage, I mean your Loan to Value ratio (LTV).  

If you are buying a $100,000 home and you borrow $95,000, then your LTV is 95%.  

Back then is that we would often allow people to borrow more than the value of the home.  Sometimes up to a 120% LTV.

This seems ok in a market like we have today, but when the economy turns it leaves these borrowers vulnerable.  If they can’t sell their home for what they owe, the only other options are a short sale, deed in lieu or a foreclosure.

None of these are good options and most end in foreclosure.

I’m sharing this with you because of the current market conditions.  The current foreclosure...

Did you consider this competitive advantage?

Did you consider this?On a recent listing I had more than 15 offers for my client.

While this number is abnormally high, multiple offers are not uncommon for the most popular price ranges in the Nashville Real Estate Market.  This puts sellers in the driver’s seat and buyers in a very competitive position.

When you are competing with lots of other people for the same thing, you need to use every advantage at your disposal.  

There is one edge that most buyers do not consider when it comes to real estate.  

And that’s the reputation of the buyer’s agent. 

Consider this story for a moment.

Your house is for sale and you have multiple offers to choose from.  You discover that the two best offers are very similar in terms.  You don’t know which one to choose so you ask your agent.  

Here is what your agent says.

The first offer is represented by an agent named Donald.  He has a history of being difficult to work with, unresponsive to phone calls and not keeping to the timelines set in the contract.  

The second offer is represented by an agent named Michelle.  Although your agent has never worked with Michelle, she is perceived to be professional, timely and courteous. 

With both offers being equal, which one would you choose?

It’s an easy choice right.  

These kind of conversations happen every day in Nashville between sellers and their agents.  

How terrible would it be to lose out on the home of your dreams because your agent made someone else mad in another transaction.  

It doesn’t have to be that way though.  

Before you select an agent, do your homework first.  Look online to see how others perceive them. ...

What's hotter than a Keith Urban guitar solo?

Nashville Real Estate Market July 2017July didn’t go as planned, but we still had a stellar month in Nashville.

I was hoping we might breach that 4,000 sales “ceiling” that we keep bumping against, but rarely break through.  

We’ve broken it once, but it was way back in June 2006.  We hit 4,060 sales 11 years ago, and the closest we’ve come since then was May 2017 when we recorded 3,943 sales.  

Based on history, I don’t expect this August to be our magical month, so we will just have to wait until next year.  

Now, don’t get me wrong, the Nashville real estate market is still hotter than a Keith Urban guitar solo.

And, here’s why.

This month we had 3,872 sales across all categories: Residential, Condo, Multi-Family, and Land.  Which was a 4.5% increase over the same month last years.  And virtually the same as the previous month’s sales.  

We also recorded a median sales price of $288,243 for single family homes and $203,000 for condominiums.  This is 10.8% higher than July 2016 (for residential) and is nearly the same as the previous month’s residential median price. 

The inventory has been my biggest concern of late.  Last month I was happy to report an increase in inventory.  It had been a while since we saw a boost in the middle of the busy season.  And this month I get to share the same great news.  Although, inventory was down 9.7% when we looked at the year-over-year, there were 309 more homes on the market in July 2017 as compared to June 2017.  That’s a pretty good increase considering the time of year.

This is great news for buyers.  While the most popular price ranges are still very active,...

My agent is lazy

My real estate agent is lazyWhen you type “My real estate agent is” into google, these are the first four suggestions that you get.

Unresponsive
Slow
Do Nothing
Lazy

Wow!

No wonder my clients are surprised when I can move way faster than they imagined.

It’s not because I have super powers.  

Or that we are not busy.

If fact, its the exact opposite. I haven’t had a full day off in weeks.

There are two reasons that Gretchen and I can deliver quicker than most agents respond. 

The first one is simple.  We put the interests of our clients first and foremost.  The Nashville market is not going to wait for anyone, so we are prepared to move as fast as need be.  It’s our promise to deliver world class service to you.  

This sets us apart from most of the competition, but it doesn’t quite put us in the lead.  

So, we also adhere to this second principle.

