Franklin TN Homes Blog 

 

Dean Brown and Karen Brown are the owners of Brown & Brown Realty Experts. They are certified experts in buying and selling homes in Franklin TN. 

 

Karen Brown specializes in buying homes. She has earned the Accredited Buyers Representative (ABR) designation and she is a Certified Home Buying Advisor. This means she can manage the 85 different variables in the home buying process to get you the best property at the best price. She has also been extensively trained in multiple offer situations and contract negotiations to reduce the sales price. 

 

Dean Brown specializes in selling homes. He has earned the e-Pro designation and he is a Certified Home Selling Advisor. There are over 115 different variables in the home selling process and mismanaging any one of these could have catastrophic financial consequences. Dean manages every variable in the home selling process so you can sell your home for the most amount of money in the shortest period of time. 

 

This is their blog for assisting their clients in buying and selling homes for sale in Franklin TN. 

 

 

Tip#6 for selling your home in Franklin TN 

Options for how to price your home 

 

There is an art to pricing a home. 95% of real estate agents just use a Comparative/Comparable Market analysis (CMA) when pricing a home. This means that they are using historical data that may not provide you accurate comparable properties to use when pricing your home. Appraisers are in the same boat. They take about 4-5 properties that sold recently within close proximity to your home and have about the same square footage. Appraisers do put in a lot more work in appraising properties and the information is very valuable but it is still based on historical data. It does not take into consideration the condition of the sold properties or the reason why one sold for much less than the others or perhaps one was over improved and sold at a premium. There is a better way to price a home. 

 

About 5% of all real estate agents (the crème de la crème) price homes looking at the

CMA as a guide but they put more weight on the direction of the market. If the CMA

suggests a home for sale in Franklin TN should be priced at $100 per square foot, but

the direction of the market suggests the home should be priced at $105 per square

foot, you could be leaving some serious money on the table. So, using these figures,

let's look at a home that is 3,000 square feet. Using just information from the CMA, a

home that is priced at $100 per square foot would be valued at $300,000 dollars. Now,

let's take into consideration how the market is moving, up or down, and apply a value

to the home at $105 per square foot or $315,000. That is $15,000! Conversely, if the

direction of the market shows that the market is decreasing in value, the agent could

price the home below $100 per square foot, causing it to sell quicker, so that your

home doesn't follow the broader market downward. So, find an agent that knows how

to price a home in any market condition and you will save a lot of time, money, and

unnecessary stress.

 

 

Tip#5 for selling your home in Franklin TN 

Consider having other inspections 

 

No matter where you are in the home selling process, there will be other inspection items that cause the buyer to consider doing other inspections that are outside the scope of a normal home inspection. For example, if the HVAC looks a little older, then the home inspector might recommend either the seller show proof of service history for the unit(s) or they may even recommend a licensed HVAC company inspect the unit for leaks/damage. Other inspections a buyer may want to consider are: roof, septic, structural, radon, etc.

 

 

Radon is worth exploring further because it can pose a significant cancer risk for homeowners. Homes for sale in Franklin, TN for example, typically undergo radon testing during home inspections because the area frequently records high radon levels. In fact, according to RadonResources.com, 40% of all counties in Tennessee have a high potential to have homes tested at above 4 pCi/L. At that level or above, the EPA recommends corrective action be taken to mitigate radon.  

 

Map of Tennessee Radon Levels

Reprinted from the following website on 4/14/2016: http://radonresources.com/radon-levels/

 

Tip#4 for selling your home in Franklin TN 

Get a Termite Inspection 

 

You'd be surprised how many houses actually have termite tubes, dormant or not. For homes in Franklin TN, the question is not if you will get termites but when. Termites can cause tens of thousands of dollars of damage to a home. If a buyer finds even dormant termite tubes, they will ask for the home to be treated and that will cost you anywhere from $400-$1,500. Having this inspection done prior to you putting your home on the market could prevent this from happening and save you money. Be sure to check several pest control companies and compare products because liquid treatments last longer and provide a longer warranty but they are more expensive. Other companies will use bait traps to direct termites away from the structure of the home. They will usually have to come out and inspect once per quarter to ensure the termites have not moved to the structure. 



Reprinted from the following website on 4/12/206: https://www.pinterest.com/reeves0053/reeves-pest-control/ 
 

 

Tip#3 for selling your home in Franklin TN 

Hire a Contractor When Needed 

 

If you can't fix something on your own due to a lack of knowledge, skills, or abilities, then hire a licensed contractor to make repairs. Real Estate agents in Franklin TN are a great source for contractors and if you want the job done right, you should hire a contractor. Also, consider hiring a contractor when you lack the time or would lose money because you are trading your time so that you can save money on repairs. For example, if you make $30/hour and you know that going to go buy the part and installing it will take 3 hours, it will cost you $90 dollars plus the parts. If you can hire someone else that works for $15-$20/hr make the repairs for you, you can leverage your time by making $10-$15/hr more. In other words, spend your time on dollar producing activities rather than making repairs if it is more cost effective for you to do so. Once the job has been completed, to your satisfaction. make sure the contractor gives you a receipt and a warranty for the repairs. This will help you pass on a warranty to the new buyer(s). 

 

 

Tip#2 for selling your home in Franklin TN 

Make Repairs 

 

After viewing the inspection report, you need to make repairs. Just knowing what needs to be repaired is not enough. Buyers looking for homes in Franklin TN are looking for deals. Homes in Franklin TN are more expensive relative to surrounding cities and lowering the price is always on the mind of the buyer. Buyers will drastically inflate the cost of repairs and they will want them repaired by licensed contractors. So, instead of you changing out a hose bib for the price of the materials and a little bit of sweat equity, they will require you to hire a licensed plumber that charges you a trip charge, parts, labor and taxes. Instead, take away their leverage by making the repairs yourself. Many states have disclosure laws, so be sure you disclose any defects and repairs if it is required by your state. Seek legal advice from a real estate attorney or a real estate expert concerning applicable state laws regarding disclosure. 

