Morristown, TN Real Estate News

By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Closing Costs When Buying or Refinancing a Home This is a detailed summary of costs you may have to pay when you buy or refinance your home. They are listed in the order that they should appear on a Good Faith Estimate you obtain from a mortgage lender. There are two broad categories of closing costs. Non-recurring closing costs are items that are paid once and you never pay again. Recurring closing costs are items you pay time and again over the course of home ownership, such as property taxes and homeowner’s insurance. Some of the items that appear here do not traditionally appear on a lender’s Good Faith Estimate and lenders are not required to show all of these items. Non-Recurring Closing Costs Associated with the Lender. Loan Origination Fee - The loan origination fee is often ref...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Adjustable Rate Mortgages - The PROS & CONS Now that you know what an ARM is and how it works, you may be wondering what the advantages and disadvantages are. So let’s explore that issue. Offering adjustable rates allows lenders to transfer part of the interest rate risk from themselves to the borrower. If you get a fixed rate mortgage and the interest rate then goes up, it costs the lender money. However, if you have an adjustable rate mortgage, as the interest rate goes up, so does your payment, thus compensating the lender. Adjustable rate mortgages are particularly useful when unpredictable interest rates make fixed rate loans hard to get. One of the main advantages of an adjustable rate mortgage is that the initial interest rate is lower than that of a fixed rate mortgage. A lower ...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Why Do You Need Title Insurance? Title Insurance. It’s a term we hear and see frequently - we see reference to it in the Sunday real estate section, in advertisements and in conversations with real estate brokers. If you’ve purchased a home before, you’re probably familiar with the benefits and procedures of title insurance. But if this is your first home, you may wonder, “Why do I need another insurance policy? It’s just one more bill to pay.” The answer is simple: The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and your mortgage lender, want to make sure that the property is indeed yours - lock, stock and barrel - and that no individual or government entity has any right, lien, claim to your property. Title insurance com...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Title Insurance - Where Does Your Dollar Go? Title Insurance: As a homebuyer, the term is probably familiar - but is it understood? What is your dollar actually paying for when you purchase a title policy? Title Insurers, unlike property or casualty insurance companies, operate under the theory of risk elimination. Title companies spend a high percentage of their operating income each year collecting, storing, maintaining and analyzing official records for information that affects title to real property. Their technical experts are trained to identify the rights others may have in your property, such as recorded liens, legal actions, disputed interests, rights of way or other encumbrances on your title. Before closing your transaction, the title company will proceed to clear those encum...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
The Functions of an Escrow Buying or selling a home (or other piece of real property) usually involves the transfer of large sums of money. It is imperative that the transfer of these funds and related documents from one party to another be handled in a neutral, secure and knowledgeable manner. For the protection of buyer, seller and lender, the escrow process was developed. As a buyer or seller, you want to be certain all conditions of sale have been met before property and money change hands. The technical definition of an escrow is a transaction where one party engaged in the sale, transfer or lease of real or personal property with another person delivers a written instrument, money or other items of value to a neutral third person, called an escrow agent or escrow holder. This thir...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Required Reporting to the I.R.S. Sellers of real property will have certain information regarding the sale reported to the Internal Revenue Service. This required reporting is a consequence of the Tax Reform Act of 1986; it is intended to encourage taxpayer compliance and aid in audit and enforcement efforts by the I.R.S. To help you better understand this subject, the Land Title Association has answered some of the questions most commonly asked about Required Reporting to the I.R.S. Who is required to report to the I.R.S.? Sellers of real property, under guidelines established by the I.R.S., are required to have their gross proceeds from the sale reported on a Form 1099S. When a settlement agent is used, the I.R.S. makes this agent responsible for the delivery of the information on the...