Post & Co is proud to announce the addition of Ben Lapp to our team. Ben was born and raised in the Finger Lakes Region of New York and is a seasoned and savvy real estate investor and rehabber. He loves people, and finds a lot of fulfillment in seeing other’s dreams fulfilled. He loves seeing things come to life, and enjoys doing complete home renovations on investment houses or using old refurbished lumber to make furniture out of. He will be working out of our Berry Hill office on Ligon Drive.
Ben lives in Mt. Juliet with his wife, Alicia, and their two little girls, Ayla and Aveline. He has a wonderful reputation for service and integrity, and we are excited to welcome him!
The process of elimination in multiple-offer scenarios
These multiple-offer scenarios are getting old, and buyers are mad as heck and aren’t going to take it anymore. That is until this weekend when they will dust the frustration off their jackets and boots and dive back into the fray.
Suppose a family owns a home in Nashville, or heaven forbid, another city and they want to buy a home in Nashville, but their current home is not on the market.
Buying another home is no problem as long as they have the financial resources to purchase the new home without selling the other.
If not, they are toast. An offer to purchase with a sale-of-home contingency for a house that has not found its way to the market will be rejected before the buyer can crow three times.
If the buyers have sold their houses, passed the myriad inspections and negotiated the repairs – and the sellers have the cash on hand to purchase their homes – they think they should be able to buy contingent on the closing of their homes, not the sale of the homes.
That should fly, right? Sorry, but no. Only if they offer a ridiculously high amount and surpass all of the other offers will they win, and at times, not even then.
The buyer who prevails will have a very clean contract complete with a substantial earnest money check, now known to some as trust money.
They will close when the seller wants to close, even if that means the buyer must move twice.
There is no doubt the storage facilities in Nashville are filled to the brim with the belongings of those forced into the temporary housing awaiting possession of their permanent homes.
Back to the multiple offers: Many think heartfelt letters to the owners combined with Hallmark-quality photographs of the children will aid in the selection process. That ploy might work as long as the offer is the best, or at least tied, in other areas of value, such as price.
A smiling, beautiful child is worthless as a bargaining chip if the offer is $20,000 below list.
The seller has no interest in contributing to the college fund of the buyer’s children, however cute the children might be.
When there are multiple offers, the listing agent will often print them and rank them before presenting to the seller. Offers that are heavily laden with contingencies are presented first in order for the seller to sign the “rejected” spot on the offer.
Then comes the ranking by price with those being grouped into the rejection pile and the consideration stack.
Some are easily eliminated due to the price.
If a house is listed for $400,000 and someone presents a cash offer for $380,000, that will not be favored over an offer for $400,000 from a person getting an 80 percent loan.
The offers are then measured by the percentage of the loan and the type of loan the buyer is getting, and there are various weights given to each of the bundle of financing options available to buyers.
For example, a 75 percent loan from an online lender with no ties to the Nashville area could be trumped by a 100 percent loan from a local, well-known lender that provides physician loans.
Since the beginning of time, the local banks have chased doctors, and there apparently is no better means of corralling their business than to provide a 100 percent loan at a low interest rate with no private mortgage insurance.
Realtors can bank on these loans – and do.
Then the other pre-approval letters are weighted.
Believe it or not, some buyers create their own banks, and many are skilled graphic artists crafting credible logos, believable addresses and lofty titles for the signatories.
Since Google arrived on the scene, these are more easily exposed, and Google now plays a vital role in the process, as does social media.
Many times, when the buyers are being vetted, their Facebook and Instagram accounts are visited as the list is narrowed. Posts such as “considering a move to Nashville after losing job” or “made an offer on a house we do not like, but the market is tight, and we can walk after the inspection if something better comes along” are not helpful to those hoping to be selected.
Offering to be “as- is” with an inspection included has no value. On the other hand, offering to buy “as-is” with no home inspection will incur favor and has monetary value.
Every home has $3,000 to $5,000 in repairs, no matter what the sellers think. Seller with savvy agents know that “as-is” with an inspection is the same as having a traditional inspection contingency, inasmuch as the buyer is going to demand repairs or money with the threat of walking once the deficiencies are noted.
