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FAQ
Frequently Asked Questions About Real Estate & Auctions in Middle Tennessee
Buying or selling property comes with a lot of questions, and having clear, accurate answers makes all the difference. Below you’ll find helpful information about working with a REALTOR®, understanding the real estate process in Tennessee, and exploring auction options as an alternative to traditional listings.
As a Tennessee REALTOR® and Principal Auctioneer, I’m committed to providing transparent guidance, ethical representation, and practical insight so you can make informed decisions with confidence. This FAQ page is designed to answer common questions and clarify how real estate and auction services work across Middle Tennessee.
Real Estate FAQ
What does a REALTOR® do?
A REALTOR® is a licensed real estate professional who helps clients buy, sell, and invest in property. REALTORS® are members of the National Association of REALTORS® and follow a strict Code of Ethics in addition to state real estate laws.
What’s the difference between a REALTOR® and a real estate agent?
All REALTORS® are licensed real estate agents, but not all real estate agents are REALTORS®. REALTORS® are members of the National Association of REALTORS® and are held to higher ethical and professional standards.
How do I know what my home is worth?
A REALTOR® provides a Comparative Market Analysis, also known as a CMA, which evaluates recent sales, current listings, and local market trends to determine a competitive and realistic price for your home.
Do I need to make repairs before selling my home?
Not always. A REALTOR® can help you decide which updates may increase value, which repairs are worth addressing, and whether selling your home as-is is the best option for your situation and market conditions.
What happens after my offer is accepted?
Once an offer is accepted, the transaction enters the contract phase. This typically includes inspections, appraisal, financing, title work, and closing. A REALTOR® helps manage deadlines and coordinates communication through every step until closing.
Why should I choose a REALTOR® instead of buying or selling on my own?
REALTORS® provide market knowledge, professional marketing, negotiation expertise, and guidance through legal and contractual requirements. Their role is to protect your interests, reduce risk, and help you achieve the best possible outcome.
How much money do I need for a down payment?
Down payment requirements vary by loan type. Some loan programs allow as little as 0 to 3.5 percent down, while others may require 10 to 20 percent or more. A lender can help determine which options you qualify for.
What credit score do I need to buy a home?
Credit score requirements depend on the loan program. Many buyers qualify with credit scores in the 600s, although higher scores typically result in better interest rates and loan terms.
Can I buy a home with little or no money down?
Yes. Loan programs such as VA and USDA loans may offer zero-down options, and some buyers may qualify for down payment assistance programs depending on eligibility.
What are closing costs?
Closing costs are fees associated with completing a real estate transaction. These may include lender fees, title insurance, appraisal costs, and escrow fees. Buyers should expect closing costs to be approximately 2 to 4 percent of the purchase price, depending on the loan and transaction details.
Do I need an appraisal?
Yes, in most financed transactions. An appraisal confirms that the property value supports the loan amount. In some cash purchases, the appraisal requirement may be waived.
Can self-employed buyers get a mortgage?
Yes. Self-employed buyers can qualify for a mortgage but may need to provide additional documentation such as tax returns, profit and loss statements, and bank statements.
Can my loan be denied after I am under contract?
While uncommon, it is possible. Buyers should avoid major financial changes during the process, including opening new credit accounts, changing jobs, or making large purchases before closing.
How long does the financing process take?
Most financed real estate transactions close within 30 to 45 days. Timelines may vary based on loan type, appraisal scheduling, and underwriting requirements.
Real Estate Auction FAQ
What is a buyer’s premium?
A buyer’s premium is an additional fee paid by the buyer on top of the winning bid price at a real estate auction.
For example, with a 10 percent buyer’s premium, a $100,000 winning bid results in a total purchase price of $110,000. Buyer’s premiums are always clearly disclosed prior to bidding.
Are auction properties sold as-is?
Most real estate auctions are conducted as-is, where-is, with no warranties expressed or implied. Buyers are encouraged to perform due diligence, review any available inspections, and ask questions before bidding. All auction terms and conditions are disclosed prior to the auction.
Can I get financing for a property purchased at auction?
Yes, financing may be available, but many real estate auctions require cash purchases or conventional financing without contingencies. Financing terms, down payment requirements, and closing timelines are always disclosed before bidding begins.
When does a property close after an auction?
Most real estate auctions close within 30 to 45 days, unless otherwise stated in the auction terms and conditions.
Are auctions only for distressed properties?
No. Real estate auctions are commonly used for estate settlements, luxury homes, farms and land, investment properties, downsizing situations, and time-sensitive sales. Auctions provide transparency, urgency, and competitive bidding, not just distressed property sales.
Can sellers set a minimum price at auction?
Yes. Sellers may choose from several auction formats, including absolute auctions with no minimum price, reserve auctions that require seller approval, or auctions subject to confirmation. The auction type is always disclosed prior to bidding.
Why choose an auction instead of a traditional real estate listing?
Auctions offer faster sale timelines, competitive market-driven pricing, transparency, reduced contingencies, and serious, qualified buyers. Auctions can be an excellent option when timing, certainty, or maximum market exposure is important.
What types of auctions can you conduct in Tennessee?
Licensed Tennessee auctioneers may conduct real estate auctions, personal property auctions, estate auctions, benefit and fundraising auctions, on-site live auctions, online auctions, and hybrid auctions that combine live and online bidding. Some auctions also require a real estate license when real property is involved.
Do I need to be licensed to auction property in Tennessee?
Yes. Tennessee law requires auctioneers to be licensed through the Tennessee Auctioneer Commission. Anyone conducting an auction or calling bids for compensation must hold an active auctioneer license. If real estate is being sold, the auctioneer must also be a licensed real estate agent working under a licensed Tennessee real estate brokerage.
Business Address
Brokered by: Apex Realty & Auction
Brokerage Phone: 615-247-8191
Brokerage Address: 2633 Williams Dr
Pleasant View, TN 37146
Email Address
crystallockerealtor@gmail.com
Call Or Text Crystal
O: 615-247-8191
M: 615-684-1954