In the sales contract, the sellers of your new home agreed to leave the custom blinds, refrigerator, built-in entertainment system and those fine cabinets and workbench in the garage. But when you show up on moving day, all of those amenities are long gone. Moreover, the lock on the back door is broken; there is a huge gouge in the drywall near the front bathroom.

Although these circumstances are extreme, they could happen, which is why it is important to have a final inspection of the home you are purchasing before the closing. A pre-closing inspection gives you one last opportunity to verify that you are getting all that was promised in the sales contract. Although buyers still have legal recourse if they discover—even after closing—that the condition of the home is not as it should be. Of course, the best time to identify problems is before closing when the seller will be motivated to correct any deficiencies to close the transaction.

Typically, a buyer takes possession of a property one to three months after signing the sales agreement. And a lot can happen before the actual move-in. Appliances and fixtures can break, and walls, carpets and doors can be damaged during the seller’s final weeks in the house, particularly during move-out. Sometimes the seller will simply have forgotten that he or she has agreed to leave the refrigerator or window coverings with the house. Whatever the reason, problems identified before the closing have the best chance of being remedied.

If possible, schedule the inspection right before the closing, such as the day before. Ask your real estate professional to attend the inspection with you. Here’s what to do:

Using a copy of the sales contract as a checklist, first make sure that all items that should be in place (appliances, built-in furniture, window coverings, fixtures, etc.) are there.

Test each appliance to make sure they work properly. Bring along an electrical clock or radio to test each electrical outlet. Test all electrical switches and the garage door opener. Run the garbage disposal and turn on every water faucet, checking under the sinks for leaks. Flush the toilets. Inspect the floors, carpets, walls and doors for recent damage.

If you discover that something is damaged or missing, make a note of it and inform your real estate professional immediately. In most cases, the seller is usually able to take care of small problems immediately, either by making a needed repair or offering compensation to handle it. And, if there are major problems, the seller can even sign a statement acknowledging the deficiency and agree to correct it. Although pre-closing inspections take time and may be inconvenient, they are important and well worth the buyer’s time.

For more information on the closing process, read What Buyers Should Expect During a Closing or call us at 931-920-6753.

Your credit score is something that can affect some of life’s biggest decisions – major purchases – negatively or positively. It is important to understand that basics of your credit score so that when the time comes to buy a car or get that home loan nothing will stand in your way.

What is a credit score? A credit score is a number that reflects your credit risk level, typically with a higher number indicating lower risk. Your credit score is a fluid number, and it changes as the elements in your credit report change. For example, payment updates or a new account could cause your score to fluctuate. FICO® scores are your credit rating. Scores can range from 300-850, higher is better. Your FICO® score is calculated based on your rating in five general categories:
• Payment History
• Amount Owed
• Length of Credit History
• New Credit
• Types of Credit Used

What are score factors? Score factors are the elements from your credit report that drive your credit score. For example, such elements as your total debt, types of accounts, number of late payments and age of accounts are what determine the outcome of your credit score. Score factors can have a positive or negative effect on your credit score.

What information impacts my credit score? Generally, credit scores are affected by elements in your credit report, such as:
• Number and severity of late payments
• Type, number and age of accounts
• Total debt
• Recent inquiries

How do I improve my credit score?
• Paying your bills on time is the single most important contributor to a good credit score. Even if the debt you owe is a small amount, it is crucial that you make payments on time.
• Minimize outstanding debt, avoid overextending yourself and applying for credit needlessly.
• Use the credit you already have to prove your ongoing ability to manage credit responsibly. Applications for credit show up as inquiries on your credit report, indicating to lenders that you may be taking new debt.
• If you do have negative information on your credit report, such as late payments, a bankruptcy, public record item or too many inquiries, your best strategy is to pay your bills and wait. Time is often your best ally in improving credit.

Disclaimer:
Credit bureau-based scores cannot use demographics prohibited under the Equal Credit Opportunity Act, such as race, color, religion, national origin, gender, age, marital status, receipt of public assistance or exercise of rights under Consumer Credit Protection Act. Scores used by individual lenders may use such elements as income, occupation, and type of residence in determining their own custom credit score.

