Why is the house on Dycus Cove listed as a foreclosure home for sale and as as a "sold" home on 3/02/09?

Asked by Johnnie Crowder, Chicago, IL Sat Mar 28, 2009

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Rhonda Sasla…, Agent, Memphis, TN
Sat Mar 28, 2009
There are several possible answers to this question. My sources show that a home on Dycus Cove went into foreclosure in January 2009. When a home is foreclosed on, that means that the bank or lender is now the owner of the home. Bank's are not in the business of "owning" homes, so they try get them sold as quickly as possible. My question to you is where did you see the home "listed" as a foreclosure, and what source showed the home as "sold"? A buyer can usually purchase a foreclosed home for less than market value, so these homes are usually sold quickly. This particular home WAS listed for sale on MLS briefly in late 2008, but shown as "expired" in November 2008. What this says to me is that the owners received a foreclosure notice in 2008, attempted to sell it through a Realtor before the actual foreclosure happened, were not able to sell it, and the bank took it over in January 2009. This home does not show up currently on MLS, so if it was indeed "sold" on 3/0/09, it was done outside of the Realtor community. It could have been sold to an investor, or it could have been sold by a non-Realtor board member or by an individual who is hired by the lender to sell their home inventory. If you will provide me with specifics on the home, I will be happy to provide more information on exactly what transpired. If you are an investor looking to buy foreclosure real estate, I can certainly assist you in this process.
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Terry Longmi…, , Memphis, TN
Sat Mar 28, 2009
Do you have a street number, I do not show any active listings on Dycus Cove in the MLS?
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