Here is our list of questions that you and your real estate professional should find answers to before writing an offer on a property in Middle Tennessee. Especially with the market being so hot – you may be rushed into making offers – but please go into it knowing these things. WE BELIEVE BE IN BEING INQUISITIVE ON THE FRONT END so answer these questions before writing an offer.
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- Can I see the property disclosures? The answer should be yes and you should be given a copy. All sellers in the state of Tennessee are required to fill out property disclosures. (There are a few instances where these are not required i.e. if it was a rental property and your Realtor will be able to explain that to you). These are very important because you will learn a lot about a home and the condition it is in from these disclosures. Things to pay attention to: 1. Obviously any known-defects with the property, any water damage, structural issues. 2. Age of HVAC/water heater/furnace/etc 3. Age of roof 4. Is it sewer or septic (this is important both with financing and extra due diligence on your behalf in inspections). Sellers are only required to disclose things they know about.
- What are the current comparables in the neighborhood? Before writing an offer you should be presented with comparable properties in the market and the prices they have sold for. You need to understand market value before you can make a fair and competitive offer.
- What are the taxes on this home? This should be easy for your Realtor to pull up and will help you and your lender estimate your monthly payment.
- What are the HOA fees (if any) and what is the transfer fee? Many HOAs have charge a transfer fee which is paid at time of closing and is paid to transfer the HOA in your name. Most are only a couple hundred dollars but you will be surprised on how high some of these transfer fees costs. So make sure you are aware of the cost or request the seller to pay the transfer fee if you can’t find out that information. Also, please try and get a copy of the HOA covenants and restrictions so you know the HOA rules before writing an offer.
- What is the preferred closing date of the seller? This is important in a multiple offer situation or actually any sitaution for that matter. Learning the ideal closing date (if they have one) can set you apart from the rest of the offers and help you learn their motivation for selling. We have had clients with lower offers win in a multiple offer situation because they catered to the preferred closing date. **Your real estate professional should speak with the listing agent before writing any offers because the listing agent may have important info.
- Is the home in a flood zone? Since the 2010 flood in Nashville many homes were rezoned in a flood zone and require flood insurance. Please ask your agent prior to writing an offer so you can account into you monthly payment that addition of flood insurance (if you need it).
- How many days on market has this home been listed for? Obviously this is VERY important to know before negotiations.
- Is there anything else I should know about the property? And or seller’s situation? Don’t write an offer blindly. Get as much info up front as you can UP FRONT.
Happy Hunting! 🙂