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Creative Financing Creative financing: You’ve heard of it, and, as a seller, the idea sounds pretty attractive. But, do you know everything you need to know about carrying back a second; essentially, about becoming a lender? You better know the same things that financial institutions know - you better know about lender’s title insurance. It’s time to sell your $150,000 home, a home that you have owned for fifteen years, a home in which you have substantial equity. The loan terms call for a $20,000 down payment from your buyer, a new $100,000 loan from a local savings and loan, and for you, the seller, to carry back a note for the remaining $30,000. Will you, the seller, need title insurance? Yes, you will. Everyone who retains an interest in the property needs title insurance. When you ...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Closing and Title Costs It’s the big day. The day you go to the title or escrow company, sign your name on the dotted line, hand over a check and prepare to take ownership of your new home. It’s also the day that you and the seller will pay “closing” or settlement costs, an accumulation of separate charges paid to different entities for the professional services associated with the buying and selling of real property. It’s too often a day filled with uncertainty and stress. To help you better understand this confusing subject, the Land Title Association has answered some of the questions most commonly asked about title, closing and closing costs. What services will I be paying for when I pay closing costs? You will usually be paying for such things as real estate commissions, appraisal ...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Common Ways of Holding Title How Should I Take Ownership of the Property I am Buying? Real property can be incredibly valuable and the question of how parties can take ownership of their property is important. The form of ownership taken -- the vesting of title -- will determine who may sign various documents involving the property and future rights of the parties to the transaction. These rights involve such matters as: real property taxes, income taxes, inheritance and gift taxes, transferability of title and exposure to creditor’s claims. Also, how title is vested can have significant probate implications in the event of death. The Land Title Association (LTA) advises those purchasing real property to give careful consideration to the manner in which title will be held. Buyers may wi...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
What is a Short Sale Anyway? An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale? A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgives the remaining balance. Selling your home as a short sale is one way to avoid foreclosure. As a general rule, lenders lose money when they foreclose on a property. Consequently, they would rather not have to foreclose if it can be avoided. A short sale represents an opportunity to cut their losses because a short sale usually allows them to recoup more of the cost of the loan than a foreclosure process would. However, don’t think that a short sale is an easy thing to accomplish. In...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Setting the Price The price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home. Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a CMA (Comparative Market Analysis). The CMA will reflect the following: houses in your price range and area that were sold within the last half-year asking and selling prices of houses current inventory of houses on the market features of each house on the market From the CMA, you will learn the difference between the asking price and se...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Plan of Action Analyze why you are selling - If you understand your motives, you will be able to better negotiate and to get what it is that you want, whether it be a quick sale, high price, or somewhere in the middle.   Prepare your home for the buyer - Maximize the strengths of your property and fix up its weaknesses. You want the buyer to walk away from your home with a lasting good impression.   Find a good real estate agent that understands your needs - Make sure that your agent is loyal to you, and can negotiate to help you achieve your goals. In addition, they should be assertive and honest with both you and the buyer.   Be prepared for negotiation - Learn and understand your buyer’s situation; what are their motives? Can you demand a big deposit from them? Try to lock in the buy...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Making a Good First Impression If you want buyers to be interested in your home, you need to show it in its best light. A good first impression can influence a buyer both emotionally and visually, thus prompting them to make an offer. In addition, what the buyer first sees is what they think of when they consider the asking price. A bad first impression can dissuade a potential buyer. Don’t show your property until it’s all fixed up. You do not want to give buyers the chance to use the negative first impression they have as means of negotiation. Ask around for the opinions others have of your home. Real estate agents who see houses everyday can give solid advice on what needs to be done. Consider what architects or landscape designers have to say. What you need are objective opinions, a...