Price, possession date, closing date, earnest money, loan amount, inspections, terms, contingencies and, finally, the familial beauty will decide who wins. Have fun.
Richard Courtney is a licensed agent with Christianson, Patterson, Courtney and Associates and can be reached at email@example.com.
Nashville home sellers score big profits in booming market, new data shows
The Tennessean's yearlong look at Costs of Growth and Change in Nashville series culminates on December 20 with a mini-documentary viewing, photography show and continued discussion led by David Plazas about where Nashville goes next.
The region's fast-growing population is hitting a wall of limited housing supply, resulting in sales prices that are 13 percent higher than this time last year, according to ATTOM Data Solutions' review of deed sales.
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3BR, 3.5BA IN SOUGHT-AFTER WEST NASHVILLE/CHARLOTTE PARK for $299,977
- 2,134 sq ft with garage
- Open floor plan with 9' ceilings, great natural light, and new lighting throughout
- Move in ready; renovated with stainless appliances, hardwoods, tile, granite, FP
- Entry on main living space level with 2 bedroom suites up and full basement with full bath down.
- Attached one car garage with plenty of guest parking and located on quiet culdesac
- Large master suite with trey ceiling and double vanities in master bath
- Terrific storage in attic and garage
- Ideal roommate plan; has previously rented for $2100/month
- Spectacular views of evening sunsets from the large private deck (common area behind townhome....no other homes behind it)
- Neighborhood includes beautiful pool & clubhouse
- Minutes from Nashville West, Walmart, I-40, 7 miles to Belmont and Vandy
- All appliances including refrigerator, washer, & dryer included
- 7277 Charlotte Pike, #345
- Call or text Mike (615-414-3270) with questions or to see it
Highly sought-after one level floor plan on an acre zoned for blue ribbon Walnut Grove Elem. All brick custom built home w/ $50K+ spent on renovations in last 3 yrs. Sand & finish hardwoods, SS Kitchen Aid appliances, quartz counters, 3 car gar. Bordered by picturesque farmland w/ no houses behind it. HOA fee only $15/mo. Irrigation for entire yard.
Less than 2 yrs old in sought-after Burkitt Village. Better than new - thousands in upgrades! High-end finishes: 9 ft ceilings, hardwoods, granite, tile, stainless, FP, & recessed lights. Master suite on main w/ trey ceiling, double vanities, & separate shower & tub. Open plan w/ terrific natural night. Low maintenance home - why wait for new?
Rare one-level living in Franklin. All brick home w/ no steps in idyllic Franklin neighborhood. Meticulously maintained: HVAC & tankless water heater in '14, Roof in '11. Brand-new carpet & entire home just painted. Just 1.5 mi from downtown Franklin & adjacent to Jim Warren Park. Refrigerator & washer/dryer (less than a year old) all remain.
Adorable East Nashville cottage rebuilt from studs in '12. Hard to find one-level living. Some hardwoods, stainless, granite. HVAC, windows, hardwoods, & appliances only 6 years old. Large fully fenced-in flat backyard w/ coveted alley access. 3rd BR can be guest or office (is pass- through room).
Nashville ranked third in US for home price appreciation in 2017
Institutional investors are buying thousands of homes in Middle Tennessee and renting them, shaping the market for buyers, renters and sellers.
Last year was good for Nashville homeowners.
The metro area had the third-highest home price appreciation among the nation's largest markets, at 12.5 percent, and sellers saw the largest profits here since at least 2000.
Year-end data released by the real estate company ATTOM Data Solutions showed Nashville continued to bask in the glow of a humming economy and hot housing market.
“One of the reasons for this skyrocketing home price appreciation in Nashville is 'migration' from other high-cost markets," said Daren Blomquist, senior vice president at ATTOM. "People are moving because the jobs are moving, and they're better-paying jobs. They still see it as a bargain. Their context for what makes a good deal on a home is different, and they’re often willing to pay more than a local buyer.”
Homes sold for a median price of $224,900 in 2017, compared to $200,000 in 2016.
