It’s no secret — Nashville’s housing market is as hot as our hot chicken, and as a result, housing prices have reached a historic high. In fact, the median listing price in Nashville was $448.5K in May 2022,

However, there are still several neighborhoods and enclaves throughout the city with reasonable housing prices. Today, we’re uncovering some of the more affordable neighborhoods in Nashville, each enjoying proximity to the heart of the city as well as a variety of nearby attractions and conveniences. Add these communities to your Nashville home search to find something that fits within your budget!

Nashboro Village

Situated just 12 miles southeast of downtown Nashville, Nashboro Village is a well-planned community with a collection of apartments, townhomes and single-family homes. This wooded enclave is also home to the Nashboro Golf Club and is adjacent to Percy Priest Lake, providing endless opportunity for outdoor recreation. While there are plenty of rental options available in the form of apartments and townhomes, Nashboro Village is also an affordable place to buy, as the median listing price is just $280K. Some of the homes in Nashboro Village date back to the late 1970s, but many were built in the mid-2000s, when the neighborhood Directly north of the airport, Donelson is a steadily growing area enjoying easy access to downtown, plus plenty of green space, including Two Rivers Park and Stones River Bend Park. It is also home to Gaylord Opryland Resort & Convention Center and Opry Mills Mall, and has all of the conveniences you might need on a day-to-day basis, including grocery stores, restaurants and shops. Homes in the larger eastern region of Donelson/Hermitage/Old Hickory have a median list price of $375K, making it an affordable option within the Nashville metro.

Tucked away just East of downtown Nashville is the charming neighborhood of Donelson. With its expansive lot sizes and brick ranch style homes, the ode to the Mid-Century feel is something that has buyers looking in this peaceful neighborhood time and time again. The weekly farmer’s market (March-Oct) and strong community feeling have kept generations of families in Donelson. A new public library is currently slated for Donelson Plaza, adding to the many new amenities and restaurants that Donelson has seen move in over the last number of years. If you are looking for a quick travel time to Downtown or the Airport and a strong sense of community,  Donelson has a lot to offer.  underwent a new construction boom.

Donelson

Lila McCann   Living True Home Group of MW Real Estate

lila@mwrealestateco.com

O: 615.257.6300

C: 615.504.8168

Parkwood Estates

Directly north of the city, but not quite all the way to Madison, lies the established community of Parkwood Estates, which has been around since the 1960s. Much of the activity centers around Parkwood Park and Parkwood Community Center, which have sports fields and courts, green space, and more. Residents of Parkwood Estates may easily reach any destination in the city, as the neighborhood is sandwiched between entrances to all major highways, including State Route 155/Briley Parkway, I-24 and I-65. Homes in Parkwood Estates have an average listing price of $379.5K, but prices can span from the 200s all the way up to the upper 400s.

Bordeaux

Located along the Cumberland River, the large community of Bordeaux has experienced substantial growth over the last several years. It is only about 10 minutes from the center of the city and still remains relatively affordable with a median listing price of $429.5K — but it may not be affordable for long! Clarksville Pike runs through the center of this residential area, providing a variety of restaurants, gas stations, grocery stores and other conveniences.

Bordeaux has been a hidden gem for years, but it’s largely because few homes go up for sale in the area since the stunningly unique mid-century builds are often passed down from family member to family member without ever hitting the market. Take a drive through the winding streets with mature foliage, and you’ll see why it’d be tough to let go of a home there! Sprawling lots on a rolling topography sit minutes from hot spots like downtown Nashville, The Nations, Germantown, and East Nashville while maintaining a slower paced, private feel. Word has begun to spread, however, and developments are popping up all along the main arteries of the neighborhood making it a prime spot to invest given the incredible potential the area holds.