If you are considering buying a house or have already started the process, then “earnest money” is a phrase you have probably heard thrown around. But, what is it, how much of do you need, and when do you need it?

What is it?

Earnest money should not be confused with your down payment. Earnest money is an amount that is given to the sellers of a home in order to show your “good faith” or positive intent to purchase the property. By accepting your offer a seller is saying, “I trust you to buy my house, so I am going to take it off of the market so no one else can.” To reciprocate that, your earnest money deposit says, “I am serious enough about buying your house that I am going to put my money where my mouth is.” Usually earnest money is sent as a check.

How much of it do you need?

The amount of earnest money is dependent on a lot of factors, and there is no set amount that everyone pays. Market conditions are one factor in the amount. In a buyer’s market you might not have to put down as much, since sellers will generally be happy to have found a buyer. In a sellers market you might have to put down more, since many buyers are vying for a limited number of houses.

Even if the market conditions are in your favor, you want to take into account how “hot” that particular house is. If it has generated a lot of buzz and has been shown many times you will want to make sure that your offer is secure.

The price of the home is also a factor, as the earnest money is generally a small percent of the purchase price.

When do you need it?

You will need an earnest money deposit once you have an accepted offer on a house.

It is important to talk to your real estate agent about your earnest money deposit. It is their job to help you navigate the often tricky and fragile waters of a real estate transaction, and they have the experience to help you come up with the right amount.

If you’re a late “Boomer” or a “Gen X” or “Gen Y’er,” you’re likely looking for a place to position assets given the extreme volatility of U.S. equity markets and paltry returns of money market instruments and other safe havens.

Real estate, even through the market downturn, has long been considered a conservative, long-term strategy to growing wealth. Better yet, lower home prices across America and record-low mortgage rates have created an historic buying opportunity for real estate including second/vacation homes. It’s a “ground floor” opportunity that comes with doors, windows, a roof and potential for many great moments and memories.

Long-term demand for second homes looks strong, as there are large numbers of people in the prime buying years for second/vacation homes. Late Boomers? There are roughly 40 million of these potential second-home buyers, and another 85 million between the ages of 30 and 49. For all, second homes suitable for play now and retirement later have significant appeal.

U.S. vacation-home sales rose 8% last year to 553,000, according to the National Association of Realtors (NAR). Though well below a 2006 peak of 1.067 million sales, it represents the first gain in three years. Median price for a vacation home increased 12.6 in 2009, perhaps reflecting movement higher-end markets, said NAR Chief Economist Lawrence Yun.

How you use a second home is up to you, but if it’s something you’ve been considering, now is the time to get the information you need to make an informed decision. A qualified real estate professional can help guide you through financial considerations, assist you in finding the right community and even refer you to a resort property specialist for the destination of your dreams. Your real estate professional may be able to get you the information and advice you need to use the equity in your current home to finance the down payment on a second home, for example.

For many, a second home in a vacation or resort area can be an income property when not in use. Once again, a real estate professional will help you consider property management options that can be a crucial financial factor as well as important to peace of mind.

Some of the best locations are not more than two to three hours away from major metropolitan areas by car or plane. For example, Bostonians gravitate to Cape Cod. New Yorkers favor the Hamptons. San Franciscans retreat to Lake Tahoe and Clarksvillians head for Nashville. Many people who live in the West also have second homes there. Yet, the biggest feeder market for second homes in the South are buyers from the Northeast.

What makes a second home location ideal? Natural beauty is great, but don’t forget about cultural and social resources, as well as first-rate golf, tennis and other popular sports facilities.

Second homes are a discretionary purchase, and everyone wants to feel secure in their environment. That’s why gated and guarded residential communities will continue their appeal. And locations such as Sante Fe, New Mexico, and Coeur d’Alene, Idaho, which are removed from most urban problems, continue to be attractive.

