Tuesday, 28 August 2018
Thinking of Downsizing? When is the time right?
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If you are close to or have already reached retirement age, the topic of downsizing your home has probably come up in discussions with your peers and/or your family. Retirement does not automatically mean it's time to downsize, but I have many clients who have come to me around that time to start the discussion. I always remind those who ask that this is one of those decisions that you will want to make on your own terms instead of being forced into something because of your age or health.

I've seen many situations with older couples well past retirement age where one spouse dies or one gets sick and needs assisted living, which leaves the other spouse scrambling to make difficult decisions and to make physically difficult moves without the kind of help they need. The truth is, a move is a physically daunting experience, so the older you get, the harder it's going to be. And being forced to sell quickly can cause several headaches as well. You won't have the time to get your home in tip-top shape to get the best asking price, and you are left with less time to research the best options of where you need to settle long term.

There is no perfect age to make the decision, so you will just need to sit down and write out what is most important to you for your future lifestyle needs and what makes sense financially. Do you need to move closer to family or friends? Will you need more amenities such as yard care or more social opportunities? Do you need to free up more of your budget so you can travel more freely or use less of your nest egg? Only you can answer those questions.

A move like this can be very emotional since so many memories are tied to your home, but in the end, taking that burden off yourself at an older age and off your children after you're gone can be a huge blessing in the end. Try to focus on the positives such as less maintenance, bills, and cleaning responsibilities that come with a larger home. Even if the mortgage is paid, those elements can still eat up a large part of your budget.

With home prices on a steady rise, the equity in your home can give you several options for a comfortable retirement if you make the right moves in a downsize. Use this time to start researching exactly what you want and need, so that when the time is right, you are ready to make a move.

I would love to walk with you through this process, so please give me a call when you're ready to start making these important decisions.... And always remember...

 

...."You've got a friend in Real Estate"

 

Jarod Tanksley 615.403.8265

www.BrentwoodandBeyond.com

Brentview Realty 615.373.2814

 

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Posted on 08/28/2018 10:42 AM by Jarod Tanksley
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Sunday, 26 August 2018
Your Real Estate Dictionary
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Sometimes the terms we use in real estate are not necessarily self-explanatory, and therefore they become intimidating. I always reassure my clients that I have been "schooled" in the terms, and I try my best to explain each and every one they bring to me. This is not an exhaustive list, but learning the meaning of some of these terms could take some of the intimidation out of a real estate transaction.

Amortization schedule
A timetable for payment of a mortgage loan. An amortization schedule shows the amount of each payment applied to interest and principal and shows the remaining balance after each payment is made.

Appraisal
A written analysis of the estimated value of a property prepared by a qualified appraiser. Typically this is done once an offer has been written and accepted by the seller. Most are arranged through the bank where the financing is obtained.

Assessment
The process of placing a value on property for the strict purpose of taxation. May also refer to a levy against property for a special purpose, such as a sewer assessment.

Broker
A person who, for a commission or a fee, brings parties together and assists in negotiating contracts between them.

Contingency
A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector.

Earnest money deposit
A deposit made by the potential home buyer to show that he or she is serious about buying the house.

Equity
A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage.

Escrow
An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.

Foreclosure
The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.

HUD-1 statement
A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. The blank form for the statement is published by the Department of Housing and Urban Development (HUD). The HUD-1 statement is also known as the "closing statement" or "settlement sheet."

Mortgage insurance
A contract that insures the lender against loss caused by a mortgagor's default on a government mortgage or conventional mortgage. Mortgage insurance can be issued by a private company or by a government agency such as the Federal Housing Administration (FHA). Depending on the type of mortgage insurance, the insurance may cover a percentage of or virtually all of the mortgage loan. See private mortgage insurance (MI) .

Mortgage insurance premium (MIP)
The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company.

Point
A one-time charge by the lender for originating a loan. A point is 1 percent of the amount of the mortgage.

Title insurance
Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.

Title search
A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.

 

I'd be happy to help you with each and every step of this process, so please contact me when you're ready to buy and/or sell your home! Always remember I'm here to help....

