A real estate agent will often sell a property that is sold for less than its current market value to get more cash for the buyer.
However, it can also be the case that a real estate transaction is not completed and there are issues with the sale.
A real estate agency will often ask for the sale to be reopened if there are problems with the property or if it is in bad condition.
For example, the agency may want to rezone a property to a larger development or if the agent believes that a property has been abandoned or has become a nuisance.
If the agent finds that the property is in poor condition, they can apply for a Certificate of Abandonment from the city to reopen the sale if the city can show the property can be redeveloped.
The city can then apply for the Certificate of Renovation and/or Rehabilitation.
A realtor will then look to see if they can obtain a Certificate to reopen a sale.
The first step is to get a certified appraisal from a realtor.
This will allow the agent to look at a property and determine whether or not it is fit for the new owner.
After this step, the agent will need to get approval from the zoning commission for the purchase.
Once approved, the buyer will then receive a Certificate for Reopening the Sale.
A property will usually require a minimum purchase price of $750,000 to purchase and $250,000 for the renovation.
The agent will then review the certificate to determine if it meets the criteria for a certificate of reopening.
After the agent receives the certificate, they will then proceed to apply for approval from zoning authorities for the reopening of the sale and will then be required to meet the following criteria to reopen it.
In order to reopen, the property must be in good condition and the agent must obtain approval from city officials to reopen.
If approved, they are then required to provide the owner with a Certificate detailing the condition of the property, the rehabilitation plan, and the proposed rehabilitation of the land.
The agent then must then submit the Certificate to the city, which can then issue a Certificate from the City of Nashville for reopening the sale with the necessary zoning requirements.
The process can take anywhere from a few months to a year, depending on the type of property and the city.
The city can also issue a new Certificate if the property does not meet the criteria to reopening within that timeframe.
Once the new Certificate is issued, the seller can apply to the zoning board for a new reopening certificate.
The zoning board will then approve the re-opening certificate and the real estate broker will have to apply to have the property re-opened.