And the one who said it best was our founding father, Ben Franklin.  Ben wrote in the Poor Richards Almanac, “Don't put off until tomorrow what you can do today.”

While that saying is nearly 300 years old, it’s never been more true.  

Real estate is a deadline business.  If you wait around too long bad things happen: Contracts expire. Homes get sold. Buyers move on. Deals fall apart.

The list of deadlines is never ending.  

So, we don’t wait until the last minute to work.  Gretchen and I strive to get things accomplished well before time expires.  ...

This is a multiple offer situation

This is a multiple offer situationThese are the words that make buyers cringe and sellers jump for joy.  

And it’s common in Nashville in the popular price ranges.  So common in fact that it’s been more than two years since one of my listings has sold with only one offer. 

Whether you are buying or selling in Nashville, you need to prepare yourself for this eventuality. 

And the biggest part of it is not letting the situation dictate your emotions because it’s hard to negotiate when you are caught up in your feelings.  

That’s when you are most likely to make an impulse decision that you’ll later regret.  

The easiest way for me to stay out of my feels when I am negotiating is to consider all of the possible scenarios ahead of time and make my decisions before I put myself in the heat of battle.  

It’s much the same way you might prepare yourself to attend an auction.

You pick your targets ahead of time.  Validate what they are worth in the market.  Determine an attractive initial offer.  Set your maximum offer in stone.  And don’t deviate from your plan.  

Those last two items is when many people fall off the wagon.  

So, here’s how I set my maximum offer.  

Let’s say that I’d prefer to pay $100,000 for a home, but I am willing to pay a little more to win. Then I consider this: one month from now will I be happier with my $10,000 in cash or with the home if I have to pay $110,000.

If the answer is the latter, then I keep asking my self that question until I reach my limit. That limit becomes my maximum offer.

...

Verify then trust

Trust but verifyHere’s a story about trust.

I received a call from a prospective buyer for one of my listings.  The called to ask about my latest bank-owned listing and to see if it was under contract.

I explained that is was still available and that it would not last long.  

She asked if we had multiple offers and when they were due.

That was a clue for me because it is not a question that I typically get from buyers.  

I expected that this person had some inside knowledge and was fishing for more information.

I continued to answer all of her questions.

And then this happen.

She confessed about the true nature of her call. 

She said that she felt like that she was “getting the run-around” from her agent and wanted to verify what they said.

I have no problem with the second part.  It's wise to verify the credentials and information that you receive from those who you work with.

Ronald Reagan said it best, “Trust, but verify.” 

(It’s actually a translation of an old Russian proverb, but I digress) 

Here’s the biggest problem that I saw with this buyer.  

She did not fully trust the agent that she was working with.  

Yet, she wanted to hire this person to help her make one of the biggest purchases in her life.

I’m not certain why there was a lack of trust.  Maybe, she had just met the agent.  Or something else happened along the way to make her think that way.  

If it is the latter, then she needs to rethink her game plan. ...

Beware the dangers of the easy offer

Beware the dangers of an easy offerInstant Offers is the latest disrupter in the real estate industry.  

And just because it is new technology, don't assume that it is going to benefit all consumers. 

This strategy was pioneered by a company called Open Door several years ago.  They are still around, but they do not serve the Nashville market.

Since then, several companies have followed their lead including Zillow and RedFin.

While each of these services are somewhat different, they have one thing in common.

They are best designed for the consumer who values convenience and is willing to pay a premium for it.  The problem is that this convenience comes with a hefty price tag.  Some of it is in the additional fees that you pay for these services.  And the rest of the loss comes in taking less than market value for your home.  

So if you are willing to pay more while getting less for your home, then Instant Offers may be the best service for you.

However, I am guessing that most of you don't want to pay more to receive less money in the bank.

Some of the Instant Offer providers will give you a Competitive Market Analysis [CMA] of your home.  However, do not confuse that with market value.  

Market value is the highest offer an able buyer is wiling to pay you for the home.

I've done 1000’s of price opinions as a Real Estate Broker, and most of them were for my institutional clients like banks, asset managers and loan servicing companies.  And 98% of the time, I am within 1 percent of the eventual sales price.  

But, not always.