Robby Stone

Village

Realtor, Affiliate Broker

M: 205-383-7001

“Here’s what I love about the Bordeaux area. Most of the neighborhoods are established and there are some beautiful mid century modern homes hidden in there. However, new construction is being developed, especially along the Cumberland river, with some beautiful water and city views. I’ve had the opportunity to help clients find both – the charming mid century modern and the brand new construction.  Deeper into the neighborhood, you find larger lots, more space in between neighbors with gently rolling hills and lots of mature trees- some of Tennessee’s charm at its finest. A quiet country like feel to a neighborhood that is a quick commute to the city (only 13 minutes to downtown), universities (5- 10 minutes to TSU and Fisk University) and some of your favorite restaurants (10 minutes to Germantown). In January 2022 mayor Cooper announced 8 new city initiatives through participatory budgeting to continue investing in the Bordeaux area including a new pavilion at Bordeaux Gardens (with upgraded playground), improved landscaping and updated playground at Hartman Park, and additional bus shelters. If you have kids, you have to check out the updated playground at the Bordeaux YMCA- it’s fantastic. I’d love to help you explore this community further.”

Ann Small 

Compass

E: ann.small@compass.com

M: 615.540.9881

Woodbine

Although the neighborhood as a whole has experienced significant growth over the years — and therefore rising prices — you can still find reasonable prices in Woodbine. This residential neighborhood in South Nashville is easily accessible via I-24 and I-440, and is bordered by Nolensville Pike, which is lined with a variety of popular international eateries. Residents may also head to neighboring 100 Oaks in Berry Hill, which has nearly every convenience you might need, including Home Depot, Walmart, Petsmart, Michael’s, a movie theater, and much more. You will find a variety of home styles in Woodbine, from older homes built between the 1940s and 1970s to newer, custom-built homes. As such, the median listing price in Woodbine is $439K, but you can still find options in the 300s.

“Woodbine is one of the last few neighborhoods in Nashville that affords you both a yard, and a close-by seat to some of Nashville’s top entertainment and dining spots. At only five 5 minutes from the new soccer stadium and 10 minutes from the Gulch, Five Points, Green Hills shopping, and a gorgeous hike, it’s a top-tier value. A quick drive through Woodbine will also showcase a wide variety of home designs: modern new construction, 1930’s craftsman bungalows, and mid-century ranchers are all available and ready for purchase (for 30 minutes from town pricing-wasn’t sure what this meant)”

JAKE BLOUNT

Keller Williams Realty

c: 615.997.0715

Cumberland Gardens

In the northwest corner of North Nashville near the Cumberland River, the community of Cumberland Gardens is an affordable area enjoying proximity to the city. Plus, it is bordered by Ted Rhodes Golf Course, a public 18-hole course considered one of the best in the area. Homes in Cumberland Gardens have a median listing price of $297.5K, one of the lowest on this list!

Lenox Village

Constructed in the 2000s, Lenox Village is an intentionally designed community modeled after traditional neighborhoods in Tennessee. This polished community has everything residents need in Lenox Village Town Center, including restaurants, shops and professional services. The Village Green hosts a variety of community events, including food trucks, outdoor movies, and more. Homes in Lenox Village range from the low 300s to the 400s, and as such, most homes are either semi-attached or fully attached in a row of townhomes.

Still Searching?

We have curated a network of trusted Realtors who can assist you with your home search. They are extremely knowledgeable about the Nashville housing market and can help you find your dream home — no matter your budget! Contact us to get connected with a trusted real estate agent in Nashville.

The post 7 of the Best Affordable Neighborhoods in Nashville appeared first on Nashville Home Inspection | Magnolia.

As Nashville’s housing prices remain relatively high, many are shifting their home search a bit outside of town. That’s because some of the city’s surrounding suburbs offer lower housing prices on larger lots — providing the best of both worlds! Not to mention, regardless of the current real estate market, suburban living has always offered a laid-back way of life, a family-friendly feel, and a strong sense of community.

