Dena Williams's Blog

Auctions, Auctions, Auctions: Nashville, TN

Dena Williams (Keller Williams) — Tue, 01 Jul 2008 15:25:53 -0700

Auctions sure have changed. In today's time, auctions are becoming more and more popular ways to sell real estate at a designated and specified time. The question is which kind is it? REO auction where the bank owns the property, a foreclosure auction, or just a motivated seller who wants to sell at a specific time? You have seen the signs...you can't miss them really. Giant pointer signs on every major intersection corner that eventually lead you to the house. Real estate brokerages are appearing with their own licensed auction divisions. The auction division of my company, Keller Williams, here in town, is Premier Auctions, LLC.

In today's market, buyers pass up deal after deal because there are so many of them. They want to hold out until "the bottom" or get that once in a lifetime deal...which is understandable but nearly impossible to predict or pick. Auctions can be an avenue to get a good deal on a house, but not in all cases. Assuming you can meet the requirements of the auction, (amount required up front, and terms of payment) you need to really have good information about the property. Not only do you need to know as much as can be known about the value of the property, the home's condition, and the potential costs involved in repairs or updates that may be needed (if any), but you also need to have information about the title among other things. Homes bought at auction do not come with title insurance, and if you are not careful and have not accurately had the title researched, you could end up assuming a lien on property that was not wiped out with the auction for one reason or another. There are mulitple scenarios where this could occur and several where it would not, but if there are unknown property tax liens or federal income tax liens, or more senior liens on the property than the one at auction, it could be a very bad day for an uninformed new owner. Not only could new-found responsibility for those liens be an unexpected negative or awakening that it was not as great of a deal as thought, but when that new owner looks to resell the property, it could provide issues in providing a clear title.

Some houses do not sell at auction, perhaps because reserves or minimum bids may be set higher than potential bidders are willing to pay or maybe the risks outweigh the rewards for some people. I'm not sure. I do not know if this one will sell at auction, but I'd like to follow it through to find out what happens. This home sure does have my interest.

This new construction house is nestled in the gated Sheridan Park, Williamson County subdvidision of Brentwood, TN and has been listed on the market for $1,129,000. This is $170,000 under starting list price at 5466 sf. It has a nice theater room/bonus room with screen and the house is wired for sound throughout. The millwork is exquisite, and the kitchen is a dream. For a one acre lot, 4 car garage, custom built luxury home, someone may just get an incredible deal and soon call this home...or we may have an update blog later with what happened. If you're interested in this auction, let me know... July 17th at 6 pm...come with me, but if you're seriously considering participation, start the research process now. Do not enter into it lightly! Whether you attend or not, I'm sure I'll post an update on what actually went down on the lawn...later.

For more details on this auction or other homes in the area, contact me at:

Dena Williams
Keller Williams
615-739-2944
denawilliams@kw.com
www.homenashvilletn.com

7/17/08 - the "update"

Quite a few folks showed up to see how the auction went. I'm not sure how many registered bidders there were at the beginning of the auction, but as of 5:30 or so, there were only 4. I don't think there ended up being too many more than that if any. Most of the people were there to watch. I believe there were about 70-75 people there in total.

As for the auction, itself, the auctioneer was in the back of a truck parked on the lawn with microphone in hand. He started at 1,200,000 with no bites (which is what it recently appraised for). If not 1.2 then where?, he said in his verbal gymnastics. So they gathered a few bids at the same time of $650k, $675k and $700k. So they were off with the first bid of $700,000.

He then brought the bid up to $800k and it was quickly taken. When it got to that point, he kept saying $900k over and over again with no bites. Finally, they closed it down with the highest bid of $800,000. At that point, they had to check with the seller to see if he would accept it. There was never an announcing either way, but it looked to me that it was a no go. This was not an absolute auction. There was a reserve that I am quite sure was not met.

You have to admit $800,000 would be stealing the home. Most people consider a great investment at 20% below the value of the home, and I think in some cases you can find a home at 20% below market value here. However, 65% of the value on a brand new, beautifully and well built luxury home? There won't be many of those kinds of deals out there. So my "guess" is that if the bidding had got ten somewhere around $960,000, that it might have sold. And, wow, that would have still been an amazing deal for a buyer. But...no story here today. Maybe one of the auction attenders that weren't registered will make an offer now because there is one thing this auction has done...stir up new interest in this home and increase exposure. Hopefully, there will be a win/win at the end of the day, and there will be a new homeowner in a great neighborhood before too much longer.

Nashville TN home builder gets creative with home inventory

Dena Williams (Keller Williams) — Tue, 29 Apr 2008 15:11:16 -0700

A new home builder in Nashville, TN is offering a private inventory reduction sale this weekend, May 3, 2008 for all of their inventory homes. Tennessee Valley Homes is a respected new home builder with communities all throughout Middle Tennessee. This weekend is focused on several new homes for sale in the subdivisions of Avalon and Stream Valley in Franklin, TN; Kings Chapel in Arrington, TN; Glenellen and Woodlands of Copperstone in Brentwood, TN; Winston Hills in Hendersonville, TN; and Tollgate Village in Thompsons Station. Twenty-three homes are being sold in auction-style which range in list price from $289,900 to $1,100,000. Although there are only two homes in the million dollar range and only 3 homes under the $500,000+ range. Most of the inventory is in the $500,000 to $800,000 range.