 

......"You've got a Friend in Real Estate"

 

Jarod Tanksley 615.403.8265

www.BrentwoodandBeyond.com

Brentview Realty 615.373.2814

 

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Posted on 08/26/2018 10:10 AM by Jarod Tanksley
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Wednesday, 15 August 2018
Wants and Needs in a New Home
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 Wants and Needs.... 


As you begin the search for your next home you will want to give a lot of thought to schools and neighborhoods before deciding on a particular area. You will want to start thinking about your favorite home style, floorplan, square footage, number of bedrooms and baths, etc... - WAIT! Why go through all the stress of doing those tasks? Hire a professional that is educated in all these areas and let’s face it, they do this everyday. A simple google search on the Realtors you know will help you decide on who to use.  YES google, do a search for the agents you already know! Don't fall for the generic Realtor searches that bring results that are bought and paid for, do an indiviaual search for honest results.

It is important to identify your wants and needs by prioritizing. Your Realtor also deals with dollars versus wants and needs everyday. It is essential that you and your spouse are on the same page. Prioritizing means to decide the most important items such as school districts if you have children, housing type, choosing a subdivision within your price range.

When you start your search for a new home, everyone seems to have wants to fulfill. It is a wise decision to create a list of pros and cons but let’s just call it what it is - wants and needs. For instance, a laundry room is a need but a larger laundry room to be considered a mud room is a want that may not be in the cards. Once you make your list of your priorities, you can meet with your Realtor and discuss dollars to invest versus dollars for wants and needs.

In today’s housing market, wasting time is not in your favor. You need the wisdom of a professional who is in your corner and has the time to do your research. Having your own Realtor is the most valuable asset to be assured of less stress and better, wiser decisions.

..... "You've Got a Friend in Real Estate"

Jarod Tanksley 615.403.8265

www.BrentwoodandBeyond.com

Brentview Realty 615.373.2814

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Posted on 08/15/2018 8:35 AM by Jarod Tanksley
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Thursday, 2 August 2018
Does Staging a home really work?
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I get this question all the time does staging really work? Do I really need to stage my home? The answer isn't always obvious, some homes won't need it and some homes will need more than others.

In our Middle Tennessee Market it’s very competitive and everyone wants to sell their property quickly and for the most money.  I see non-staged homes sitting on the market for a longer period of time.  Or I see in the second month having a price reduction.  I just think only if this property was staged it mostly likely would be sold. 

A staged home can get more return on your investment. And sales more quickly verses a non-staged home on the market. Staging is not that expensive in the long run. Just think of this the more time my property sits on the market sometimes can mean paying for two mortgages. Especially, if there is a relocation situation involved.  Unless your property has not had proper routine maintenance, then it could cost you. 

One quick and fairy inexpensive fixes is paint. Yes, paint! The dark red and beige paint colors are out.  The on-trend look is to light and bight walls with a soft gray or off-white is all the rage these days. Again, buyers want something new and fresh.  Not what they currently have.

I always tell my clients the most important part of home staging is de-cluttering big bulky items have got to go. Hiding their personal care products, no one wants to see other people personal care. They need to envision themselves in the space with their own items.  Potential buyers can only see your stuff.    They can’t focus on the architectural features of a house.    Going to The Container Store is always a great idea to get baskets to hide items in or tidy up the pantry. You always want everything to look very high-end. My other biggie is no personal photos of family members.  Again potential buyers can only see your “life” in this house.  And not there’s. 

Staging is not decorating. Staging = getting top dollar for your property. At the end of the day buyers are looking for a home that looks and feels new even if it’s a resale.

Together Jamie Watford and I will help you make the right decisions when preparing your house for the market.  Feel free to reach out to Jamie anytime. She is a Certified Home Stager and Interior Decorator.   Owner, of JW Nash & co. serving Middle Tennessee

Jwnashandco.com or jwnashandco@gmail.com  615-613-8593

 

..... "You've Got a Freind in Real Estate"

Jarod Tanksley 615.403.8265

www.BrentwoodandBeyond.com

Brentview Realty 615.373.2814

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Posted on 08/02/2018 8:16 AM by jarod tanksley
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