So it has been decided that wife gets house and husband gets the boat and his retirement money. Wife works for a local firm in middle management with adequate income to keep up the payments (hopefully) that were being made with the benefit of two salaries. (Yes, it will be a little tight).

Question 1. What if the house stays in both names (it will unless you either refinance or sell.)?

So life goes on for the next sixteen months until former wife’s company downsizes and she loses her job. We are in a recession, this is major, it’s darn hard to get another job paying close to what she made, if a job at all. What its coming down to is no choice but for wife to put the house on the market, this down market we are in, and hope she can get out with enough to pay off the mortgage and have a little left to tide herself over. Months go buy, the house is still on the market, without the income, there is no way to make those mortgage payments. Two months late on the mortgage and both names on the mortgage have credit hit it will take up to 24 months to repair. If it goes into foreclosure credit scores of both on the Mortgage will be severely affected and can make it impossible to obtain a conventional mortgage for up to seven years.

If on the other hand, the marital home had been sold and financial settlement had been based upon the net proceeds of that sale, the outcome would have been very different.

This is but one of the many considerations to be made in determining the best solution for both parties in the divorce process in which there is jointly owned marital property.

Posted by:  Frances Garner

“IS THERE TAR ON THE BEACHES IN DESTIN?”

That is the question Destin rental owners want to hear from would be vacationers. Based on erroneous information printed in various local newspapers, misleading news stories on TV and bits of information, Vacationers throughout the south have decided this is not the year to go to the beach.

Too bad for the would be vacationers, worse yet for those whose income for the year either does or does not happen primarily in the Months of June, July, and August along the gulf coast. The Reality is that since the beginning of the oil spill in April there have been two occurrences of tar balls on the Destin beaches. Once quarter size pieces of tar came up on the beach, and BP workers removed it within 24 hours. Another time nickel size pieces of tar came and again were quickly removed. ResortQuest, one of the leading Beach Rental Management Companies in Destin, posts daily photos of the beaches on their website, ResortQuest.com.

Check it out! Summer was meant for the beach.

Posted by:  Frances Garner

Since the Internet has become the number one way buyer’s find a home, we at Parks Properties/Bob Parks Realty see the need for a truly broad internet presence.

These are the internet sites on which each of our listings appear: Cyberhomes.com, GoogleBase.com, HotPads.com, Leadingre.com, Clrsearch.com, Oodle.com, Home.Finder.com, Realtor.com, Trulia.com, Zillow.com, Roost.com, MyRealty.com, AOLRealEstate.com, SecondSpace.com, Bob Parks.com Realtracs.com, Tennessean.com, Yahoo.com, eRealInvestor.com, Propdrop.com, Enormo.com, homesbyfrances.com.

In addition, Print media such as American Lifestyle Magazine, and GCA PUBLISHING’s group of weekly newspapers which go to almost every area of town will feature color photo ads of your home. Color flyers are placed in display boxes in the yard and email brochures are sent to all agents in the market area. The TENNESSEAN is utilized to advertise open houses, with each ad appearing Friday, Saturday and Sunday when an open house is scheduled.

When you’re ready for your home to find a new buyer, give me a call. Your home will get maximum exposure, giving you the opportunity for a maximum number of prospective buyers.

Posted by:  Frances Garner

Interest rates reached an all-time low this past week when they went to 4.69 for 30 year fixed rates. If you are considering a home purchase this should be the time to move forward! Not only do we have these low rates, we have a buyer’s market. Lots of great homes to choose from and motivated sellers. Some recent research showed that in the middle Tennessee area at this time, any given listing has a 40% chance of selling during a listing period. In the “good old days” of 2005, the peak Seller’s market, a listing had a 70% chance of selling during a listing period.

The Million plus market had its peak in 1997 when a home priced over $1,000,000 had a 48% chance of selling during the listing period. In 2005, that was a 38% chance. Currently that price range has a 12% chance of selling. Sounds like a great move-up market opportunity to me!

Ready to start the process? Give me a call.

Posted by:  Frances Garner

While it is not fool-proof and errors can occur, I think there is little question that having a home inspection is very important for most buyers. I say most, only because if a buyer has expertise as a builder and thorough knowledge of the various systems of a home, he might have enough knowledge to determine whether the property he is buying will have more problems than he wants to take on.

The average buyer wants to determine that systems are in good working order, that the roof is free of leaks, and the age of the roof and its life expectancy as well as heating and cooling system is very helpful in knowing how to plan for future expenditures.

The interesting thing about home inspections and buyers and sellers is the vast differences in expectations. Some buyers expect the home, whether it is five years old or 50 years old to be almost like buying a new home. One item that is a fairly frequent notation on Home Inspection Reports is the presence of fogged windows indicating a broken seal. Some buyers will tolerate this knowing that the home they are buying is neither new nor perfect, and that the price they are paying is less than the cost of new and perfect. For others this is a sticking point. The cost of these repairs have to be weighed by the seller along with the agreed upon selling price. Negotiation for price is only a part of the sales process.

