I want to give a big thanks today to one of our past clients, Lamont, who asked, “Is the Memphis market still a good place to buy a foreclosure?” with the follow-up, “How experienced are you in identifying quality foreclosures?”
Foreclosures sold peaked in 2010 at about 1.2 million. Since then, they’ve declined almost 100,000 each year. If the current trend continues, foreclosures will be at the level they were in 2005 by the end of this year. In that market, we had very few, if any, foreclosures, and homes sold about as fast as they were built.
Shelby County currently has a website for foreclosure listings that total about 3,000 homes. They range in asking price from $12,000 to $390,000. But the most critical issue with foreclosures is the cost of repairs, as those must be completed and paid for by the buyer—foreclosures are sold as-is.
Therefore, one of the strengths of the Peterson Team has always been its experience with home repairs and our connection with contractors that are licensed and bonded. The estimates for repairs must be known if you want to avoid buying a money pit.
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