Real Estate Blog

Tuesday, 28 August 2018
clear

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

 

clear
Posted on 08/28/2018 10:42 AM by Jarod Tanksley
Sunday, 26 August 2018
clear

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

 

clear
Posted on 08/26/2018 10:10 AM by Jarod Tanksley
 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
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

clear

  Hear me out... I like watching HGTV in my down time just like the next guy and sometimes we have it on in the office, but I’ve had some people come
Nashville may be known as the birthplace of country music and the home of honky tonks and boot-scooting, but even a quick visit to the area will demonstrate

clear

I hear it all the time: "But Zillow (or Trulia, etc.) says my home is worth $ (fill in the blank), but you're telling me it's worth this?" These nationwide
What impact does the Federal Reserve’s recent decision to raise the fed funds rate have on mortgage rates? Don’t panic.  It’s not too late to get a rate. 

clear

Keeping your home in tip-top shape sometimes requires more exstensive work than you can manage. Sure, you can watch a YouTube video to learn how to unclog
Sound impossible?  It clearly isn't.  I am always amazed how make little changes using color and greenery can make such a significant difference in the

clear

Even when a move can be all about great things like a job promotion, moving near old friends and family or moving to an exciting area that you have always
Even though there are more buyers wanting homes in our market, the home still has to be of value in the mind of the purchaser.  We hear talk everyday

clear

Are you wanting to move up in size to accommodate your growing family or maybe downsize?​  You may be tired of paying high rents and are looking as a
Are you wanting to move up in size to accommodate your growing family or maybe downsize?​  You may be tired of paying high rents and are looking as a

clear

Are you wanting to move up in size to accommodate your growing family or maybe downsize?​  You may be tired of paying high rents and are looking as a
Open houses are designed so that as many people as possible get to see your home at one time.  An open house can actually be an introduction of your listing to

clear

The children are finished with college and seem settled in their lives and now, it is time to think about the rest of your life. Where you want to live? 
Sellers, even though there are more buyers wanting homes in this crazy #Nashville market, the home still has to be of value in the mind of the purchaser. 

clear

Open layouts with a lot of natural light are all the rage right now when it comes to real estate. You see it everywhere. Historical and old-fashioned
Making your home attractive to prospective buyers can be a daunting task.   All those items that make the home "yours", such as  your personal items,

clear

clear