Nevertheless, you will likely get more enjoyment out of a property you can get to quickly and can use frequently. Since you know this area, chances are you’ll make a better real estate investment closer to home. And be sure to look at each property with an eye toward tomorrow, because the vacation homes likely to appreciate the most are the ones that Boomers can play in today and retire in tomorrow.

Once you’ve narrowed your search to two or three communities that fit your price range and lifestyle, make comparisons of price and sales activity. Your real estate professional can help you determine which communities are most sales-worthy at present, and which are more likely to continue to be.

There are many factors involved in selecting the right community for you and your family. Discuss your options with your real estate professional. This will provide the information he or she needs to help you find property listings to tour. Remember, a targeted approach to house hunting is less time consuming, less expensive and more efficient.

We are so excited that our new GPS based listing sign program launched today! I know that we already gave you the run-down on how great the service is, but in case you missed it here is a link to the blog post about it. Check it out!

Our agents started picking up their signs today, so you should see them popping up around town today and tomorrow!

If you have any questions, or would like to know how you can get these innovative signs on your listing, give us a call at 931-920-6753.

Christian Black (931-801-8660) picking up his signs - he's officially ready to market your property!

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The first signs were put out today!

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Larry Evans (931-206-7863) getting ready to put out some signs!

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Lisa Wade (931-801-3892) looks so excited!

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I was looking at my calendar for this weekend and I realized that Clarksville is going to be buzzing with activity. I decided to compile a list of what’s going on in order to help you answer the age old question, “What are we going to do this weekend?”.

Friday night is the first night of “Porkin’ in the Park”, a barbecue cook-out that will feature live music in Strawberry Alley. Admission to the event is free, and there will be plenty of entertainment for the family – including a “Kids Zone” with inflatables and music kicking off at 6pm. Mike Robinson, and Les Kerr and the Bayou Band are playing on Friday night and Southern Comfort and The Beagles are playing on Saturday. And of course – the barbecue. There will be local and non-local award winners offering samplings of ribs, pulled pork, barbecue, and more. I’m definitely planning on going on Friday.

On Saturday morning of course there is the local Farmers Market that will be set up Downtown. The Market is open from 8am – 1pm and features locally grown veggies, baked treats, and crafts.

Saturday night you have your choice between music or a movie. Jazz on the Lawn at Beachaven Winery starts at 6:30 pm and will feature Richard Waters. There is also a Movies In The Park this weekend at the Heritage Park soccer field. They are showing Star Trek (the 2009 movie). The movie starts at dark, but there is always some fun pre-show entertainment. Before the Notebook they played a game from Minute to Win It using volunteers from the audience. You might also want to get there early to make sure you get a good spot on the field. I recommend a lawn chair or a picnic blanket… or a combination of both. Of course, if the barbecue was as good as I think it’s going to be you might just want to head back to Strawberry Alley on Saturday night.

So… what are you doing this weekend? Let me know in the comments which events you are planning on going to and any that I haven’t heard about yet!

I recently read an article on MSN Real Estate that showed how much house you could get for different amounts at different areas in the country. I thought it would be interesting to compare those areas with our own real estate market here in Clarksville TN. Here is a link to the original article that shows how much you can get in other areas.

So, how much house can you get for $100,000 in Clarksville?

815 Iris Lane - $104,900

815 Iris Lane Clarksville, TN 37040

3 bedrooms 2 baths 1187 square feet

Year Built: 1992

Price: $104,900

This roomy ranch has a 2 car garage, a fenced backyard, and sits on a beautiful level lot. It also features walk-in closets and a wood burning fireplace.

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How much house can you get for $200,000 in Clarksville?

3328 Gableridge Ct - $199,000

3328 Gableridge Ct Clarksville, TN 37040

3 bedrooms 2.5 baths 2632 square feet

Year Built: 2004

Price: $199,000

This beautiful home sits on an extra large lot and features hardwood floors and ceramic tile. The home also boasts an extra large bonus room, a formal dining room, all stainless steel appliances, and a fireplace.