Occasionally, someone will be willing to pay significantly more than your home is worth.  It might be their dream home or they just might want the location.

...

Live like Saturday Night

We're Live like Saturday NightOur new site went live late yesterday.

And so far the transition has been smooth as Tennessee whiskey. 

To make it easier to find the things that you liked to do most with the site, I’ve put together a series of links that will take you to all the right places. 

These tools work better once you register for the new site.  So if you haven't done that yet, you can click here to register:  

http://www.nashvillerealestatenow.com/property-search/property-tracker/

To register just click on the green “Create Free Account” button at the link above.

Just like the old site.  There is no password required.  You will be able to log in with your email address only or via Facebook.

Here’s a quick guide to the most popular tools:

Your Account Home Page
Your Property Tracker account home page is your home base for tracking and viewing your saved listings and saved searches. Go to YOUR ACCOUNT HOME PAGE >>

Receive New Listing Email Alerts
Would you like to be notified when new listings hit the market that match your search criteria? It's easy, free, and you can unsubscribe at any time. Just go to your Property Tracker home page, login, and click the "Click Here to Add One" link in the Saved Searches...

Nashville is Expensive and Here's How to Beat It

Nashville is expensive and here's how to beat itThis story has been all over the news the last few weeks.  

Nashville is getting more expensive, and that goes hand in hand with being one of the most desirable places to live and work.  

A recent study by the site GoBankingRates showed the cost is rising in Nashville faster than any other city in the United States. 

Last year, the estimate to live comfortably in Nashville was $60,000.  This year that figure is significantly higher at $70,150.

That puts us between places like Austin, TX and Los Angeles, CA.  

Now that data in this study might be flawed as they have the median list price in Nashville rising from $260,000 to $340,000 in one year.  That’s more than 30% in twelve months.

This does not correspond with the numbers provided by the Greater Nashville Realtors for June 2017 which shows the median sales price in Nashville to be $293,753 for a single family home and $199,350 for a condo.  And the increase in median sales price over the last year to be approximately 13% during the peak sales month for the year.  

Regardless of where we rank, it’s no doubt that Nashville is getting more expensive to live. And the report blames the majority of the cost on rising home prices.

And that’s good news for you and me because we have the ability to control our housing costs by buying now and not waiting any longer.  

That’s right…You can lock in the cost of your mortgage and interest payment for as long as you own the home by making that purchase today.

That’s what we did more...

This Strange Thing Was Just Discovered During An Inspection

The stragest things are discovered during home inspectionsThe inspection contingency is a weird time period during the purchase of a home.  

The days might seem like a long time at first, but it’s over before you know it because there are so many things that need to happen in order for you to satisfy yourself on the home purchase.

And this is the only time that you get this opportunity, so it’s best to check everything that is important to you.  

During this time, I recommend that you re-read the Disclaimer that you signed with the offer.  It is a good to remind you of the things that you need to check during the inspection contingency.

Here’s a partial list of items to consider

  • Home inspection
  • Structural
  • Condition of the roof
  • Termites and other pests
  • Environmental hazards like radon, mold and lead
  • Square footage
  • Value
  • Property lines
  • Zoning
  • Available utilities
  • Flood zones and insurance
  • School zones
  • Crime and safety

With a list like this, it’s easy to understand why you might miss something or take something for granted. 

For example, high speed internet access.  While most of us take this for granted, it’s not available everywhere at the speeds we desire.  So, it’s one thing that you might not think to double check, even though utilities are on the list.

Another is insurance.  There is a national database of insurance claims and information that can sometimes bite people when they least expect it.  That’s why I always remind my clients to get a quote during the inspection period.   If not, then it’s too late to do anything later.  

Fortunately, clients follow my advice. ...

Miracles Are Made When People Are Different

Miracles are made when people are differentWe all have our unique challenges in life.

This is Wade’s story.

Wade McRae Washington was diagnosed with Cerebral Palsy as an infant.  And then when he was 11 or 12, he was diagnosed with Scoliosis.

Either one of these terrible diseases would have been enough to kill his dream to be a professional body builder.  

But, Wade did not let that stand in his way.  

He started working with a trainer and was not getting the results he desired.  