What I typically tell my sellers is that unfortunately, the inspection process and ensuing negotiations can be one of the more stressful parts of the process. For the person without an agent who is selling their home, the emotions they may feel can cost them the sale.

Hopefully the buyer and seller’s agents will be able to assist in negotiation a satisfactory arrangement that feels fair to both parties.

Posted by:  Frances Garner

This has been a week beyond almost anyone’s experience. Saturday and Sunday produced thirteen plus inches of rain. By Sunday morning ground water was seeping into the lower level (slab) of my home. Rain flooded the garden and ran like a river from my neighbor (and his neighbor, etc.)’s yard through my yard creating a pond where the basil, arugula, Swiss chard, lettuce, cilantro and flowers were growing. In some areas I waded through three inches of rain. The carpets made splashy sounds as you walked on them.

My small woes were miniscule by comparison to what was happening to friends, neighbors and clients in nearby Bellevue. Water submerged some homes almost to the roof line. Within one subdivision almost every home was affected. People died as they tried to get away and their cars were submerged.

Posted by:  Frances Garner

At a recent seminar on energy savings, I had an opportunity to learn more about the Green Movement and the work that is being done to educate consumers. One statistic that I learned about Nashville homes is that 20% of new construction in Nashville in 2009 were Energy Star certified. The added energy systems in this type construction equates to 15% more energy efficiency. Over 1000 Energy Rated homes are currently available for sale in Nashville. More than 800 of these homes sold in 2009.

Austin, Texas has been a leading example of energy conservation. Through their efforts, they have been able to save energy of an amount to exceed the output that would have been gained by building a new power plant. TVA has a goal of saving by efficiency an amount equal to the output of a new Nuclear Plant by 2012.

As conservation and Green thinking grows in importance, resale value will be positively impacted by Energy Certifications in residential homes.

One thing I learned that I brought home and began immediately was to lower the thermostat. For every degree the thermostat is lowered there is a 6 to 8% cost savings. While I thought 65 was a good night time temperature, I found that I’m just as comfortable sleeping at 63 degrees. I’m also being more conscious of turning the thermostat down when I’m going to be away from home for several hours.

One further piece of information I gained was that coming to Tennessee in late April is a “Cash for Clunkers” program for Appliances. No details at this time.

Posted By: Frances Garner

If you’ve never bought a home, or if it has been some years, you may not know that Representation by a Realtor for a Buyer is a formalized agreement, just as a Listing Agreement is a formalized agreement between seller and agent. While buyers may easily find homes on line and make contact with the listing broker to view the home and even write a contract to purchase the home, they will be doing so without the benefit of the knowledge, expertise and guidance of an agent who is dedicated to representing that Buyer. A Buyer’s Representation Agreement spells out the services that the agent will provide, and also what expectations are for the buyer. If you are not well acquainted with, and completely comfortable with your agent, the representation agreement period can be for a short period of time, a day, a week or for whatever time you may specify.

In most cases, the buyer will not pay anything for the representation of the Buyer’s Agent. Usually the Agent’s fee is paid by the seller. Sometimes an unrepresented Seller may not be willing to pay the Realtor’s commission. In that event a Buyer may choose not to be shown homes in that category.

An experienced Realtor representing a Buyer can save time in finding properties that meet specific needs, work diligently to negotiate the best price and terms and provide sources of Lender’s who offer great rates along with great service as well as qualified home inspectors, closing attorneys, insurance options and more.

Don’t go it alone. Take the team approach. Happy House Hunting.

Posted By: Frances Garner

Yesterday I attended a presentation by Edsel Charles of Market Graphics Research Group; www.mgresearch.net; in Franklin, TN. This is the second largest Market Research Group in the US and provides market research data to the Federal Reserve Bank among others. Among the topics discussed was the fact that Baby Boomers are unable to find what they want to “move-down” into. In an overbuilt market, which is working to correct itself and making some positive strides in that direction, there is no overbuilding in what either seniors moving down or Baby Boomers are seeking. According to the statistics that Edsel presented yesterday, the average Baby Boomer’s dream house would be somewhere between 2700 and 4100 square feet on one level. The most important area of the home would be a social living area/ kitchen that is functional, open, and beautiful (sounds good to me so far). The master bedroom area is another area needing special treatment preferably with an access to outdoor deck and garden area. A private library area for the lady of the house suitable for entertaining was high on the list. And according to Edsel the male Baby Boomer in the family’s fantasy would include an oversized garage with a wet bar, full bath and a dog bath area. Baby Boomers, What do you think? Is this what you are looking for?

Posted By: Frances Garner

The good news in 37205 is a strong uptick in sales in the $800,000 to $1250,000 price range. The statistics indicate that for this price range, the market is coming back.

