EIGHT THINGS TO KNOW Before you sell your house… 1) The value of homes in Nashville’s urban neighborhoods are rising every month. Homes and lots are becoming more valuable daily in urban neighborhoods close to downtown, near restaurants and shops, in nice neighborhoods just like yours. If you have been approached to sell your home, don’t just accept the first offer you receive, particularly an unsolicited offer. Talk to your family or a trusted friend to discuss the offer.
2) Tax appraised value is NOT a fair market price for your home. The appraisal of your home set by the Tax Assessor is the amount used to determine your property taxes, but it is not the fair market value of your home. Only a real estate appraisal or licensed Brokers Professional Opinion can give an accurate assessment of the home’s value.
3) Real estate websites like Trulia or Zillow are not accurate in assessing a fair market price for your home. Neighborhoods with new development are receiving cash offers to sell their homes quickly. The offer could be higher than the tax assessor’s appraisal and even more than Zillow-type sites say it is worth, but your home may be worth far more than either of those numbers. The way to find the true value of your home is to talk with a trusted Realtor source.
4) Determine what your home is truly worth. Anyone pressing for a quick contract, while insisting that details of the offer not be discussed with a Realtor, family or neighbors, may not have the homeowner’s best interest at heart. Ask a Realtor to run comparable sales information for ACTIVE, PENDING and CLOSED sales in the immediate area. This will give you a much more accurate value, and there is no charge for this service.
5) Know who the real Buyer is – will the contract you sign be sold to an end Buyer for more money? Keep that money in YOUR pocket! The Buyer offering on your home may have no intention of living in the home, instead, he or she will sign over the contract for the home to a developer for its true value - which can be many thousands of dollars more than what you were paid. The developer is prepared to pay the true value – and the person benefitting should you, not the middleman.
6) Obtain your own Realtor representation. The person offering the cash represents the interests of a third party buyer – not the Seller. A Seller would be wise to have their own representation – a Realtor who is looking after the Seller’s interests. There is real estate commission involved, but most in most cases, the commissions would be significantly less than accepting an offer much lower than the true value of the home. (continued on back)
7) Take your time to gather information. If you have been approached to sell your home and you believe the time to sell is near, you don’t need to accept the first offer you receive, particularly an unsolicited offer. Talk to your family or a trusted friend to discuss the offer, and decide on how to market your home for the best price possible. Pressure to sign immediately is not acceptable, you should be allowed time to consider the offer and verify your property value before accepting any offers.
8) Where will you move when the home sells? Even a great sales price on your home may not be enough, if you can’t stay in the neighborhood you love, or won’t be able to afford to purchase an acceptable new home with the funds. Before you sell your property, consider your lifestyle, plans for the future, housing needs and budget. A good Realtor can advise you on prices for homes in the areas you are considering relocating to, and can show you homes to make sure this is the right step for you. It’s an important consideration that many people overlook when offered cash quick for their home. _________________________________________________________________________________
WHAT A TENANT NEEDS TO KNOW What are your rights if your landlord is selling the property & making you move? You have specific rights in the state of Tennessee that protect you as a renter. Make sure you have a copy of your lease agreement or proof of rental payment. Even without a lease, you have renter's rights if you have paid rent for any length of time. Contact the TN Division of Consumer Affairs for more information concerning your rights and response to landlord actions. Address: Tennessee Division of Consumer Affairs 500 James Robertson Pkwy Nashville, TN 37243
Email: Consumer.Affairs@state.tn.us
Phone: 615-741-4737 (consumer hotline) 800-342-8353 (inside TN only) 615-532-4994 (fax)
Website: www.tn.gov/consumer
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