Then he met Tina Chandler, the 2007 National IBFF (International Bodybuilding and Fitness Federation) Champion.

At first, they would talk in the gym about Wade’s dream.   Then Wade’s #1 fan (and grandmother) passed away.  It was a while before he came back to the gym.  When he did, he asked Tina to help him turn pro.

Through his struggles, Wade found deeper meaning in his life and thought this would be the best way to teach others that they do not have to be defeated by their diagnosis.  

Tina did not know how to help Wade, though she was willing to learn.  She also found a league with an adaptive division.  This league allowed people with prosthetics or a disability to compete.  

He trained hard for his first competition.  And became more confident along the way. 

Wade took home a medal in his first competition and not long after was awarded professional status.  

Here’s what Wade said about it, “You can be anything.  Don’t think you’re letting anyone down by not taking the path that everyone else is taking.  Create your own path and be your own person.  Miracles are made when people are different.”

Wade’s story made me think about you and the things that are...

What You Should Do When The Foreclosures Disappear

What you should do when the foreclosures disappear in NashvilleThe Bank-Owned (REO) market had been an easy place to find value, until recently.

Although more REO homes appear to be trickling into the system, we are a far cry from where we were just a few years ago.

And that's a good thing.  

Here’s a quick snapshot of the REO market (with data from one of the largest Asset Management portals)

  • 56,061 REOs are under management across the nation in this portal
  • 734 of these REOs are located in Tennessee
  • The whole state of TN has fewer REOs than each of the Top 5 Metro Areas in the US
  • 76% of REO properties are sold “As-Is” with no repairs
  • The average number of offers per REO is 5

And I’ve had nearly 40 offers on one REO recently.

Compared to places like Illinois, Florida and New York; Nashville has very few properties that are bank owned.

Partially because most people are no long upside down on their loans due to the quick economic recovery and price appreciation.  Therefore, they have other options than foreclosure if they cannot make their mortgage payment.

It’s also due to the fact that most of the potential REOs are bought by third parties at the foreclosure sale.  Therefore, these homes never get the opportunity to become bank-owned and listed in the MLS.

And the last few foreclosure sales that I have attended, people were buying homes at “stupid” prices.

Way more than I would want to risk without being able to see the interior of the home or inspect it.

So, we’ve been busy digging up deals in other parts of the market.

Places where others are not looking because they are following the trends and not focused on value.

If you have your heart set on value and are not...

The Consequences Of Nashville's New Law And What You Can Do About It

The consequences of Nashville's new law and what you can doNot long ago, I told you about a sidewalk bill that passed through Metro Council.   

Nashville needs more sidewalks.  I don’t think any reasonable person would argue about that.  

The bill was complicated and intended to make developers pay for new sidewalks in areas where there were none.

And like many reactionary bills, Metro Council did not take the time to project the total impact this bill would have on Nashville.  

Since the law took effect on July 1st, we’ve already seen the first unintended consequence rear its ugly head.  

You might have seen this story in the news over the weekend.

http://www.wsmv.com/story/35889666/new-ordinance-requires-homeowners-to-pay-for-sidewalks

Jennifer Jones has lived in Edgehill for many years.  She wants to retire and live in the neighborhood.  The only way she can do this is to build a small cottage (as a retirement home) behind her current home.  

She has been working on this for three years with her contractor and just refinanced her home to free up $80,000 to build the cottage.  

Then this happened.

With the new law, she will be required to rip up the old sidewalk in front of her home and replace it with a larger sidewalk at a cost of $70,000.  Almost doubling her project costs.

In addition, the larger sidewalk will cause her to lose more of her yard and the landscaping that she has in place now.  

We were told during the debate over this bill that it does not apply to homeowners, only developers.  

That’s obviously wrong!

And why it’s important that you and I are involved in the actions...

Love the house, but dread the paperwork

Love the home, Dread the PaperworkThe paperwork necessary to buy a home can be intimidating.  

Most contract packages are 30 or more pages long and that doesn’t count the paperwork required for a loan if you need one. 

In this low inventory market, you need to move fast when you find the right home

So, I wanted to give you a quick introduction to the forms that most agents use in the state of Tennessee to purchase a home.  