37205 is the zip code home to Belle Meade, and Hillwood, as well as the West End area; three of Nashville’s most prestigious and expensive communities. Here is the history of sales in the $800,000 to $1,250,000 price range since August of 2007:

• 08/01/07 to 02/01/08 - 20 sales
• 02-01-08 to 08/01/08 - 20 sales
• 08/01/08 to 02/01/09 - 14 sales
• 02/02/09 to 08/01/09 - 7 sales
• 08/01/09 to 02/11/10 – 35 sales

It is a pleasure to share the news.

Posted By: Frances Garner

Parks Properties 2009 Fall Fund Raising Project was a huge success on Friday, October 30th.

This year we held a BBQ luncheon and featured home baked deserts (and some beautiful purchased items as well) for sale. Steve Gregory, Parks Property Realtor and one of the country’s top BBQ Miesters once again cooked world class BBQ and his special baked beans recipe. Other Parks Property agents baked their specialties from specially decorated Halloween theme cup cakes to cakes and pecan pie.

In addition there was a silent auction for a one week stay in a Gulf Front condominium in Destin, Florida. We were delighted that attendance was so good we had to send out for more tea and slaw before the first hour was up. Benefiting from this fund raiser was the Green Hills/Belle Meade chapter of Mobile Meals and Second Harvest. The Mobile Meals chapter also serves surrounding areas, like Berry Hill, Edgehill, Melrose. In addition to monetary contributions, attendees brought non-perishable food items. A total of five large boxes of food was collected for second harvest. While monetary contributions were split between Second Harvest and Mobile Meals, the director for Mobile Meals said funds donated to them would feed three to four people for a year. Recipients of Mobile Meals who are able to pay, pay a nominal fee for their meals. There are many more who are unable to pay.

A special thank you to everyone who gave their time, money and food donations to make this such a great success.

Posted By: Frances Garner

We are going green! Last week our Green Hills office of the Bob Parks Family became Parks Properties! I’ve been busily replacing our Bob Parks signs with these beauties. The remarks have been very positive . As much as we were loyal to the Bob Parks Red, Yellow and Black logo, there is something that feels so Fresh about our new signs. I look forward to hearing YOUR feedback.

Posted By: Frances Garner

I’ve just listed a lovely home in Hill Place that has such a great floor plan, It’s hard to imagine the family whose life-style it would not fit. Classic style, enduring quality, beauty and functionality come together here. There are four generous bedrooms each with a private bath, The Master suite is located on the first floor, but a second master is on the second floor. There is an amazing amount of storage from cabinetry in the mud room to the second floor office, even more cabinets in the domestic command center, built-in bookshelves in the Den which opens from the kitchen, as well as in the upstairs recreation room.

Hill Place, a gated community, is one of Nashville premier neighborhoods. From the graceful entrance of Hill Place though-out this beautifully planned development, it feels like coming home. Hill Place is located about fifteen minutes from down-town Nashville. It’s moments to shopping, Nashville’s best private schools and Warner Parks.

Posted By: Frances Garner

Considering a lake property in Middle Tennessee? Look no further, Center Hill Lake in beautiful Dekalb County is it! A 64-mile long deep-water reservoir consisting of 415 miles of mostly undeveloped shoreline and 18,200 acres of nothing but fun, fun, fun, Center Hill is considered the playground of choice for many country music stars who make the Nashville area home Pristine waters with a maximum depth of 190 feet and 3 breathtaking waterfalls flowing directly into the lake, along with the many creeks, quiet coves, and awesome sunrises and sunsets are just a few of the many reasons why most choose this area over all others. In addition, there’s great golfing, an Appalachian Center for Crafts, 3 State Parks, 5 Restaurants, 9 Army Corps Recreation Areas, and 8 Marinas! Find your next home or getaway overlooking beautiful

Center Hill Lake / Marina at Highland Cove Condominiums. Just one hour from Nashville, this gorgeous gated community could be your next full-time home or quiet secret hideaway!

Posted By: Frances Garner

Center Hill Lake in the winter is more serene, quieter and every bit as breathtakingly beautiful as during those lovely seasons that permit swimming, skiing, boating and fishing. As I sat in my beautiful furnished model at Highland Cove Condominiums on a recent Saturday Open House event, I was once again overwhelmed by the beautiful setting.

Highland Cove Community is year round home to a few luck owners, but the vast majority make it their get-away destination. Just over an hour From Nashville, it’s an easy week-end retreat. A great opportunity to entertain family and friends, the community BBQ area is never over worked. There are only sixty-six units to share the pool and other amenities. The final phase was recently finished with two furnished models. All units are three bedrooms; the penthouse units offer a bonus room as well as unbelievable views.

Middle Tennessee residents are very fortunate to live within a short distance of such a beautiful natural area.

Posted By: Frances Garner