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By Dena Helms, Real Estate Broker
(Village Real Estate Services)
Bill Zierer is a past Rotarian and past Morristown Rotary Club President.  Although, he is no longer an active member of Morristown's Noon Rotary Club, he is still active as a Rotary International Volunteer.   The Morristown Noon Club saw the Thailand Water Project through the first 36 installations.  The number of installations now stands at 62, but an additional 23 are planned between now and year end.   After this upcoming phase of 23 systems, the entire Rotary grant structure will change to "Future Visions" -- which fits the Thailand project perfectly.  Starting 2013, the number of installations is expected to explode in number.   www.rotary.org www.morristownrotarynow.com
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By Dena Helms, Real Estate Broker
(Village Real Estate Services)
  In the month of December, there were 153 New Residential Single Family Home listings submitted to the Lakeway Area Association of Realtors.  That's less new homes on the market as in November.  The total number of Hamblen County Homes for sale on the market in November was nearly 850, but in December that number dropped to 682 total.  Of those 682 homes on the market, 90 Sold in the month of December.  That's 13.2% Absorption rate for homes on the market.  This is up from the last three months where only 10% of homes on the market were sold.  Still, that's only 13 of every 100 homes are selling leaving 87 of every 100 still on the market.  At this rate, if no more homes were placed on the market, Hamblen County would have enough homes available for buyers for the next 7.5 months.  So...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
If you are looking to buy a home in East TN - contact our office and get our best buy list of homes - We will look forward to assisting you in finding the perfect home.  Check out our website for more info -- www.tnbestbuyhotlist.com Morristown TN Homes For Sale - The Elkins Home Selling Team with Exit Triple "E" Realty provides services with Morristown TN Real Estate For Sale and to home buyers and home sellers in Morristown Tennessee, Whitesburg, Talbott, Russellville, Sevierville, Bean Station, Dandridge, Pigeon Forge and surrounding communities. We specialize in working with Home Sellers in getting their homes listed and sold. We utilize the latest and most up to date marketing materials in assuring the job gets done quickly and with the least amount of hassle. Our homes are listed ...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
If you are looking for the best buys in town - and there are many many awesome deals in our area --- please be sure to check out our website ---- we certainly will look forward to meeting you! www.tnfixeruppers.com   Morristown TN Homes For Sale - The Elkins Home Selling Team with Exit Triple "E" Realty provides services with Morristown TN Real Estate For Sale and to home buyers and home sellers in Morristown Tennessee, Whitesburg, Talbott, Russellville, Sevierville, Bean Station, Dandridge, Pigeon Forge and surrounding communities. We specialize in working with Home Sellers in getting their homes listed and sold. We utilize the latest and most up to date marketing materials in assuring the job gets done quickly and with the least amount of hassle. Our homes are listed on over 32 differ...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
  What better way to start the new year out --- Rates are the best right now - so let us find you the perfect home ---- Call us today and we can set you up to receive the hottest properties on the market. Call us TODAY!!!   Morristown TN Homes For Sale - The Elkins Home Selling Team with Exit Triple "E" Realty provides services with Morristown TN Real Estate For Sale and to home buyers and home sellers in Morristown Tennessee, Whitesburg, Talbott, Russellville, Sevierville, Bean Station, Dandridge, Pigeon Forge and surrounding communities. We specialize in working with Home Sellers in getting their homes listed and sold. We utilize the latest and most up to date marketing materials in assuring the job gets done quickly and with the least amount of hassle. Our homes are listed on over 32...
Comments 1
By Dena Helms, Real Estate Broker
(Village Real Estate Services)
  In the month of November, there were 216 New Residential Single Family Home listings submitted to the Lakeway Area Association of Realtors.  That's less new homes on the market as in September.  The total number of Hamblen County Homes for sale on the market in October was nearly 880 (Almost twice the number in September), but in November that number dropped to 843 total.  Of those 843 homes on the market, 106 Sold in the month of November.  That's 12.5% Absorption rate for homes on the market.  This is up from the last two months where only 10% of homes on the market were sold.  Still, that's only 12 of every 100 homes are selling leaving 88 of every 100 still on the market.  At this rate, if no more homes were placed on the market, Hamblen County would have enough homes available f...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Good Morning to all --- This is the last Monday in November and we are so close to approaching the last month of 2010 --- Are you looking forward to the New Year???  Many of us have worked toward our goals all year long --- Are you close to reaching them or maybe you have already achieved them --- Either way, you must be making your plans for next year ---2011 - because it will be here in the blink of an eye --- Don't focus on what you may not have done in 2010 -- but focus on the future!  Don't look back but make your plan and go to work - You can do it! Ready - Set -- GO!!! Have a great day!     Morristown TN Homes For Sale - The Elkins Home Selling Team with Exit Triple "E" Realty provides services with Morristown TN Real Estate For Sale and to home buyers and home sellers in Morrist...
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Morristown, TN Real Estate Professionals