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Memphis Foreclosures
Memphis foreclosures involve a relatively quick process from start to finish. Buying foreclosure properties is a great way to obtain real property at discount prices. Since approximately four percent of all home sales end in foreclosure, there is plenty of opportunity to buy foreclosure properties to make a profit.
Because foreclosures in Tennessee are generally performed out of court, they usually take only two months. If a borrower defaults on a loan payment, the mortgage company can begin foreclosing on the property. This means that there is only a short window for a pre foreclosure sale. This ultimately benefits a potential buyer because it places the defaulting borrower in a tight position. The borrower can end the foreclosure process if he or she is able to pay the total loan amount.
Finding Memphis Foreclosure Properties for Sale
This short foreclosure period makes using a foreclosure list of the utmost of importance. By law, the foreclosure notices must be advertised at least three times in a newspaper in the period starting at least 20 days before any sale. A good foreclosure list will eliminate any redundancy of listings and present them in an organized manner, making it is easier to select which Memphis foreclosure properties to focus on and pursue.
While it is usually easier to visually inspect HUD foreclosures, it is important to conduct research on any property considered for purchase. One aspect of this research process is to find out the price for which comparable homes in the area have sold. Additionally, it is prudent to find out what the outstanding loan amount is on a given property and ascertain whether any capital improvements are needed to make the property habitable.
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