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How much house can you buy for $500,000 in Clarksville?

405 Lake Pointe Dr - $479,900

405 Lake Pointe Dr Clarksville, TN 37040

4 bedrooms 3.5 baths 4016 square feet

Year Built: 2004

Price: $479,900

This incredible custom home features 4 large bedrooms. The Gourmet kitchen has granite counters, and the Media room is equipped with a projector and surround sound. The backyard is private and peaceful, and the unfinished basement provides storage or future additional living space.

Even though the Home Buyer Tax Credit has expired there are so many good deals and other tax breaks available to you as a buyer out there today, hopefully this gives you an idea of what you could get for your money. If you have questions on our current real estate market or the homes listed here please give us a call.

931-920-6753

Yesterday we were very pleased to preview for our agents an exciting new product that we are in the process of launching. Prudential Professionals Realty has teamed up with a great mobile tech company to provide potential home buyers with instant real estate information using text messaging. How?

Over the course of the next few weeks you will start to notice some very attention-getting signs crop up beside our usual yard signs. The new signs will say “Text PPR to 59559″ – and it really is that easy! When you see a sign simply text PPR to the number 59559 and this new system will use GPS to find out where you are and which house you are looking at. The best part? It will ask you if you want to view surrounding listings, and again using GPS, it will pull up all of the listed homes within a few miles around you. Imagine saying to yourself, “I’m not a big fan of this house, but I really like this neighborhood. I wonder what other houses are for sale in this area?” and being able to find out instantly – without having to drive around and hunt!

If you are already working with one of our Prudential Professionals Realty agents they will be able to register your mobile number. Once you are registered, if you text PPR to 59559, no matter where in town you are, it will tell your agent which house you are looking at AND give you the information instantly! This way your agent can build your Perfect Home Profile based on what you’ve looked at before, or send you a quick text letting you know when they can show you the inside of the home.

Another great feature of this tool is the ability for your agent to get mobile showing instructions. Let’s say you are out driving around with your real estate agent looking at a few homes, and you drive by one that wasn’t on your list but you would love to see. Now your AGENT can text PPR to 59559 and because their phone number is registered as an agent they can instantly get instructions and information needed to get you inside that house instantly – no waiting around for them to call the listing office!

Every feature of this program is designed to make your home search easier and faster. We know that when you see a house you like, you want to know about it right now. We also know that a lot of people like to drive around and look at homes in the evening or even at night, when it would be hard to reach an agent to get information. Now, no matter where you are, no matter what time it is, if you can text message you can get the information!

Remember that these exciting new tools are available exclusively to real estate agents with Prudential Professionals Realty. So whether you are on the hunt for the perfect home and want to make it easier, or are selling your home and want to get maximum exposure and get it sold quick – give us a call today at 931-920-6753 or send us a text to 931-320-0875!

Stay tuned and we will let you know when the first signs go up!

To mark the first official day of summer, we thought it appropriate to blog about every kids favorite part of the season – the swimming pool. When temperatures rise many people flock to public pools, but you may be considering having a pool installed in your own backyard. Adding a pool may add value to your home when it comes time to sell, but it may also detract. How can a swimming pool affect your home’s value?

One thing to consider is location. If you live in an area where it is warm enough to swim less than three months out of the year, adding a swimming pool may either negatively affect or not affect at all your home’s value. Several studies have shown that the the percentage of value added by a swimming pool is highest in the Southeast and Southwest regions – so if your area has temperatures warm enough to swim in for six months or more out of the year, than a swimming pool may add value. If you are in a part of the country that regularly experiences drought, this may play a part in whether the pool adds or detracts from the value. You should also give thought to your area of town. In some areas pools are more common, so they may hold more value. Being the only home on your block with a pool may be a disadvantage when it comes time for an appraisal.

Another thing to consider is space. If a pool takes up the majority of your backyard, then it may negatively affect the value, but if you have a large backyard and the swimming pool takes up 15% or less of your yard space than a pool could be of a benefit. Also, whether or not the pool is above ground or in-ground will make a difference. Buyers typically prefer an in-ground pool.

