I’m not sure that anything is wrong with Hampton Reserve, but there is certainly something wrong with the high end housing market in Brentwood…BUT, that’s only if you are a seller. If you are a buyer who has always wanted a McMansion in a gated neighborhood, break out the drool bib because your day has cometh. Currently, of the 16 houses for sale in Hampton Reserve, 5 are on the distressed market as foreclosures (2) or short sales (3) and that ratio is becoming more prevalent in the newer luxury neighborhoods in Brentwood. The previous statement may be shocking to those of you who are still under the 37027 fairytale spell, but the outside world is finally creeping into this idyllic world and is having a profound effect on Brentwood homes.
There are currently more than 36 distressed sales in Brentwood and these are not tear down handyman specials. These are homes that reach well over $2 million in neighborhoods like McGavock Farms, Governors Club, Heathrow Hills and Hampton Reserve, but there are also some incredible homes in the more traditional price ranges in neighborhoods like Princeton Hills, Crockett Springs and Brookfield. That’s all good and well as most of these 36 homes are known to buyers in the MLS, but what about the 12 homes that are also distressed sales, but not listed properly or at all in the MLS? These are homes that are quietly being fished by several local banks who are hoping to quietly disburse prior to having to suffer a public sale. Several of these homes are not deals…they are steals and some of my clients should go to real estate jail for buying so low. This practice has been common in the Nashville real estate market for the better part of 2 years and is becoming more widespread in Brentwood.
There are several items to keep in mind when buying distressed Brentwood home. If the house is a bank owned foreclosure, you can forget having in contingencies in your offer. You lose the opportunity to tie the home up while you inspect, appraise, comb through the HOA docs and line up your financing. Instead, your offer will only be considered if you can show proof of funds (either cash or an approved loan already in place) and a closing date within the next 30 days. You need to do all of your due diligence up front and your Realtor better know the steps, potential pitfalls and place where you can be exposed to potential harm.
Brentwood short sales are a little safer in terms of allowing inspections and other financial contingencies, but they are also typically a much longer process, especially if the seller does not have their short sale approved by their lender. Typically, most sellers do not have their short sale approved and that can cause a 60-90 delay in closing. Again, this is where an experienced agent will make all the difference in the world in guiding the purchase towards a swift and favorable result. That result usually being one of the lowest prices in Brentwood.
The Newest Short Sale in Brentwood
How much would you have paid for a custom 10,167 square foot, 5 bedroom, 6 full bath, 3 half bath home with a gourmet kitchen, movie theatre and elevator 2 years ago? You would have paid between $1.7 to $1.8 million. Take into account that this mansion was built by Dan and Adam Stern and some may have paid a premium. Today, let the bidding begin at $1.39 million. The home is a Mediterranean style home located at 9557 Sanctuary Place in Hampton Reserve and was just listed for sale by my fiend Chris Fuller with Bob Parks Realty.