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Foreclosure in 38103 : Real Estate Advice

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  • Local Info0
  • Home Buying1
  • Home Selling1
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Activity 17
Mon May 13, 2013
Bob Brown answered:
I will have to know the address - please send that to me.

A cash offer might make your offer more attractive usually because you can closed the sale must faster than if you needed a loan.

In most cases when a home has been on the markert for this long you can assume it is over priced or in very poor condition.

Frequently foreclosed home are trashed or not well taken care of by the past owner.

I need the address and I will go to work for you.

It's your turn now for action - send that informaton to me and we will work out an offer.
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0 votes 4 answers Share Flag
Mon May 13, 2013
Stephen Anderson answered:
Are you pre approved for the loan? Is the house in good condition? Did you ask for closing cost? Call me! 338 9043
0 votes 9 answers Share Flag
Wed Feb 8, 2012
James and Kenisha Martin answered:
Find a buyers agent that knows the process of buying a foreclosure in Memphis. A simple search on Trulia will due.
0 votes 1 answer Share Flag
Sun Nov 20, 2011
Don Tepper answered:
Too late for that. You should have done your research before starting the company.

And focus on what you want to accomplish. It's great that you want to do your part to save the earth. But if you've started a company, your focus should be on making that company successful. You do that by meeting (and exceeding) customer needs. You don't do that with a secondary agenda. ... more
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Wed Mar 20, 2013
Todd Harris answered:
First the contract became binding on the date it was executed by HUD. This is when the 15 day period begins. When did they deliver the contract to your agent? Ultimately, you can ask for an extension to complete the inspection. If your agent is in Memphis, he/she can get the utilities on with the executed contract. The expense of which will be passed along to you.

If I were your agent, I would get the utilites on in my name, get your inspector there the same day or the following and have them off w/n 24 hours of the inspection(s) ending. This can be done in 5 days, assuming the availability of the inspector & appraiser.
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0 votes 7 answers Share Flag
Sun Sep 5, 2010
Scott Godzyk answered:
Liz there are alot of variables, first was it your loan? Did you include teh loan in your banktruptcy? If it wasnt your loan, do you own teh house with someone else and it was their loan? Are you still in bankruptcy or did it get discharged? If you are still ib bankruptcy, you should ask your attorney for assistance, if you have been discharged and used an attorney, i would call them. If you didnt use an attorney, now is the time to call one for assistance. You need someone who knows your state law that can assist you. Good luck working things out ... more
0 votes 3 answers Share Flag
Tue Mar 30, 2010
Kathleen (Kate) Seaman answered:
It depends on whether there are other offers and what the asking price is. $12,000 less than asking on a property listed for $200,000 is a strong offer. $12,000 less than an asking price of $100,000 is not so strong. You also need to consider that the bank may take up to 2 weeks to respond and in the meantime other offers could come in. My advise is work with a buyers agent to get local facts before making your offer. ... more
0 votes 7 answers Share Flag
Mon Feb 1, 2010
Julia Odom answered:
Sorry, there is no standard.

Check out these two blog posts of mine:

Both of these talk about how to determine what you should offer. The bottom line is, you really need a good buyer's agent in your corner to help you figure this out.
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0 votes 11 answers Share Flag
Tue May 24, 2011
Joe Spake answered:
First let me say that I am not an expert on this issue, but there are agents who are (they are also agents who say they are and are not). I would be happy to refer you to a local agent who has had experience dealing with the banks and can give you sound advice on this issue.
Joe Spake
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0 votes 8 answers Share Flag
Thu Jul 30, 2009
John Thompson answered:
With a foreclosure so recent, the only option I can think of would be a lease purchase. You could do this with a small amount down and actually be renting and building equity at the same time. Coldwell Banker Memphis does this. You can google them.

The only other alternative is to put a significant amount of money down, at least 20% and do a conventional loan.
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0 votes 5 answers Share Flag
Thu Jan 27, 2011
Patty Everitt answered:
Hi, I would attempt to go onto the websites for Countrywide, wells fargo, First Tennessee, etc. and see if there is a phone or email - some type of contact- another idea would be to drop cards off at all the Real estate companies, usually there are places for the cards to be or even a flyer. We do that often at Prudential
Realtors are always looking for good and relible companies.

Good Luck to you !

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Wed Dec 31, 2008
Dawn & Dan Malloy answered:
From our MLS in Florida there is a link for the tax roll. That is where I find the bank information.
0 votes 6 answers Share Flag
Sat Jun 6, 2009
Margaret Rodgers answered:
Wed Jun 11, 2008
Jo Shaner answered:
Dear Susie,

Your answer is going to be with the mortgage industry since subprime (commonly referred to as B paper) are sold in their own lots. Contact the Memphis Mortgage Broker's Association. The stats I can give you would for foreclosures and not all foreclosures are due to subprime lending. Many foreclosures are due to 100% loans with an adjustable second. ... more
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Thu Jan 17, 2008
Sylvia Barry, MAS,CIPS,SRES answered:
I agree with you, Jamie, a 6 lane highway can be a huge deterrent for buyers when offering the house for sale. You have to price the home extra aggressive to generate interest - in the buyers market with a lot of homes for sale, buyers are very picky, sometimes they won't even get out of cars if they see how close the house is to the highway.

So, price aggressively in this situation.

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