Warning! Do Not Buy Nashville Foreclosures Without These Five Essential Steps

Nashville Real Estate Now

Do you want a Great Deal on a home? Would you like to Avoid Major Mistakes in your largest investment? You need to closely follow these Five Essential Steps if you want an Incredible Home at a Bargain Price!  These Five Steps and Partnering with Top Professionals in your area are the Secrets to Your Success in Buying Nashville Foreclosures!

Step #1:  Find a Top Realtor Who Understands Nashville  Foreclosures and Homes For Sale in Your Area


Do you want to partner with someone who does not have your best interests at heart? The first mistake many buyers make is working with the listing agent.  Depending on the laws in your state, the listing agent likely has the best interests of the Seller only.

What you need is a Top Producing, Buyer's Agent who understands foreclosures and the market in your preferred area.  A Buyer's Agent is looking out for your best interests only. A Top Producing Agent will have the skills and systems to make your home purchase easy and hassle-free.  An Agent who understands foreclosures will guide you through this difficult process without making mistakes.  Finally, an Agent who understands your market will make sure that you do not pay a penny more than necessary for your new home.

How do you find one of these Super Star Realtors?  Ask for referrals from friends who have recently purchased real estate.  Read Realtor websites and blogs.  View YouTube Videos of Realtors in your area.  Search the internet for Realtor reviews at places like Yelp, LinkedIn or Trulia.

 Step #2:  Get A Loan Pre-Approval from a Top Lender who Understands Your Needs


Would you want to find your dream home, but face delays due to the loan you selected?  The second mistake many buyers make is getting pre-qualified for a loan and then wasting their time by looking at homes that will not be acceptable.

You need a Top Loan Officer who understands your financial picture, the type of home you would like to purchase and then provides a few financing options that will help you meet your goals.  A Top Loan Officer will save you time in your home search and will save you money for the length of your loan.  Do not discount the importance of your loan officer.

The best way to find a good loan officer is to ask your Top Producing Realtor.   They should be able to provide you with a referral to several capable lenders whom they have worked with in the past.  The relationship your Realtor has with your lender can also save you a lot of time and trouble.

 Step #3: Make A Smart Offer and Negotiate Wisely


Would you advertise your home for sale at $400,000, and then sell it for $200,000?   The third mistake that many buyers make is offering the wrong amount.  A really low offer will waste your time, provide an opening to another buyer and often discourage the seller.  If you get too emotional or do not do your homework, you may pay too much.

If you hired a Top Producing Realtor, they will analyze the situation and know what the house is worth in the current market conditions. Listen to your Realtors advice, know you limits and make a smart offer.  Great Realtors know how to negotiate the sale.  Trust, Patience, and Good Information need to be your guidelines.

Step #4:  Read and Understand the Seller's Addendum


Can you afford to throw money away?  The fourth mistake than many foreclosure buyers make is not reading and understanding the seller's addendum.  Almost all banks require an addendum to the sales contract.  This addendum supersedes everything in your sales contract and is written to protect the interests of the seller.  Not understanding this important document is a great way to lose a lot of money.


It is very important that you and your agent read this document.  If you have any questions, do not hesitate to talk with a Real Estate Attorney.  A few dollars spent up front can save you thousands in the long run.  Address any concerns that you have up before you sign the document.  Make sure that any grey areas are crystal clear.



Step #5:  Get an Inspection and a Warranty


Which do you like better: Awful Surprises or Unexpected Costs?  The last mistake that many foreclosure buyers make is not getting the home professionally inspected and not purchasing a home warranty. The last thing most buyers need is for Murphy to move into the guest bedroom.


A professional inspector will provide a complete review of the home which will uncover most issues.  A home warranty will likely cover the items that are not discovered in the inspection.  Once again, a few dollars up front can save you thousands in the long run.  Your agent may even be able to negotiate for the seller to pay the cost of your warranty.



Now that you know the Secrets to Foreclosure Success, your next move is to Find a Top Realtor.  If you are looking in the Nashville Area, I will gladly guide you through this process with the heart of a teacher.  Do not hesitate to give me a call now!   Steve Jolly (615) 519-0983


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