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38119 : Real Estate Advice

  • All10
  • Local Info1
  • Home Buying6
  • Home Selling3
  • Market Conditions0

Activity 10
Tue Sep 17, 2013
Mikecondon1970 answered:
UPDATE: listed my house FSBO in march, had several calls, but no offers. All wanted to rent or lease to purchase. When I told them I needed $5K non refundable and a year lease to purchase agreement, they declined. In July, I listed with a local agent and have had less interest than when I was trying to sell it myself, despite lowering the price too. No calls and no shows. I have added new carpet through out. It is in a rural area. ... more
0 votes 14 answers Share Flag
Tue Apr 16, 2013
Tim Coulter answered:
The market is definitely picking up but I would say how much it thrives is specifically related to location. Some areas have taken quite a hit while others have retained and increased their value over the last few years! ... more
0 votes 5 answers Share Flag
Fri Jan 20, 2012
Jo Shaner answered:
Mike,

The "as is" route will get you .40 to .60 cents on the dollar. Can you afford to take another hit? In this price range more than likely your buyer will be going FHA. Some of the repairs you mentioned my be required in order for the buyer to obtain that loan. It is always cheaper to do the repairs on the front end, than to open a can of worms on the back. ... more
0 votes 14 answers Share Flag
Tue Jan 17, 2012
Megan Bower answered:
All of those updates will help sell your home over your competition. Make sure your Realtor keeps close tabs on the prices. You need to make sure a buyer who already loves the location will pick your home over the others and pay a bit more for the upgrades. You won't get dollar for dollar, but you will get your home sold. ... more
0 votes 6 answers Share Flag
Mon Jun 6, 2011
Elizabeth Nowlin answered:
A great article on this that I took from a posting on Mid South Home Buyers' (www.midsouthhomebuyers.com) Facebook page:


http://www.commercialappeal.com/news/2011/may/29/memphis-is-strong-for-rentals/ ... more
0 votes 7 answers Share Flag
Sun Sep 5, 2010
answered:
Wait until the middle of your 3 scores is at 620 or higher. You'll also need at least 2 credit lines that are open for at least 1 year each. Rent can be your 3rd line of credit. No open collections allowed over $5000 unless you can show 12 months payment made on them. Do not pay off any collections over a year old until a loan officer doing your loan has already pulled your credit. If the loan officer is not familiar with credit, ask him/her to ask the underwriter to tell you what to pay off and not pay off. You'll need to write a letter about your credit. They don't want to see spotty credit (late payments every year or every couple of years). It should only happen during significant times (not I forgot or the car stopped working so I stopped paying).

Don't use credit counseling services unless you want to wait 12 months to buy. We consider those as bankruptcy and you must make 12 on time payment before you can move forward. You may also need to create credit in order to increase your score and that can take 6 months before the credit affects your score.

If you have more questions about your credit, let me know. I'll be glad to help you free of charge.
... more
1 vote 12 answers Share Flag
Tue Jul 28, 2009
Joyce Jones answered:
Landy, Tell me how you determined a need for a non-qualifying home? Most requests are for a certain number of bedrooms or baths within a pre-approved price range given once you have met with a lender. Expound a little on what your situation is. Most Realtors have experience in working with all types of purchasing scenarios.

The zip codes you mentioned have a wide variety of properties that would make wonderful homes so don't be afraid to ask for help.
... more
0 votes 3 answers Share Flag
Tue Jul 21, 2009
Jaime Osborn answered:
Hello Landy,
I would be more than happy to try and help you out,
I have a list of homes available for Lease purchase right now.
You can check them out at my company's website.
www.benchmarkmemphis.com and then click on the lease purchase tab.
There are more available out there but that at least is a good place to start.
Feel free to email me if you have any questions about any of the homes on the site
my email address is
josborn@visioninvestmentproperty.com
or you can call if you prefer.
my number is 901-490-3542
... more
0 votes 1 answer Share Flag
Mon Mar 16, 2009
Jo Shaner answered:
Lots of good answers below, but keep one thing in mind if you are trying to go the FHA route because of the lower downpayment, plus other programs that can piggy back it with to reduce your total move in..........if you don't sell your existing home you will need to qualify for both mortgages EVEN if the other house is leased out.

Contact a local mortgage lender (loan originator) and start your strategy with him or her directly. A good one will work with you to help you meet your goals.

Jo Shaner
... more
0 votes 7 answers Share Flag
Fri Dec 19, 2008
Jennifer Carstensen answered:
Hi Patricia,

I was just wondering if you found what you were looking for...if not, I would be happy to show you properties available that fit your needs.

Jen Carstensen
Keller Williams Realty
901-201-0280
jencarstensen@kw.com
... more
0 votes 2 answers Share Flag
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