Nashville has an incredible selection of surrounding suburbs to choose from, some as close as 20 minutes from the heart of the city. These desirable enclaves are becoming increasingly popular amongst Middle Tennessee residents, who may still access Music City for work and play, yet retreat to their own private respite at the end of the day.

Let’s embark on a tour to encounter some of the best suburbs outside of Nashville. Who knows? Your future hometown just might be on this list!

Franklin

Although it is only about 30 minutes south of Nashville, the town of Franklin is a world all its own, with its own charming downtown area, historic homes, and strong sense of community amongst its residents. Franklin frequently makes it on lists of the “best small towns in America” or “best places to raise a family,” as several Williamson County Schools are among the best in the nation. Founded in 1799 and named after Benjamin Franklin, the town is steeped in history and tradition, with a number of historic sites and beautiful Victorian homes attracting visitors from all over the country. Franklin is extremely walkable, with local shops, restaurants, cafes and professional services lining the historic downtown area. Heads up: the undeniable charm of Franklin means the housing market can be quite competitive — and relatively more expensive than other surrounding suburbs!

Rachel Crawford Johnson

Realtor

BHHS Woodmont Realty

Cell 615-663-7958

Hendersonville

If you’re looking for waterfront living not far from the center of the city, look no further than Hendersonville. This town of just over 60,000 is nestled along the northern shore of Old Hickory Lake. Hendersonville neighborhoods weave throughout two massive peninsulas, providing miles and miles of coastline. And despite this prime waterfront location, Hendersonville still has relatively affordable housing options to choose from. Plus, the community is well-established and has avoided much of the new construction boom taking over other parts of the region, so you’ll find some older homes on larger lots. Hendersonville has long been a popular place for country music stars to call home, including Johnny Cash and June Carter Cash!

Brentwood

Considered the most affluent suburb of Nashville, Brentwood is a city of about 45,000 situated just 10 miles south of downtown. It is prized for its extravagant homes, proximity to Nashville, and excellent school district. Many residents of Brentwood commute into the city every day and enjoy the peace and quiet of this upscale community when they go home at night. Brentwood is near a number of parks and greenways, including Radnor Lake State Park and the Warner Parks. Not to mention, Brentwood residents can easily make the 20-minute drive south to Franklin for additional attractions and conveniences. Much like Franklin, Brentwood residents can take advantage of the exemplary school district that is Williamson County Schools. Before you get your bags packed, keep in mind that with an average housing price well over $700K, Brentwood is one of the most expensive cities in Tennessee!

I was Born and raised in Brentwood, getting to experience the growth we have seen over the last 20+ years has been inspiring. I knew that I wanted to find a way to remain intertwined in the city and Real Estate has given me an avenue to connect with community members and develop lasting relationships. I have truly enjoyed serving my clients in this market through buying, selling, and building. Brentwood is known for it’s peace and tranquility, everywhere you look you will find like minded individuals interested in contributing positively to the ecosystem that makes Brentwood so great. We sit just outside of Nashville with beautiful rolling landscapes, extravagant homes, and incredibly strong school districts the likes of which create a wonderful habitat for raising a family. In my opinion it is one of the cornerstone cities in the entire United Sates. If I haven’t sold you on it yet, give me a call and I can show you what it’s all about. 

Chandler Premo (615)438-3702

Village Real Estate

Bellevue

If you get sticker shock while looking at Belle Meade’s housing prices, set your gaze a bit west of the enclave to its more affordable neighbor, Bellevue. This large suburb has a wide variety of housing options, from apartments and condos to single-family homes set amongst well-established neighborhoods. And the best part? Bellevue residents only have to drive about 20 minutes to reach the heart of downtown Nashville, so it makes for an excellent home base for experiencing the city to the fullest. And yet, Bellevue has everything you need, from grocery and home improvement stores to movie theaters and parks. In fact, Bellevue is adjacent to Percy Warner Park and Cheekwood Botanical Gardens — plus, the Harpeth River winds through the suburb, with plenty of places to go swimming or kayaking.

