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Home Buying in 38104 : Real Estate Advice

  • All16
  • Local Info0
  • Home Buying11
  • Home Selling2
  • Market Conditions2

Activity 10
Tue Jun 11, 2013
Mitanni Spruill answered:
Please call us at 1.888.854.1222 or 901.503.1129 we can most definitely help you find your perfect home within your budget!!
1 vote 6 answers Share Flag
Sun Apr 28, 2013
Dean answered:
Oh, and it is a myth that a bedroom has to have a closet to be considered a bedroom in an appraisal
0 votes 3 answers Share Flag
Tue Apr 2, 2013
Joe Spake answered:
Most of the duplexes in Memphis are in older sections of town, like Midtown and North and South Memphis. Are you considering occupying one unit and renting the other, or are you interested as an investor? Most owner-occupied duplexes are a really good housing deal, as the rental side pays much of the mortgage note, while the owner builds equity and experiences low personal housing costs.
If I could help you locate and purchase duplexes in the Memphis area, please contact me.
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0 votes 3 answers Share Flag
Fri Feb 10, 2012
Denise Richardson answered:
Yes power can be turned on at 3047 Carnes.
0 votes 4 answers Share Flag
Sat Sep 17, 2011
Ron Thomas answered:
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.

Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
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0 votes 9 answers Share Flag
Thu Feb 4, 2010
William Burgess answered:
I just had my third home inspection with House Call Inspection Service and I recommend them highly. I used House Call for the first time in 2005 when my wife and I moved to Memphis. We recently started looking at houses in Germantown. House Call helped us again and found some significant issues (rusted furnace, foundation issue) with a house that we almost purchased . After going over the report with the inspector on-site we decided to look at other houses and found one we actually like better and for less money! They print the report at the inspection and even come back for free to check the repairs. I highly recommend House Call. ... more
0 votes 12 answers Share Flag
Tue Aug 18, 2009
Jo Shaner answered:
Dear B,

I assume you are referring to buyer's closing cost -right? If so, realize that this figure in most cases is really referring to the buyer's closing cost, prepaid items (things that go into an escrow account) and possibly points. Depending on the type of loan that the purchaser obtains - can greatly change the allowable amount that the seller can (didn't say is willing to) pay.

An FHA or VA loan for the buyer has what we call non allowable fees. The buyer cannot pay them.....period. It must be paid by the seller. These fees range differently due to lender underwriting fees, attorney fees (for the Vet - the seller must pay both of the fees). Also, depending on the time of the year - when taxes are due and how much is required by the lender for "reserve" - it can change the amount needed. Conventional loans the seller can pay up to 3%, however if the buyer's put down a large downpayment - this figure can be increased.

The best way to project the needed amount is to REFER TO YOUR GOOD FAITH ESTIMATE" provided by your lender.

Now, on the seller side, the amount is considerably lower - a good agent can help you to keep these under $800. The commission is then added into the mix and that is something that the seller has agreed to on the front end when they listed their home.

Hope this helps!

Jo Shaner
LipseyShaner Team LLC.
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1 vote 4 answers Share Flag
Fri Jul 17, 2009
Jason Gaia answered:
The city of Memphis has unincoprorated areas for future growth. These areas can be annexed into the city at anytime, given a vote by the council. The date when that will happen is the million dollar question. Unfortunately, we can't predict the future. As we all know, plans change. Just be aware that any area within the Memphis Unincorporated reserve can and will be annexed into the city sometime in the future. When that will be is unknown.

I hope this helps.

Jason Gaia

Prudential Collins-Maury, Inc., REALTORS
968 Civic Center Drive #103
Collierville, TN 38017

Direct: 901-751-4357
Company: 901-259-8500
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0 votes 3 answers Share Flag
Sun Apr 12, 2009
Jim Keeling,ABR,GRI,Relo Specialist,Pref. Agent answered:
A good Biblical answer is " You can not serve 2 MASTERS" you will either love one and hate the other...enough said!
0 votes 9 answers Share Flag
Thu May 22, 2008
Jo Shaner answered:
Hi Dane,

Like Joe said earlier, it depends on your budget and your lifestyle. Also, another factor would be your family status (wife, children and even your animal situation). The market is so sweet for buyers right now that many students are snapping up great deals with fabulous seller incentives to boot! Depending on which school you will be attending will also help in your decision on what areas would work best. I have help many students with their investment - both in the purchase and sell. Let me know if I can be of any help to you with setting you up with listings of suitable matches for your needs. You are in the zone right now to make a handsome profit if you play your cards right!!

Take care,

Jo Shaner
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0 votes 3 answers Share Flag
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