Memphis Real Estate News by MLE Realty & Property Management

Deal of the Day (For Investors) - Duplex $18,000

Tue, 13 Jul 2010 06:00:00 GMT

Welcome to a new episode of the Deal of the Day. The Deal of the Day will feature a top real estate investment deal based off of potential cash flow and potential price appreciation. MLE specializes in assisting investors in one of the best investment markets in the country – Memphis, TN. We will help you identify potential investments, offer detailed financial analysis, coordinate any renovations, and manage the property upon completion. Not located in Memphis? No problem! Our investors are all over the country. We will send you videos of potential investments and detailed financial reports of all income and expenses.

Today’s Deal of the Day: 3562 CHRISTINE RD (PDF)

Type: Duplex

Asking Price: $18,000

Date Listed: 6/30/2010

Potential Rent: $1,200 per month

Potential Cash Flow: ENORMOUS! Contact us for a detailed analysis such as this (PDF).

Want more information: Call Za! 901-474-1453 or email za@mlerealty.com.

NOTE: True market value and profit potential cannot be determined until after a thorough due diligence period including but not limited to physical inspection, financial analysis, title search.

Listing Courtesy of ERA Legacy Realty

Fannie Adds Incentive to Avoid Foreclosure

Thu, 29 Apr 2010 22:28:01 GMT

Beginning in July, Fannie Mae will allow financially troubled home owners to complete a “deed in lieu of foreclosure” or a short sale and be eligible to apply for a new Fannie-backed mortgage in two years.

Currently, borrowers who have completed a deed-in-lieu must wait four years to apply for a loan that Fannie will purchase. Home buyers who go through foreclosure must wait five years.

All these waiting periods can be reduced further, if the potential buyer can show extenuating circumstances. "We are beginning to think about post-recession, how you address borrowers who became unemployed through no fault of their own ... and now deserve the right to re-enter the housing-finance system," said Federal Housing Association Commissioner David Stevens.

Source: The Wall Street Journal, Nick Timiraos (04/26/2010)

Fannie Extends Distressed Property Deal

Thu, 29 Apr 2010 22:21:59 GMT

Fannie Mae is extending through June 30 an incentive program that gives buyers of distressed properties in its inventory a 3.5 percent rebate of the final sales price. The money can be used toward closing costs or for selected appliances. The program began in January and was set to expire April 30.

Fannie has more than 62,000 homes listed on Homepath.com. It wouldn’t comment on the volume of sales driven by its deal, but the company reported owning 86,000 properties at the end of 2009.

Source: Reuters News, Lynn Adler (04/27/2010)

Real estate tax credit extended for armed service members

Wed, 28 Apr 2010 22:20:49 GMT

All individuals in our armed services, now have until April 30, 2011 to take advantage of the Homebuyer Tax Credit.

Source: AgentGenius

How foreclosure impacts your credit score

Wed, 28 Apr 2010 22:12:56 GMT

Rare insight into how a foreclosure will affect your credit score:

30 days late: 40 - 110 points

90 days late: 70 - 135 points

Foreclosure, short sale or deed-in-lieu: 85 - 160

Bankruptcy: 130 - 240

Source: CNN

It's not too late to get the homebuyer tax credit

Mon, 26 Apr 2010 12:51:06 GMT

There is still time to benefit from the homebuyer tax credit which allows you to get back up to $8,000 from either your 2009 or 2010 tax return. The next major deadline is April 30, 2010. By this date, you have to have a contract signed on a house. With the great selection of deals in the Memphis area, it is very plausible that you can find your dream home with the next few days. So stop what you're doing and contact your favorite real estate agent TODAY! Click here for details on the tax credit.

Looking for a top-notch Memphis real estate agent that will ensure that you find your dream home at the best price possible, call Za at 901-791-4383 or email her at za@mlerealty.com.

Lenders Unload Mortgages to Collection Agencies

Mon, 26 Apr 2010 12:47:24 GMT

Lenders are selling second mortgages and home-equity lines in default to collection agencies that have the right to collect this money potentially for decades.

"It's a big business, and investors are coming out of the woodwork," says Sylvia Alayon, a vice president for Consumer Mortgage Audit Center, which analyzes mortgage documents for lenders, advocacy groups, and attorneys.

Owners Who Refinanced May Owe IRS

Mon, 26 Apr 2010 12:41:59 GMT

People who cashed out refinances, or had part of their mortgage debt forgiven when they sold their homes through short sales, will probably owe the IRS a big payback.

In 2007, Congress passed the Mortgage Forgiveness Debt Act, but that doesn’t let everyone off the hook.

Here are exceptions to the rule:

Landmarks Commission says "Don't Paint that Brick!"

Fri, 23 Apr 2010 16:19:48 GMT

Why Paint Your Historic Brick Building?!

This topic has been coming up a lot lately in the Landmarks office and at our monthly meetings. So much so that it deserves to be addressed on a more public level in our newsletter. Painting unpainted brick is both unnecessary and detrimental to the architectural integrity of historic buildings. (There are a few exceptions when it is justified and they are noted below.) Given this, both Landmarks Commissioners and Staff frequently find themselves asking people, "Why paint your brick?!"

Fed: Low Rates Likely Through 2010

Tue, 13 Apr 2010 17:21:25 GMT

Interest rates are likely to remain low into 2011, Federal Reserve policymakers hinted this week in at least two presentations. These indications came one week after the Fed shut down its program to buy mortgage-backed securities, which had kept rates at or near record lows in recent months.