Madison

In recent years, Madison has emerged as an up-and-coming suburb to keep your eye on — and invest your dollars in. Situated just northeast of Music City, it is considered an extension of East Nashville, and residents can easily reach the hotspots in East, including trendy watering holes and eateries, via Gallatin Pike. Many choose Madison for its more affordable single-family homes, and the value is expected to continue to rise steadily — with more development and growth on the horizon. More and more businesses are beginning to make the move to Madison, including Yazoo Brewing, which relocated their headquarters to Madison in 2019. Conveniences are within reach in the Rivergate area, which has the mall in addition to plenty of shops, restaurants and other professional services. The future is bright for Madison!

Sarah Beth Paul

Team Lead at Sarah Beth Home

Vibe Realty

4525 Harding Pk, #244

Nashville, TN 37205

(615) 398-0832 (mobile)

Nolensville

Although the population of Nolensville has doubled over the last decade, the small town of just over 13,000 has still maintained its small-town charm and family-friendly feel. Established in 1797, this historic town is well-established and steeped in history, yet is experiencing steady growth, in both population and popularity. There are several businesses in town, including the original outpost of Martin’s Bar-B-Que Joint, Mill Creek Brewery, and other restaurants, antique stores, clothing boutiques, coffee shops, and more. But Nolensville residents can reach Nashville with a reasonable 30-minute drive. Due to its increased desirability, Nolensville housing prices are a bit higher than some of the other surrounding suburbs. But once you experience this area’s undeniable charm, you’ll understand why!

Goodlettsville

For those pursuing a more rural, scenic way of life, look no further than Goodlettsville. This suburb just north of Madison has experienced consistent growth, with new construction neighborhoods popping up year after year. And yet, Goodlettsville is not far from Nashville — which can be reached with a short 20-minute drive south on I-65. There are plenty of ranch, farmhouse and Gatlinburg-style homes in Goodlettsville, many of which are situated on spacious lots. Outdoor recreation abounds at the nearby 147-acre Moss-Wright Park, which has walking trails, picnic tables, a playground, and sports fields.

Mount Juliet

Nestled between Old Hickory Lake to the north and Percy Priest Lake to the south, Mount Juliet is a hidden gem of a suburb — but the “secret” may be out. The suburb has a population of just over 35,000, which makes it the perfect size — small enough to get to know your neighbors, but large enough to have a variety of amenities and conveniences. Plus, the Wilson County School District has a number of award-winning schools, making Mount Juliet an especially attractive community for families. Outdoor recreation abounds, with the two major lakes nearby — not to mention the Appalachian Mountains just to the east of Mount Juliet (there’s a reason it’s called “The Gateway to the Blue Ridge!”). You’ll find a wide variety of home styles and price points in Mount Juliet, as it has a mix of older homes and new construction properties.

“The City Between the Lakes” is just a short 20 minute drive East of Downtown Nashville. With a population of 42,413 Mount Juliet is quickly becoming one of the fastest growing communities in Tennessee and has been named one of the best places to live.

With award winning schools, proximity to top-notch healthcare, low property taxes and diverse cultural & entertainment offerings, Mt Juliet has much to offer. Featuring miles of beautiful shoreline on Old Hickory Lake, the “lake life” is one of the many draws to this thriving community. If exploring the outdoors is what your into, Mount Juliet boasts 6,000 + acres of parks and outdoor activities to top off this well rounded community as a fantastic place to put down roots. We would love to help you explore this Mount Juliet further.