This is NOT meant to provide legal advice or explain these documents fully.  For that, I would always recommend that you talk with a real estate attorney.  

Now, that’s over.

Here’s a list of documents that you will encounter when buying a home in Tennessee. 

  1. Purchase and Sale Agreement - This is used to define the transaction between the buyer and the seller of the home. It sets the rules of the road so everyone knows what to expect.
     
  2. Buyer Representation Agreement - This is used to define the relationship between the buyer and their agent.  It defines the expectations of each party and the terms of the relationship. 
     
  3. Confirmation of Agency - This is provided to the seller in lieu of the Buyer Representation Agreement.  It lets the seller know that the buyer’s agent is acting on behalf of a bona fide buyer. 
     
  4. Property Condition Disclosure - This is a disclosure that the seller provides to the buyer to notify them of the condition of the home, lot and any components. 
     
  5. Disclaimer - The disclaimer lets the buyers/sellers know that the agents are ONLY experts at Real Estate and NOT experts in construction, taxes, and legal matters.  It also outlines the major areas of concern to anyone buying property in Tennessee. 
     ...

How To Get Over Your Fear Of Buying In Nashville

How to get over your fear of buying in nashvilleThis is something that I hear regularly.

“I want to sell my home, but I’m afraid there is nothing to buy in Nashville.”

It’s true that we are in a seller’s market. And, in the most popular price ranges there is not enough inventory.  

But, that does not mean that we cannot find a home for you to buy.

You just have to be strategic about it.

The most important part is to have an agent who is actively looking for you and can move quickly.  Homes sell fast so speed to showings is key.  

In addition, there are a few game plans that you can follow to help improve your chances of success without leaving your backside exposed. 

Here’s what I’m talking about:

  1. The first option is a contingency based on you being able to find suitable housing.  With this type of contingency you can give yourself sometime to find a home while you are selling yours.  If you get your home under contract and can’t find another than you can cancel your sales contract.
     
  2. The second option is to put a sale of home contingency in your offer to buy a home.  This one is a little tougher because you have to get the seller to agree and have your home ready to market when you place the offer.  That way you can cancel if your home does not sell.
     
  3. The last option is a bridge loan.  This is a temporary loan that is designed to bridge the gap between buying a home and selling yours.  It allows you to buy a new home first and then sell yours at a later date.

It’s important to remember that in order to use a contingency to cancel, you have to meet the rules you agreed to in the contract.

Each of these straggles has their own set of pros and...

The Latest On The Short Term Rental Ban In Nashville

Nashville's short term rental banHere’s the latest on the battle over short term rental properties in Nashville.  

When I last updated you about six weeks ago, Bill 608, had been deferred until July.  The bill would ban all non-owner occupied short term rentals in residential neighborhoods.

Since that time, Vice Mayor Briley, formed an ad hoc committee of the Metro Council to further study this issue.  We need to commend Briley for his leadership on this issue, and for his efforts to bring people together to solve the problem.  

The ad hoc committee started meeting last week, and they are committed to weekly meeting in an effort to bring closure quickly to this controversial issue.  

As part of this effort, the sponsor of Bill 608 has decided to defer the third and final vote on his bill until September.  

While September seems so far away, in government time, that’s like next week.  

My hope is that the committee can work with the short term rental sites and the citizens of Nashville to come up with a solution that makes everyone happy.  

While making everyone happy is best, that usually does not work.  So. I expect that they will come to an agreement that is practical, supports the rights of homeowners and respects the peace of the neighbors.  

Nothing earth shattering came out of the first meeting, and I’ll let you know if anything does in the subsequent ones.

In the meantime, I expect to report back to you in August.

If you have anything that you would like me to share with the Metro Council or members of the committee, hit reply and fire away.

I promise to make sure your voice is heard.  

If you want more background on this issue, here’s the latest from WZTV in Nashville:

...

Real estate wire fraud and how to avoid it

Real estate wire fraud is a real problemHere’s how they scammed James and Candace Butcher.  

