Memphis TN Foreclosure Homes

Some of the reasons anointed for Foreclosure homes have reportedly been employment losses compounded with non – realization of a double – digit income growth as in Year 2002-03. Rising energy costs on the home front meant a catch 22 situation if you wanted to fill gas and at the same time pay for the mortgage while also ensuring that the kitchen fire is kept burning. A tall order if you belong to a mortgage in Year 2007.

Just incase you wish to know where there would be a higher probability of finding a dream house you had always wanted - then it would perhaps also make sense to look at a larger population of foreclosures which incidentally has been identified as Tennessee, Memphis. As per RealtyTrac: the largest national database of foreclosure properties - their press release in May 06 indicates Memphis TN to rank at No. 4 Nationally with 0.99% household qualifying as foreclosure. This translates to 1 in every 101 mortgaged properties qualifying for a foreclosure. The statistics further indicate that in Quarter 1 of 2006 of JFM the total number of foreclosures went up to 5573 households. Now if it is desired that of these 5573 households, which are the ones, that one needs to go for then a brief demographic is provided below.

On a random sampling of foreclosure listing with one of the leading firms there appears to be little correlation between the cost per square feet ranging from $33 to $66 per square feet in terms of the no. of bedrooms and baths attached. With an assortment of two bedrooms to five and a majority of them in a suburban area and having graduated high school and half of them having graduated from College. Being the tranquil suburbs with a picturesque house selling 20 to 50% below the valuation one may like to go for it. By virtue of a diverse ethnicity consisting also of African American, Hispanics etc. by and large Memphis is touted as a “nice neighborhood.”

Clarity is usually lacking for a buyer while dealing with foreclosures primarily due to the continuous muddling through foreclosure reporting, listing or information services etc. with “hot spots” and “super saver schemes.” As the transfer of real property is recorded in the county courthouse where the property is located as part of a public information domain one must make use of this fact. Banks and lenders while providing with the list are not the absolute source for buying the property without a hitch. Real estate brokers, attorneys, county recorders or title insurance officers are sources of checkpoints incase of an interest in buying foreclosed properties. If buying from the auction one needs to study the background of the property title deed etc. thoroughly. Other ancillary details such as the cost of repair, competing interest etc. should ideally be looked into. Since, once bid you cannot revoke. Therefore it’s always better not to allow a dream house turn into a nightmare. Hence – Check, check and check again!