Jeremy & Amanda Polzel

The | Polzel | Group of Benchmark Realty, LLC

M: 615.499.8603

E: Hello@ThePolzelGroup.com

Thompson’s Station

A bit lesser-known but equally as charming as its neighbors Spring Hill and Franklin, Thompson’s Station is a rural community with just over 7,000 residents. There’s plenty of room to spread out here, as homes reside on expansive lots with old-growth trees and peaceful country views. This small town has a few amenities of its own, like Kroger, Circa Grill, 1819 Coffee, and more, and is just minutes from Spring Hill, which has additional stores, restaurants and professional services. Thompson’s Station is home to some of the area’s best parks, including Preservation Park and Heritage Park. While the town is nearly 40 minutes from Nashville, it isn’t far from Franklin, which has additional amenities and attractions for residents to access.

Kingston Springs

Nestled in the bends of the Harpeth River, Kingston Springs is a picturesque community 20 miles west of Nashville. A perfect mix of rural beauty and small town charm surrounded by nature activities. The weekly farmers market, Turnbull Provisions coffee shop, Skyking wood fired pizza, and the legendary Fillin’ Station provide just enough action for those who want be outside of the city. Truly one of Greater Nashville’s best kept secrets.

Nicolas Dobbratz | simpliHOM

510.326.7543 nicolasdobbratz@gmail.com

Need Help With Your Home Search in Nashville?

We have a network of trusted Realtors who can assist you with your home search. They are extremely knowledgeable about the Nashville housing market and can help you find your dream home — no matter the area(s) you are interested in! Contact us to get connected with a trusted real estate agent in Nashville.

The post The 9 Best Suburbs Outside of Nashville appeared first on Nashville Home Inspection | Magnolia.

Now that you’re here, you’ll be spending the next several months getting acquainted with the city and all it has to offer, including local events, small businesses and your neighbors. In order to speed up the process, we’re sharing a few tips and tricks for becoming a true local in Nashville, from getting a new license plate to frequenting local eateries, music venues and shops.

Welcome to Nashville!

Get a Tennessee License + License Plates

Driving around with an out-of-state license plate is a sure way to stick out as a newcomer or visitor. As soon as you make the move to Nashville, make a plan to get to the DMV to switch over your license plate and get a Tennessee license. And if you’re moving from elsewhere in Tennessee, you’ll still need to fill out a Tennessee DMV Change of Address! Here is more information about changing your address. And here is a collection of resources for new residents, which includes necessary documents and other requirements to be prepared for.

TIP: Obtain your drivers license at a driver service center. In Davidson County, there’s one on Hart Lane and Hickory Hollow.

Car registrations are processed at the county clerk’s office, which requires a second appointment. The Davidson County Clerk is located in various offices throughout the Greater Nashville Area, which means this will be a quick errand for you!

Pro Tip: Get to the DMV early in the morning to avoid the long wait we all dread! If possible, get there before they open and wait in line outside so you’re one of the first to be helped.

Get a Library Card

In the age of Amazon, it’s easy to forget about one of the most amazing resources at our fingertips: the public library system. And we have an excellent library system here in Nashville! The Nashville Public Library has 20 branches throughout the metro area, including the main branch in the heart of downtown. Become a true local by getting a library card to gain access to this incredible resource, including the ability to check out physical books, audiobooks, eBooks, and more. Plus, the library hosts a number of events for all ages — check out the events calendar here!

Explore Our Amazing Parks

No matter the size of your yard, you can take advantage of the shared “backyard” of the amazing parks scattered throughout the Nashville area. A few favorites include The Warner Parks, Centennial Park, Radnor Lake State Park, Beaman Park, McCabe Park, and Shelby Bottoms. Each of these parks offers a variety of amenities, including miles of trails to explore on foot, bike, or with your dog! Many locals make walking through a neighborhood park part of their daily or weekly routine.

Get Some Sports Gear

Nashville is a great place for sports fans, as we have a variety of teams to support — and a dedicated fan base! But one thing you may be surprised to find out: Nashville is quite the hockey town. Go to a Preds game to see what the hype is all about — and take it to the next level by getting some Preds gear on your way out. And with the newly built GEODIS Park, Nashville SC is turning us into a soccer town as well! And of course, we’ve always had the Tennessee Titans and the Nashville Sounds, our Minor League Baseball team. Start going to local sports games to cheer on your (new) favorite team. Bonus points if you get a t-shirt or jersey — or better yet, a flag to hang on your front porch!

