Memphis Real Estate Buzz » Memphis

Goodbye – Hello

Joe Spake — Wed, 11 Jan 2012 02:21:05 +0000

Last post on Memphis Real Estate Buzz

Moving to http://Blog.Spake.com

Image by joespake via Flickr

If you have come to this URL – http://MemphisRealEstateBuzz.com for the last few years for my local and national real estate news and comments, thank you! This is the last post on this blog. No I am not giving up real estate blogging – just changing the blog’s URL and look.

I am integrating Memphis Real Estate Buzz as a sub-domain of my main site, http://spake.com. From now on you can find my real estate posts, and hopefully other interesting posts at http://blog.spake.com. This blog will be automatically redirected there.

Thanks for your support. If you are an RSS subscriber, please go to http://blog.spake.com and subscribe there (all the posts from this blog are archived and searchable there). You won’t be automatically subscribed at the new location. You can use this link to subscribe right now. If you would prefer to receive new posts by mail, use Subscribe%20to%20Memphis%20Real%20Estate%20Buzz%20Blog%20by%20Email">this link.

So, I will see you on the other side. I will leave this site up for a while, to make sure all the permalinks to posts transfer properly to a new and permanent location.

Joe Spake is a Memphis, Tennessee based Consultant, Real Estate Broker, and Blogger. Call 901.214.5563 for a consultation or click to make a social connection.
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Memphis Bungalows

Joe Spake — Mon, 21 Nov 2011 17:42:01 +0000

Midtown Memphis Bungalow

Most of Memphis’ Bungalows are located in the Mid-City area, roughly bounded by Bellevue, the Wolf River, Highland, and South Parkway, however you see samples of the style in other parts of the city that saw development in the 1920s.

Memphis Bungalows feature low pitched roofs with usually with significant overhang; 0ne or one and a half stories, and a front porch. The interior features a practical floor plan, usually with a short central hallway, separate living and dining rooms. Many of the Bungalows found in Memphis were built from Sears Kits.

So what is a Bungalow?

Probably the most definitive description and examples for the layman can be found in this article. There are many definitions in the United States and around the world: Craftsman, Prairie, and Chicago styles are perhaps the most recognizable.

Bungalows for Sale in Memphis

Here are samples of bungalows currently on the market in Memphis. Since this is a dynamic slideshow (automatically updated), and since we have to depend on listing agents’ definition of ”bungalow” some images may not be representative of the classic bungalow style.

To see ALL the bungalows currently on the market in Memphis, CLICK HERE.

Related link: Memphis is a great bungalow town

Special note for RSS Subscribers – If you subscribe to Memphis Real Estate Buzz via RSS feed, Please subscribe and start following this new feed for spake.com. This will assure that you do not miss any items from either blog as I begin the process of merging the 2 blogs into one feed. Watch for future updates.

By the way, if you use Google+, I have just started a brand new business page. Visit it HERE.

If you use Google+, I have just started a brand new business page. Visit it HERE.

So you want to buy a foreclosure?

Joe Spake — Wed, 14 Sep 2011 17:33:48 +0000

The sub-head, Couple dismiss Realtor’s warning, sees potential in foreclosure, probably made some of my colleagues cringe, but the Commercial Appeal real estate feature last Sunday reported an owner-occupant foreclosure purchase success story. My clients got a good deal on a solid house, and overcame the obstacles I had warned them about.

Many home buyers feel that foreclosed properties offer the best “deals” in real estate, but few are prepared to deal with those 2 little words, “as-is”. It is my duty as a representative of home buyers to point out the downside of any property purchase, as well as emphasizing the amenities and advising on value, financing, and the entire purchase process. I write this post from the point of view of an agent who represents owner-occupants and not investors.

Purchasing a foreclosure is different in many ways from a normal sale. If you are considering purchasing a foreclosure as an owner-occupant you need a agent who understands the processes for the different types of foreclosures: Bank, Fannie Mae, VA, HUD. They are all handled differently by the sellers.

Some basic points to discuss with your agent:

Financing – Things are simple if you are a cash buyer. You are not likely to be able to get a standard conventional or FHA mortgage on most foreclosed properties, generally because of condition issues. There is usually no negotiation on repairs, damage, or missing items, which underwriters require to be remedied before granting a loan. If you can qualify for an FHA loan, a good alternative is to look into the FHA 203K loan that allows you to finance required repairs and complete them after closing. Fannie Mae’ Home Path program also has some useful financing alternatives. Look into financing options BEFORE you start looking at foreclosures or any properties.

Value – Foreclosures often go on the market at prices comparable to recent normal sales. The longer they are on the market the lower the price and the more negotiable the seller usually becomes. If you are going to take an “as-is” property and go through the process, your agent needs to give you assurances that, indeed, you are getting a good deal.

The Offer – Different sellers have different processes for submitting offers. HUD has a blind bidding process with a strict time frame and rules; VA requires using its contract which offers the buyer very few rights. Agent experience is critical in submitting and following up on offers and guarding your rights.

Inspections – Once you negotiate a contract, you are responsible for all inspections on the property, including turning on utilities and turning them back off per seller specifications. Be sure and complete all inspections within the time period stated in the sales contract. Get the best inspectors you can find. After the inspections, it’s your choice to take it or leave it.

Contractors / Repair people – For a lot of folks, do-it-yourself only goes as far as painting. Your Realtor should be able to suggest some contractors, plumbers, electricians, etc. work with you as necessary. It is probably a good idea to get the to have a look during the inspection period to get an idea of costs you might be facing in the future.

To be very honest, most foreclosure transactions are pretty much of a hassle in one way or another. So my advice is Be Patient and Be Prepared!

Good luck!

FAQ’s about HUD Properties (realtorkaera.wordpress.com)
Bargain Hunters Can Make Themselves at Home in Foreclosure Segment of Metro Chicago Real Estate Market, Reports RE/MAX (prweb.com)
Luxury home foreclosures a deal for well-heeled (planbmortgageblog.com)

If you use Google+, I have just started a brand new business page. Visit it HERE.

New business cards

Joe Spake — Mon, 18 Jul 2011 13:51:52 +0000

If you use Google+, I have just started a brand new business page. Visit it HERE.

There’s a new sign in Memphis real estate

Joe Spake — Sat, 02 Jul 2011 17:45:39 +0000

NO! I haven’t changed companies again. The sales division of Revid Realty has rebranded as InCity Realty. The name change and contemporary logo emphasize our company’s commitment to representing residential real estate buyers and marketing properties inside Memphis. While my concentration is in Midtown, Downtown, and East Memphis, InCity can help with your real estate needs throughout the greater Memphis area.

A new sign for Memphis Real Estate

Finally, a real estate sign that is good looking enough for YOUR yard. Let me know what you think about our new look.

If you use Google+, I have just started a brand new business page. Visit it HERE.