6100 Chickering Road

The negative side of the current residential real estate market, other than the fact that, on average, 90% of the offers that are submitted are rejected, is that an inordinately number of the accepted offers are eventually terminated.

As strange as it might seem, the seller is eager for the buyers to go away in many of these transactions as the backup offers often eclipse the dollar amount of the existing offer. Plus, the market is shifting upwardly so quickly that prices have probably risen 5% or more by the time the would-be buyers terminate their offer.

Sellers have no worries about their homes being stigmatized by the sales having fallen through. Desperate buyers do not care. They are happy to see a house, any house, return to the market.

If the inspection revealed a deficiency, the sellers hire a few contractors, have their wounds licked and jump back into the fray.

Most contracts in the current environment include a “pass/fail” inspection clause, meaning the buyers are going to inspect the home and take it or leave it. Often, local inspectors refer to conditions that are foreign to out-of-town buyers like termites and/or invisible killers like radon. A high radon rating can send a certain buyer running away fearing for his life, while local residents realize the gas, while harmful, is abundant in the region and easily mitigated.

Many are unfamiliar with termites and their habits, and that they are not a protected species. While it is disappointing to some, firearms are not necessary for their extermination. Most pest control companies, use a bait to lure the pesky mites to a buried termite welcoming dwelling filled with poison, where they enjoy a good meal before passing into the great lumber yard in the sky.

With the pass/fail ultimatum, many buyers opt to issue a failing grade to the home only to learn that the seller will, in fact, make any repairs required. From a timing standpoint, it is often advantageous for the sellers to stick with the original buyers, even if there is some expense for repairs.

Buyers should not be as fearful of having to battle to have their earnest monies returned, although the contract has grown some teeth requiring buyers to submit a reason for the terminations. However, when the houses are placed back on the market, they are absorbed quickly for at least the same price, if not more. Consequently, there are no damages to the seller and no lawsuit for the buyers.

For those considering cashing in on the current boom, they must consider their future housing needs. One unique characteristic real estate situation is that it is nationwide. Certainly, some areas are less expensive than Nashville, but the lack of inventory across the country is such that the seller may be left homeless.

Fortunately, Nashville has proven to be a generous community, and programs like Room In the Inn provide three squares, showers and the proverbial roof over the head with no admission requirements. Sell high, invest the cash and fade away. Perhaps a large contribution to the organization would neutralize the karmic aspect of the plan.

Sale of the Week

As the war stories roll in from buyers and sellers, closed sales are continuing to support the tales from the front.

Last week, the home at 6100 Chickering Road sold within hours for $2.7 million after Shane Tallant of Village listed the property for $2.425 million. That, of course, is $275,000 more than list price and might be a record. If it is, it will likely be eclipsed in a couple of weeks.

Selling for $561 per square foot, the house rests on slightly less than 6 acres in Forest Hills and boasts some 4,811 square feet of living space.

Tallant is one of the talents at Village and has been featured in national media on numerous occasions. With his encyclopedic knowledge of architecture, he has labeled this manse as “Scandinavian Modern,” noting that “privacy is an understatement” for this house with ‘too many features to list.”

April Blue of Benchmark Realty represented the seller in the transaction and was able to ward off the bevy of would-be buyers who tried to woo Shane into accepting theirs. This totally unique home was once owned by Nashville icon Angelo Formosa.

The house has five bedrooms, four full bathrooms and one half bathroom along with an in-ground pool bounded by a covered porch and patio. The corrugated metal roof provides the perfect ambiance for the house set in this Forest Hills neighborhood.

Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty, LLC and can be reached at [email protected].