Adopt a Dog

You know what they say! “If you come to Nashville without a dog, one will be administered to you.” Every morning and afternoon, you’ll see a parade of dog owners and their four-legged companions making their daily loop through the neighborhood. If you don’t already have a dog, you might consider adopting one at a local shelter! The Nashville Humane Association is a great place to start. You can even choose to foster a dog if you’re not quite sure you can take on the long-term responsibility, or go straight to adoption if you’re ready to add a new member to the family.

Pro Tip: Having a dog is one of the best ways to meet new people! The dog community is strong in Nashville, and it’s common to strike up a conversation with complete strangers just because you have a dog. Go to dog-friendly breweries, restaurants and coffee shops to meet other dog lovers in the city.

Shop at the Farmers’ Market

During the spring, summer and fall, there’s no better source for produce and pantry items than a local farmers’ market. And here in Nashville, we have plenty popping up throughout the city on a weekly basis, including the daily Nashville Farmers’ Market next to Bicentennial Park. This year-round market hosts a variety of different booths selling all sorts of things, including honey, meat, fruit, vegetables, tea, juice, and more, plus a variety of handmade products, like pottery, jewelry, candles, soap, and more. And inside, choose from an array of different types of food, including Greek, Italian, Mexican, Jamaican, and much more.

Volunteer With or Donate to a Local Non-Profit

Here at Magnolia, we firmly believe in the power of giving back to the community, whether it’s through the donation of our time, resources or money. There are plenty of organizations in our midst that are doing incredible things for those in need within our community, including the Nashville Rescue Mission, Hands On Nashville, Habitat for Humanity, Thistle Farms, and more. Find out how you can get involved with these organizations, whether you’d like to volunteer your time or donate money to support their mission.

Register to Vote

One of the best ways to get involved in a community is by registering to vote — and making your voice heard in each election, including the smaller local elections! As soon as you have become an official resident of Davidson County, you can register to vote here and learn more about upcoming elections, including polling locations and how to update your address, here.

Go to a Concert

The music scene in Nashville is second to none. There’s a reason our nickname is Music City! Once you’ve checked the iconic Ryman off your bucket list, head to some of the smaller venues scattered throughout town, including EXIT/IN, Marathon Music Works, Brooklyn Bowl, Mercy Lounge, the Basement East, and others. Here, you can hear just about any genre of music from both local and national touring artists.

Eat at Local Restaurants

When you’ve visited Nashville in the past, it’s likely you found yourself in a long line waiting to sink your teeth into the famous “hot chicken” everyone raves about. Or maybe you spent an evening dodging in and out of honky tonks on Broadway. Don’t get us wrong — we have a soft spot in our hearts for hot chicken and the music scene on Broadway, but it’s not really where the locals hang out on a regular basis. When you move here, make it a point to eat at local restaurants, rather than large chain restaurants or tourist hot spots. Don’t worry — you won’t have trouble finding exceptional local restaurants throughout the city!

Shop Local

Similarly, go out of your way to shop at local shops and boutiques when searching for a new outfit, home decor, or a gift for a loved one. There are so many talented makers and small business owners in Nashville, and one way to make sure they succeed is by giving them your business! Hit up a number of local shops at once by going to L+L Market, the Shops at Porter East, 12 South, and The Factory at Franklin.