With the uncertainty spread from housing and mortgage crisis news in past months, it makes some buyers more conservative or hesitant about making such a large purchase, especially on custom and higher end homes. This sale allows buyers to get a below market value price and allows the builder to move their existing inventory, creating a win/win for both the buyer and the builder. It is a creative and aggressive method to sell some of their existing inventory, so don't be thinking this builder is going out of business. While there will be definite deals to be made this weekend, do not expect to pay 1/2 of list price for these homes. It is not that kind of sale, and it just won't happen, but it is one of those times where low ball offers will be rampant...and who knows...you just might get your price! Most of the homes will have reserves that must be met. It will be a great opportunity to buy a new home at a great price from a reputable custom home builder.

So if you're interested, here's the deal. You must be pre-qualified to attend the event. The other thing is that you must be registered for the event. You must also close on the home within 45 days. If you need lender contacts for the pre-approval process or want more information about registering shoot me an email at denawilliams@kw.com. You'll definitely want to see the homes before you attend the auction, so I've set aside much of the week to show these homes to prospective buyers. In such a quick purchase, it will be important to have buyer representation who can help you take the emotion out of the sale, offer you the data you need to put in your offer, and help protect you in the details that might otherwise get missed in a hurry! So I'd love to help you get a great deal on a fabulous home this weekend.

Here's a complete list of the new homes offered auction-style this weekend:

Buyer Full Report

It sounds like there's a lot of interest from people, so don't miss it! Call me today so I can help you get the best deal possible and help protect you with your quick decisions!

You can reach me at 615-739-2944 or denawilliams@kw.com for further questions, to schedule showings, or to get registered! Remember that you can look up these homes on the MLS from my website at www.homenashvilletn.com.

Good luck!

Dena Parker Williams
Keller Williams

Nashville TN Home builder: Looking for a New Home in Nashville TN? - Incentives for the Buyers

Dena Williams (Keller Williams) — Thu, 18 Oct 2007 16:59:47 -0700

Nashville TN Home Builder information: Many people are interested in buying a new home in Nashville TN today. They also may search to find Nashville TN home builders, but it is overwhelming to try and find which new home builders in Nashville TN are actually offering incentives and what they are. If you are looking for a Nashville TN homebuilder, I hope to give you information as I get it and also want to help you find that new home that meets your needs! Hopefully this blog will be a great source for your new home needs in Nashville TN or surrounding areas.

In efforts to try to streamline information and incentives being offered by the different new home builders in the Nashville area, I'm compiling a list of known and current incentives from the builders on their new homes in the Nashville TN area. The information, depending on when it is read, may also be inaccurate or outdated so we will need to verify all incentives if there is interest. And, by no means, is the list exhaustive, but it is a work in progress and will be updated as I receive more information. And if you know of any information worthy of posting, do not hesitate to leave comments here!

Drees Homes

About the Nashville TN New Home Builder

Drees Homes has recently introduced DreesSpace, which is a signature floor plan that promotes spaciousness, openness and flow. Many homes offer vaulted ceilings with a wall of windows to create a more spacious feel in the family room. Kitchens tend to be open and combined with the family and breakfast rooms. They attempt to create a larger master bedroom with vaulted ceilings and a sitting room. And they may customize a bonus room for buyers.

The builder's new home communities include: Gallatin, TN - Fairvue Plantation; Franklin, TN - 3 Hurstborne Park subdivisions, Abington Ridge; Brentwood, TN - Inglehame Farms; Nolensville, TN - 4 Burkitt Place subdivisions; Nashville, TN - Brookview Forest, Stonecreek Park and Breckston Park; Hendersonville, TN - The Hunt Club, Autumn Creek; Hermitage, TN - Cobblestone Landing; Mt. Juliet - Providence;

New Home Nashville TN Current Incentives

Drees Homes is currently offering a home theater promotion. With any build to order contract you will receive a custom designed home theater, with a value of more than $19,000. This home theater would include:

Wall Mounted cinema screen with ceiling mounted from projector or plasma television
5.1 Surround sound system, including 5 speakers and 1 subwoofer
Audio/video receiver, amplifier and progressive scan DVD player
LCD Screen custom programmed remote control

Or if you do not care for the home theater, you can choose to have $19,000 in options chosen in the Drees Design Center for your new home.

Another offering they have is for the weekend of October 26, 27 and 28th on 1 particular home in the Inglehame Farms Subdivision with new homes in Brentwood, TN. The deal is $73,190 in savings on a 4365 sf home that also includes 600 sf of outdoor living.

Ford Custom Classic Homes

About the Nashville TN New Home Builder

Primarily in Williamson County, TN, this Tennessee home builder offers grand southern-style homes to classic European Architecture. They claim architectural distinction with a focus on quality and value for custom luxury homes. They were awarded Best of Show for their Italian-villa style 2006 Parade of Homes submission in Annandale.

Builder's communities include: Franklin TN - The Highlands at Ladd Park, Westhaven, The Gates at Carlisle ; Thompson Station - Canterbury; Nashville, TN - LaurelBrooke; Brentwood, TN - Annandale and Windstone;