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| Q FREQUENTLY ASKED QUESTIONS
How do I get started?
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| A Go to the city area of this website that may be of interest to you. When you locate a property that you'd like to investigate further, click on the picture of that property. More information including estimated monthly expenses, projected rent ranges, more photos and other information on the property will appear. |
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| Q How do I secure a property for purchase that I want? |
| A Each property will have a contact person. Contact that person by phone or email and tell them you want the property. Typically, a contract will be prepared and on your desk before 10 a.m. the next morning. A short, but reasonable, period of time will be specified on the contract for the contract to be returned signed. A pre-paid overnight addressed envelope will be included. Remember you don't have a binding offer to purchase until we get the contract back and secure the signature of the Seller. |
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| Q How much is the Earnest Deposit? |
| A $3,000 dollars is the required earnest deposit and a check for that amount must be returned with the contract. Of course, this is your money and will be held in our escrow account and be credited to the amount of funds you will need to close. |
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| Q Is a Home Inspection required? |
| A Yes. We require that you have a third-party inspector conduct a through inspection of the home you are purchasing, including new home purchases. All contracts are written subject to an acceptable home inspection being conducted prior to closing. You may research local home inspectors on-line, through yellow pages or choose to pick one from the home inspectors that we offer. Home Inspections typically cost around $250 and they are the buyer's expense. |
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| Q Who will manage the property for me after closing? |
| A When you are mailed the contract to purchase the home you will also be mailed a Management Agreement. For properties in the Greater Nashville Area, you will receive the Management Agreement from our Management Company, Morris Property Management, Inc., in the same envelope with the purchase contract. In other areas the Management Agreement will come under separate cover from the local Property Manager that we recommend. The contact information for those property management companies is listed for each city. Nashville and Chattanooga property management companies require a $250 Owner's Escrow Deposit with the return of the Management Agreement, Sevierville (Knoxville Area) requires a $500 deposit. This is money that is held in escrow for you to be used for minor repairs, as needed (even for new homes). You may choose any management company you wish to initially manage your property. |
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| Q How do I secure financing and can I move forward on a purchase if I do not have my lender lined up yet? |
| A We suggest that you contact your lender and get pre-qualified prior to speaking for a property. All contracts are written subject to you obtaining your loan approval. Your lender must provide a "Commitment Letter" to us within 30 days or your earnest deposit becomes non-refundable at that point, but still deductible from the sales price upon closing. The lender that you choose is strictly your decision. The lenders that we recommend from their track records of reliable customer service and timely closings are listed on our site under Mortgage Lender Information.
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