Embrace Play

Everyone knows Nashville is the place for great music, great drinks, & great food, but don’t forget that the inner child needs a chance to shine as well! Music City has you covered with an array of options that will bring out the kid in you. Throw on a pair of socks and bowling shoes at the recently opened Eastside Bowl or staples like Donelson Bowl or Donelson Strike & Spare, brush up on everyone’s favorite Olympic sport with a little curling at Tee Line, tap into memories of school field trips with a visit to Adventure Science Center (especially on their adults only event evenings), game it up at Pins Mechanical or Up-Down, race the track or hit a hole-in-one at Grand Ole Golf & Go Carts or Music City Indoor Karting, soak up some rays at Opryland Resort’s Soundwaves or Nashville Shores, test your problem solving skills at The Escape Game, or face your fear of heights at SOAR Adventure Tower or The Adventure Park ropes course. The fun never stops in Nashville!

Make New Friends Within the Community

Allison Carriker recently moved down form New Jersey to join the Magnolia Home Inspection team and shared her experience with building a new network here in Nashville.  “Leaving behind a tight friend group who I could count on for both support and good times on the weekend was very difficult.  Making friends in a new city felt daunting but the Nashville community, with a reputation for being very welcoming,  accepted me and I quickly became connected!  If you’re not sure where to start, check out MeetUp.com to browse various social events, including workout groups, hiking clubs, happy hours for newcomers, and networking events.  Eventbrite, Facebook Groups, & local networking groups such as NTi also post events catered to new residents regularly. You’re not alone in your adjustment, many people who reside in Nashville have moved from out of state, and are ready to show you around!”

Allison Carriker

Realtor Liaison

Magnolia Home Inspections, LLC

Welcome to Music City!

Make sure you’re following our blog to learn more about Nashville living, including information related to the local real estate market.

The post How to Quickly Become a Local in Nashville appeared first on Nashville Home Inspection | Magnolia.

When a home is listed as “contingent or pending,” it means the seller and buyer have reached an agreed-upon offer, but before the deal is finalized, certain criteria must be met. In other words, the sale is contingent upon certain conditions. This could mean that the home inspection or appraisal must produce certain results, the buyer must get confirmation of financing, or the buyer needs to be able to sell their current home.

Most contingencies are favorable for the buyer, as opposed to the seller. In fact, in an ultra-competitive market, a seller may skip over an offer with contingencies in place, as they have the luxury of choosing from several other enticing offers without strings attached.

On the other hand, home inspection contingencies protect the buyer’s liability significantly, as it allows for the home inspector to discover defects that would compromise the value of the home. So it may be worth proposing a contingent offer — especially if you are uncertain or wary about the home’s condition.

Using expert guidance from Robert Murphy, Principal Broker with Armstrong Real Estate, let’s explore the several types of contingencies in real estate, and some of the benefits and downsides associated with each.

Home Sale Contingency

In order to avoid being stuck owning two properties at once (and therefore paying two mortgages), a buyer may have to include a home sale contingency, which means their current home must sell in order for them to qualify for the purchase of a new home. This may be necessary in order to have a decent amount of cash on hand for the down payment and closing costs. If they don’t include a home sale contingency, the buyer would be misrepresenting their financial situation. Keep in mind that in a seller’s market, this type of contingency may be frowned upon by the seller, who can just find another buyer not in this financial predicament. In lieu of this contingency, a buyer might consider a bridge loan, which is a short-term loan pending the arrangement of longer-term financing.

Home Inspection Contingency

A home inspection contingency means the sale of the home is contingent on a home inspection that doesn’t uncover any major issues with the home. This could include roofing problems, plumbing issues, electrical problems, structural issues, and other major findings.

These issues could be grounds for a renegotiation of the sales price or allow for an agreement to be made over who will be responsible for these repairs. Or it may give the buyer the opportunity to back out of the sale completely. Keep in mind that just because issues are found, this doesn’t necessarily mean the deal will always fall through! Depending on the severity, the buyer and seller may come to an agreement on a path forward. The contingency just gives you the flexibility to have those conversations if unforeseen issues do arise.

