Trulia and Zillow are always a few months behind, especially if you're in an area of new construction. The best way to find an accurate estimate of your home's value is to ask a local Realtor to do a market analysis for you. That will give you a very accurate estimate of what it would sell for based on its features, recent nearby sales, current listings, and expired listings. This will be much more accurate than the computer estimates offered online.... more
Please make sure that you're also accounting for the closing costs that you will need as well. I'm with Shelly, though. Your best bet is to get with a good loan officer who will be able to run the numbers for you, give you estimates of your costs, and recommend the best type of financing for you. Good luck!... more
The most important thing you can do at this time, is to make sure your finances and your credit are ready to go...even before you think about looking at homes. This ensures that you know that you can get a loan, it gives you an idea of what you can afford (that you are comfortable with), andit helps makes sure no credit issues pop up and surprise you after you've written an offer on a property. It never hurts to "know" what is available in the area you are considering...so look at some properties in the price range that you think you can afford to see if those properties are going to be able to meet the needs you have in mind. If not, other communities might offer you better options at your price point. It is so refreshing to have buyers who 'HAVE' done their homework and have know they can qualify and know what they want and where they want to settle!... more
I live in Bellevue area close to Edwin Warner park and there is a railway track close to it. But I don't hear
anything at all when I am in the house. Are you looking to move to Bellevue? I could help you with more details. You can call me anytime.
I did a look back on other closings in the Harpeth Trace Estates subdivision. I could only find 1 homes that sold and was closed with a FHA insured loan for the past 1.5 yrs. Since this subdivision is up on a ridge, I don't think there will be any problem with this type of financing. The things that could possibly prohibit FHA insured financing will be that the price may exceed FHA limits and/or there may be too much repair on a particular house so it would not pass the FHA appraisal requirements.
I hope this gives you some guidance.
If I can be of any further service, please do not hesitate to contact me.
Nashville Homes & More Realty
It's been more than a year since I originally posted, and the market has generally improved in the Nashville area, but Angela makes an interesting point. Inventory has tightened up in the past year, and choices are limited for buyers. I would expect to see something similar to the scenario Angela describes, but I don't think it will have a negative impact on the Nashville area market. Demand for housing is good, from both home buyers and investors, and that should support prices around here.... more
Thanks everyone. Decided I would not go with the Renovation Loan. Will buy as is and do repairs and improvements over time. Interest rate is better with the regular Homepath Loan vs Homepath Renovation loan & will take longer to close due to the approval process of the repairs.
Daniel, unless you want a flooded home to fix up, chance is very slim. I did, however, help a Buyer purchase a 4 BR / 2 BA single family home in 37221 for $144k. It was NOT flooded, just needed a little TLC. It was a great buy.... more