 

Tip#1 for selling your home in Franklin TN 

Get a Home Inspection 

 

Homes in Franklin TN are the same as anywhere in the country when it comes to a home inspection. A home inspection is critical as the first step in the process because a good home inspector can identify all of the deal killers that could cost you thousands of dollars later on during the home inspection period. Studies show that for every $1 you spend in fixing things that must be repaired could cost you $7 when a buyer discovers the problems first. This virtually eliminates the second phase of negotiations during the home inspection period because you have taken away 90% of the buyers negotiating power. An added benefit is that it gives the buyer peace of mind because they do not have to worry that the home may have unexpected major repairs that are needed which may cause the buyer to terminate the contract or worse they may ask you to significantly reduce the sales price. So, above all else, get a HOME INSPECTION to identify potential deal killers first. 

June 6, 2013

Representation or No Representation...that is the question

With all the information a buyer can find online, the buyer is so empowered that they don't believe they need a real estate agent. This could not be any further from the truth. I can't tell you how many buyers I get calls from on our properties that want to deal directly with the real estate agent that is listing the property. Somehow they believe they will get a deal on the property by going directly to the listing agent. Well, unless the listing agent defaults to a facilitator (meaning neither the buyer or seller are represented), she represents the seller. Now you have an agent that knows all the ins and outs of contract negotiation working in the best interest of the seller. Whether you are a buyer or seller, you should be represented or have no representation at all. Otherwise, the buyer is at a distinct disadvantage. Don't let that be you. Make sure you are represented by an agent or have the agent default to a facilitator if one party doesn't have an agent. This levels the playing field for both the buyer and seller and makes for a smoother transaction.

Posted in Buyer Warnings
May 22, 2013

HUD Properties - 48 Precious Hours

HUD properties can be fantastic opportunities for a buyer to get a nice home at less than market price. First, a buyer must use a real estate agent to place a bid on a property for them. So, you can't go directly to the seller or sellers agent to purchase the property. Once your realtor places a bid on a property, you have to wait to see if your property is accepted. If it is accepted, your agent will receive a buyer packet that must be completed and returned within 48 hours. In that packet HUD will provide you a summary of a recent inspection and appraisal as to what they found. They will list major defects for you so that you can inspect the property for any additional major defects. This is the time for your agent to send an experience, licensed contractor to property to check it out and you only have 48 hours. So, you will want to have the contractor lined up for you prior to placing the bid. If you find something major or objectionable during that time, you will just not complete the buyer packet and your offer is terminated.

Posted in Buyer Warnings
May 19, 2013

Inspections Take Time

Most agents that have been around for a while set their inspection periods anywhere from 7-14 days. Anything short of this and you may not complete all of your inspections within the alloted time. You have to give the home inspector and termite inspector time to complete all necessary inspections. You also will want time in case the home inspector finds something major wrong with the property. Let's say the home inspector conducts an inspection and the air condition unit was not functioning at the time of inspection. He recommends a licensed HVAC contractor inspect the unit. So, now you have to make calls to an HVAC repair company to try and schedule them to come and inspect the HVAC unit within that inspection period. If it took the agent 5 days to get the home inspector to inspect the house it is going to be almost impossible to get an HVAC repair company to test the unit.

The inspection period is such an important time for buyers and their agent. It is the only time before closing that the buyer can discover latent or major defects with the structure, plumbing, electrical, HVAC, etc. It is also the perfect time to discover if the property has termites, dangerous radon gas or mold issues. A good home inspector can discover all of these issues but you will want to hire a termite inspector because most lenders will require a "clear termite letter" in order to issue the loan. Make sure you give yourself adequate time to conduct all necessary inspections. Your buyer will appreciate it.


Bad HVAC Picture

Posted in Buyer Warnings
May 19, 2013

Buyer Representation Agreement Gone Bad

Buyers please remember if you sign a buyer representation agreement with an agent, it is a contract to buy a property using the agent on that agreement. If you go off and buy a property from another agent while you are still liable under that previous buyers representation agreement, you might have to pay double commissions on the buying side as damages! Don't get caught in that mess. If you like your realtor, seal it with a contract and put them to work for you. The other way is just too redundant and very painful to your wallet.

Posted in Buyer Warnings
May 19, 2013

Track Your Expenses

Track Your Expenses:  It is important to track your expenses as an agent for tax purposes, billing, and general accounting. When representing an out-of-state seller it is critical to track your expenses because you will likely be performing duties outside your normal duties as a real estate agent. You may be performing duties as a Property Manager, a Contractor, a Facilitator, etc.

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On one recent transaction I encountered the "Jacked Up Jacuzzi". I received a contract on the home, the buyer conducted a home inspection and during the inspection water streaming out of the tub through various holes, cracks, and crevices. Now, water has to have a place to go and the gravity always has something to do with where it ends up. The tub was on the 3rd floor of the unit, so the water leaked down through the ceiling of the second floor dining room, across and over to the office in the basement. After several trips to the property, $1,800 in clean up, $700 in drywall/paint, and $175 to repair the drain, we lost the buyer. A couple of weeks later we received another buyer and the same thing happened but to a lesser extent. More fixup and repairs were needed but these buyers didn't bolt on us. If you catch water damage and ensure it dries out immediately, fix any drywall and throw on a little paint, there are no long term effects.

 

 

 

Posted in Expenses