Safety is an issue to give consideration to as well. If a potential buyer has children, or your neighborhood has a lot of children, the lack of a safety gate could turn them off to your home. In some areas you are required to have a fence around your swimming pool, so always check with your local building codes department. If you already have a swimming pool installed, you may want to consider the age of the pool and whether or not repairs are needed. The better  the condition your pool is in, the better chance you have of it positively affecting your home’s value.

When it comes time to sell you should consider the pool as a part of your home, and you should repair and present it like you would anything else. One way you can do this is by making sure that all of your pool equipment is efficient and relatively new. A pool can be staged just like the rest of your home, so before you list it for sell consider investing some time and energy into doing some landscaping. You can also make a swimming pool look more inviting to potential buyers by adding some well-maintained or new patio furniture. Make sure that all of your pool toys are neatly organized and put away. This can help a buyer imagine themselves enjoying and relaxing in the pool.

If you are ready to sell your home and concerned with how your pool may affect the appraisal value, please give us a call at 931-920-6848 for a personalized and professional market evaluation – free of charge and no obligation.

Existing and potential homeowners are looking at real estate from all angles as the U.S. economy and local housing markets continue their recovery. For many, there is strong appeal in buying brand-new homes as myriad builder incentives and low interest rates create significant value.

Today’s new homes boast exciting floor plans and designs tailored for specific lifestyles, complete with a huge array of features and appointments. They include energy efficient products and building techniques, reducing buyers’ utility bills. Of course, new-home consumers love that their properties, from roofs to appliances, will not need replacement for many years.

It might not seem necessary to involve a real estate professional in a transaction where a buyer can deal directly with a builder. Yet by using a real estate professional you gain a skilled professional to protect your interests and guide you along the right path.

Here are 11 advantages to using a real estate professional when buying a newly constructed home.

1. Just as a real estate professional calls on experience and knowledge of an area to help buyers locate pre-owned homes in a community, he or she can also direct buyers interested in newly built homes to developments and communities that match client specifications.

2. A sales professional can suggest builders with reputations for delivering a high-quality product, responding quickly to issues, and being financially sound.

3. A sales professional may be familiar with how a builder prices his products and where there may be room to negotiate price or upgrades.

4. Without representation, you are one buyer purchasing only one home. But a sales professional can significantly impact a builder’s bottom line by providing a steady supply of customers. This leverage may work in your favor at the negotiating table. [Note: The builder may require your sales professional to accompany you on your first visit to the site. Check with the builder.]

5. The lender approval process may go smoother if a sales professional schedules visits, accompanies you to lenders, and helps expedite required documents.

6. What may seem like a simple transaction can grow legally complex and risky. A sales professional is familiar with those complexities and risks inherent in the homebuying process. When such questions arise, we can steer you to the right advisors and services you may require.

7. If your contract includes a contingency to sell an existing home your real estate sales professional assuredly can help, though your sales professional will explain that buying before selling isn’t always in your best interest as it can undermine your bargaining.

8. When relocating to a new area, sales professionals can be particularly valuable resources. In addition to providing local area information regarding schools, day care or elder care services, public transportation, proposed development, and so on, once construction is under way, they can periodically stop by the work site, supply you with progress reports, and photograph or videotape phases of the construction.

9. A sales professional can assist you as you face hundreds of design choices and consider which upgrades could potentially add value to the home when it comes time to sell.

10. A sales professional can accompany you at the site while you okay the plumbing and electrical locations prior to dry walling, as well as on the walk-through or builder orientation.

11. Lastly, most often the builder pays the sales professional’s commission. You enjoy individual attention and support at no cost to you.

Builder incentives and heightened affordability have many real estate consumers considering brand-new homes. Rather than rely on builders’ agents – who are paid by the builders – savvy shoppers are hiring real estate sales professionals to help them through the buying process and on to the American dream.

If you are interested in finding the perfect newly built home for you, give us a call at 931-920-6848 or stop by either of our offices.