It’s also important to have a home inspector you can trust, who will explain the issue(s) in detail, including the estimated cost of repair and just how serious the problem is. Here at Magnolia Home Inspections, we are dedicated to protecting home buyers in the Nashville area by preparing them for successful purchase negotiations and educating them for successful long-term home ownership

Financing Contingency 

Also known as a mortgage contingency, a financing contingency allows buyers to cancel the contract of the purchase with no penalties if they are unable to secure financing from a lender. It is in place from the binding agreement date all the way to closing day. If a buyer has this contingency in place and is unable to obtain financing before closing day, they can terminate the contract and even receive their earnest money back. They will want to take extra care of their finances during this time by not taking on any debt, losing or switching jobs, etc.

Appraisal Contingency

An appraisal contingency means the sale is contingent on the appraisal confirming that the contract price is comparable to its value. This ensures a buyer isn’t overpaying for a home. And it comes down to the fact that the lender does not want to give a loan for an amount way above the home’s actual worth. In a hot real estate market, meeting the appraisal number can be difficult, but there are some ways around it. If you have cash on hand to make up the difference, you can work around the appraisal and purchase price not matching up.

Have More Questions?

Give Magnolia Home Inspections a call if you have any questions about the home inspection process — or schedule your inspection today! We promise you peace of mind or your money back.

The post What Does Contingent Mean in Real Estate? appeared first on Nashville Home Inspection | Magnolia.

“We’re proud to be a top home inspector choice for Realtors throughout Greater Nashville,” said http://tr5tm4gn0.wwwmi3-sr26.supercp.com/wp-content/uploads/2021/11/shutterstock_1899874807-FB-1.jpg Hammond, owner of Magnolia Home Inspections. “We are getting great intel on the real state of the area real estate market from agents that are having success closing deals for buyers down in the trenches.”

Lack of supply and price growth mean that homes that are for sale are getting hit by multiple offers very quickly, and sellers are enjoying the fruits of a hot housing market. Winning buyers and their Realtors are often the ones willing to pay a premium for the home with an offer that waives home inspection contingencies.

We’re honored to be featured in a podcast by Nashville Realtor Jacob Jones of MW Real Estate.

[quoter background=”” scheme=”light” author=”http://tr5tm4gn0.wwwmi3-sr26.supercp.com/wp-content/uploads/2021/11/shutterstock_1899874807-FB-1.jpg Hammond” text=”Those without a home inspection contingency are now often bringing in a home inspector after closing to build a laundry list of repairs to take care of now & in the future.”]

If market conditions have “forced” you to buy a home without the inspection contingency, you can schedule a home inspection using our easy online system. We also give you a free instant quote, in case you are still in the planning phase. The home inspection takes several hours and you should plan on attending. We’ll highlight and explain issues as we come across them, and will deliver a 30+ page interactive report with photos and explanations. Here is a sample home inspection report.

Nashville’s New Construction Market – Ripe for Defects

Other homebuyers frustrated with resale home inventory are buying new home construction. There has been a surge in the number of new homes that we have been doing inspections for since the start of the new year. A new home or new condo’s home inspection report is usually much longer and more comprehensive than the report for a home that has been lived in for 5 – 10 years. This blog post explains why you need a new construction home inspection or professional builder warranty home inspection in Nashville.

[quoter background=”” scheme=”light” author=”http://tr5tm4gn0.wwwmi3-sr26.supercp.com/wp-content/uploads/2021/11/shutterstock_1899874807-FB-1.jpg Hammond” text=”The new construction home inspection is proving to be a vital resource for Realtors and their buyers that are choosing new homes. Nashville’s high volume building conditions create the perfect landscape for new home defects.”]

Top Home Inspectors for Greater Nashville

Area Realtors and their homebuyers have relied on Magnolia Home Inspections for inspections on over 3,000 area home purchase transactions. We have 20+ years of direct contracting and construction experience in addition to our home inspection experience, and it allows our team to dig deep in the inspection of the home you are purchasing (or have already purchased).

Our inspectors are here to give you peace of mind in your home purchase, so that you can buy with confidence.

Call us with questions or schedule an inspection now!

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