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“Folsom Prison Blues,” the 1955 Johnny Cash classic, isn’t exactly a deep cut — anyone with even a passing familiarity with country music has heard it. So when the Don Kelley Band tore into the opening riff at the beginning of their set at Robert’s Western World — one of many honky-tonks on a brightly lit neon strip of Broadway in downtown Nashville — I nodded my head and tapped my feet along with the other hundred or so people in the joint. It was the musical equivalent of comfort food — nothing too surprising or challenging. I wasn’t quite ready for what happened next.
Luke McQueary, a skinny 17-year-old in a plaid Western-style shirt, stepped to the front of the stage and, instead of delivering the workmanlike guitar break I was expecting, set the stage aflame with a blistering solo I would have expected from someone twice his age and experience. It was no fluke — the virtuosity continued during the following song, performed with an earnest, almostHendrix-like showmanship. I half expected someone to come out from the wings, wrap a robe around him, and help him off the stage, à la James Brown.
I was surprised, but I shouldn’t have been. A place nicknamed “Music City” has a reputation to uphold, and Nashville was more than ready to exceed my expectations. A mecca for talented musicians, Tennessee not only has more high-quality live music than you could ever hope to enjoy, but top-notch dining — both traditional Southern cooking and contemporary twists on old standards. It’s a great location for those on a budget, too — I scarcely noticed the damage to my wallet after a four-night trip there in November.
That area of Broadway is a little like the Las Vegas Strip or Bourbon Street: crowded and touristy, but fun in small doses. I visited there with my friend Halena Kays, with whom I crashed in nearby Murfreesboro, a suburb southeast of the city. We ended up at Robert’s Western World accidentally, as our plans to have dinner at nearby Merchants Restaurant, on the corner of Broadway and Fourth Avenue South, had hit a snag — the place was booked solid. No matter: We grabbed a $4 fried bologna sandwich (imagine a BLT — now imagine it twice as salty) and a couple of $4.25 Miller Lites at the honky-tonk while we listened to the aforementioned band.
I soon received a text that a table had opened up and we walked over to Merchant’s. The place effectively operates as two restaurants, a pricier steak and seafood restaurant on the second floor, and a less expensive, modern southern bistro on the ground floor. We opted for the latter and grabbed a booth in the bright, spacious dining room. The fried green tomatoes ($11) were spot-on, and the Nashville Caesar salad with cornbread croutons ($12), and a pulled pork sandwich ($13) were satisfying. One nice thing: When they saw we were sharing everything, they were happy to split the dishes into separate portions.
That strip of Broadway is just a stone’s throw from Ryman Auditorium, an indelible piece of Nashville history that belongs on every to-do list, especially if the Grand Ole Opry happens to be in residence. The Opry, an artistic home to country musicians since it began in 1925, takes place primarily at Opryland, about 25 minutes northeast of downtown. But if you can, see the show at the Ryman, home to the show from 1943-1974, which sometimes still hosts the Opry. The building itself is a relic — opened in 1892 as the Union Gospel Tabernacle, it earned the moniker “Mother Church of Country Music.” Near the back steps of its hallowed halls, Halena and I passed a young street performer with an amazing voice crooning a song I didn’t recognize. In Nashville, even the buskers have exceptional talent.
Keep reading at: https://www.nytimes.com/2018/01/24/travel/affordable-nashville-trip-budget.html
Nashville's short-term rental vote: What it does, what it doesn't do, and why it's a big deal
Short-term rentals, like Airbnb, HomeAway and VRBO (a branch of HomeAway), have caused controversy in Nashville. Some believe they benefit the city. Others feel like they are hurting neighborhoods. Ayrika Whitney/USA TODAY NETWORK - Tennessee
The newly approved ordinance falls far short of banning all short-term rentals in the city. It's instead aimed at phasing out one particular type — investor-owned short-term rentals in residential-zoned neighborhoods.
Critics have complained this type, known as non-owner occupied short-term rentals, have turned residential homes into disruptive party hotels and uprooted longtime residents in place of businesses that don't belong next to homes.
Continue reading at: https://www.tennessean.com/story/news/2018/01/23/ashville-council-approves-airbnb-phase-out-bill-residential-neighborhoods/1057718001/