Sometimes, through no fault of their own, financial disaster strikes a Tennessee homeowner. For example, they may have been the victim of a company-wide lay-off leaving them without a source of income, or they may have suffered a severe illness that left them with a mountain of medical debt. No matter what the reason is, however, there are times when a person in Tennessee may find that they cannot meet their monthly mortgage payments.
Unfortunately, there will always be those in Tennessee who wish to take advantage of other people, particularly where money is concerned. For example, there are a number of scams that a person wishing to rent, purchase or sell residential real estate should look out for.
Many people in Tennessee rent a home, rather than owning one. Also, sometimes it makes more financial sense for a business to rent its premises rather than purchasing a building. Moreover, renting out a house, an apartment complex or a building can be a lucrative endeavor for Tennessee landlords. However, landlords in the state do have legal duties with which they must comply.
These days it may seem like more and more brick-and-mortar stores in Tennessee are closing as shoppers turn to online retailers, such as Amazon, to make purchases. However, one type of real estate that has become a hot commodity exactly for this reason are warehouses.
Many people in Tennessee dream of one day buying a home. However, before they become homeowners, they must go through the real estate closing process to complete the sale.
Jackson residents may be interested to hear that government mortgage lenders Freddie Mac and Fannie Mae have both issued statements that they will no longer require appraisals on some of the mortgages they back. This will save buyers who qualify for this waiver money and streamline the residential real estate closing process.
Whether a person is building a home, a manufacturing plant, a store or are looking to start a farm, they will need to make sure that they are in the correct "zone" in which to complete their project. This is because cities have different parcels of land reserved for different uses. This is known as zoning. Through zoning comes better city planning with fewer conflicts.
Potential homebuyers: does it look like there isn't as much selection of existing homes for sale as you were anticipating? It's not your imagination. Tennessee residents may be surprised to hear that the number of existing homes for sale in the residential real estate market has reached a low that hasn't been seen in two decades. Why? According to one survey it is because "Baby Boomers" are neither selling their homes to downsize after their kids fly the nest, nor are they selling their homes in order to purchase a bigger one. In fact, of those surveyed, 59 percent reported that they had no plans to sell their home within the next 12 months.
Cities in Tennessee are ever-growing, and as they look to expand roads, install sewers and electrical lines and perform other tasks essential to the proper growth of a city, it may be necessary for them to acquire property owned by private citizens. This right of the government is known as "eminent domain."
With the real estate market once again on firm ground, more people are taking the leap and purchasing real property. For some, this purchase will be a home to call their own, while for others it will be a commercial property located in any up-and-coming district.