James and Candace were in the process of buying their dream home. They wanted to live closer to their grandchildren and have a nice place for them to visit. This was for retirement and they had been looking forward to this day for more than forty years.  

They sold their current home, bought another and they were getting ready for the closing.

Their last step was a $272,000 wire to the title company.

They received the wiring instructions from the title company.

Or, it appeared that way.  

The wire was sent and the money debited from their account.  However, it did not arrive at the title company as planned.

Someone had hacked into the email system of the lender, the title company or both.  These hackers were the ones who actually sent the wire instructions.

Since the instructions came from the lender’s system, the Butchers did not think twice about the email.  Everything on the instructions was correct, except the account and routing numbers.

In less than a minute their dreams went up in smoke and their account was empty.  

The best way to avoid this type of fraud is to be aware of it.  Most people are incredibly busy and full of emotion when it comes time to wire the proceeds.  It’s understandable why someone could make this mistake in the heat of the moment.  

Here’s some tips from the National Association of Realtors on preventing wire fraud

  1. Do not send or accept wire instructions via email.  Email the the #1 target of the scam.
  2. If you receive wire instructions or sensitive information via email, make sure it’s encrypted. 
  3. Prior to wiring any money, call a verified number to double check the instructions.
  4. Never conduct business over unsecured wifi.
  5. Always...

Is this the start of a new trend?

Nashville Real Estate Market June 2017The latest real estate market stats from the Greater Nashville Realtors came out over the weekend and there was one big surprise for me.

And we will get to that in a minute.  

Here’s Nashville by the numbers.  [Click here for the data]

June’s volume resulted in 3,887 home sales. This is nothing to sneeze at.  In fact, the 2017 second quarter was the strongest second quarter on record for Nashville Real Estate.  And that says something because this is typically our busiest time of the year for sales.

This also resulted in a 0.5% increase over June 2016.  It’s amazing that Nashville is still breaking records with this low inventory environment.  

Inventory for June 2017 was down 10.4% over last year.  While this is significant, the inventory picked up nearly 300 homes from the previous month.  We haven't seen an increase like that since last year. 

Is this the start of a new trend?  It’s doubtful, but let’s hope the inventory continues to grow in 2017.  Even if it is small gains.

Sales prices took a huge leap in June to a median of $293,753.  This is the time of year when prices peak, so I do not expect this trend to continue.  This price was 12.9% higher than the same month last year and more than 5% greater that the previous month.  

I’m expecting a slight dip in July or August and then more modest gains for the rest of the year.  

The big surprise for me was the number of sales did not hit 4,000 units in June.  It’s possible that could happen in July, but June is historically our biggest month for sales volume.  

Here’s what Scott Troxel, President of the Greater Nashville REALTORS®, had to...

How spending $150 can save you $458,000

Would you spend $150 to save $458,000?Here’s the story. (From yesterday’s Tampa Bay Times)

Not far from Treasure Island on Florida’s Gulf Coast, a couple from Orlando were bidding on a beach front condo that was featured in a foreclosure auction.  

The auction was held online and appeared to be a bank foreclosure.  

Thinking everything was safe, the couple continued to bid until they were declared the winner at $458,000.

They thought this was a deal for a beach front condo that could be used by their family or rented out for income.  

What they did not know is that another bank held a first mortgage on the property.  

Which means that they did not really own the condo free and clear.  And the bank that owned the first mortgage was getting ready to foreclose on their vacation home.

It is a huge mess that could have been avoided by having a title search completed prior to the auction.  

In Nashville, you could have this work completed and reviewed by an attorney for $150 or less.   Yet, many times that I recommend that someone get a title search prior to a purchase, I get pushback.  

To me, it seems like common sense.  

Why would you give someone nearly a half million dollars for a home, when you haven’t even checked to make sure they are the proper owner.  

It’s like buying the Brooklyn Bridge in real life.  

Don’t let the shining lights of a “great deal” blind you into making a bad purchase. 

We have no affiliate relationships (or business interests) with any of the lenders, attorneys, inspectors or any one else that we might recommend. 

Our only commitment is to you.

If you have a question about title searches or title insurance, hit reply.   I promise to answer your question or point you to a good attorney who can give you advice....