Jennifer Carstensen's Blog

Advantages and Disadvantages of Buying a Foreclosure

Jennifer Carstensen (Keller Williams Realty) — Thu, 31 May 2012 17:18:41 -0700

Many buyers associate buying a foreclosure with getting a steal of a deal. This can be true, but there are also potential pitfalls. The pros and cons of buying a home involved in foreclosure vary with the phase of foreclosure the property is in when purchased. Use this handy guide to figure out what sort of property is best for you!

Missed Payments/Motivated Seller

Advantages:

Seller will be motivated to achieve a fast sale, may create opportunity for below market purchase price.
Seller may be more likely to do repairs.
Seller might be amenable to providing major closing cost credits and other concessions.
Buyer can use regular mortgage financing.
Buyer can obtain desired inspections within standard due diligence/contingency period.
Seller must legally provide complete history of property’s condition, problems, repairs, etc.

Disadvantages:

Seller may not be able to negotiate price below outstanding balance of seller’s mortgage(s).
Sellers still have to move out.

Pre-Foreclosure/Notice of Default (NOD) or Lis Pendens Filed by Lender/Short Sale

Advantages:

Seller will be motivated for fast sale, increasing buyer’s bargaining power.
Buyer can do all standard inspections, including researching title during due diligence/contingency period.

Disadvantages:

Unless purchase price will pay mortgage(s) and closing costs in full, lender’s approval of price and terms of sale will be required (i.e. short sale).
Lender may not approve price, seller concessions or closing cost credits.
Short sale may take 45-90 days to close.
Sellers still have to move out.

Foreclosure Auction

Advantages:

Property will be sold for outstanding mortgage balance owed to foreclosing mortgage holder — this can be a low price for the property.
Cash payment requirements reduce competition.

Disadvantages:

Auction purchase price must be paid in cash on the same day as the auction — no mortgage is usually allowed.
No inspections allowed; as-is sale.
Buyer may take property and owe other liens, back taxes and mortgages. Buyer must research state of title prior to auction.
Bank cannot provide disclosures as to property history/condition issues.
If bank believes auction will not recover a good price, bank may buy the property at auction.
Property condition might be suspect due to damage done by upset homeowners.
No commissions or attorney’s fees will be paid; buyer must pay for their own representation.

Post-Foreclosure Bank-Owned Property REO (Real Estate Owned by Lender)

Advantages:

Bank is motivated to get property sold and will negotiate price, down payment, closing costs, escrow length, etc.
Title will be clear; buyer will not take on any liens, mortgage or back taxes of prior owners.
Inspections and mortgage financing are allowed within normal due diligence/contingency period.
House will be vacant.
Property will usually be listed on MLS; bank will pay real estate agent’s commission.
REO sales close within a normal escrow period of time.

Disadvantages:

Bank will not agree to do any repairs; as-is sale.
Bank will usually require additional paperwork.
Bank cannot provide disclosures as to property history/condition issues.

Source: www.FrontDoor.com

New finance options for first time homebuyers

Jennifer Carstensen (Keller Williams Realty) — Thu, 31 May 2012 14:23:09 -0700

If you are a first-time homebuyer in the Memphis, Tennessee area, there are some amazing financing deals available for you right now. As a first time homebuyer, you may have a very limited budget. That is why you should look into foreclosures and short sales. Foreclosures and short sales allow you to purchase amazing homes at very low prices. Even if you are looking in areas like Germantown, Collierville, Bartlett, and Arlington, you will find plenty of short sales and foreclosures. In fact, short sales and foreclosures exist in every major neighborhood of Shelby County.

Serving the entire Memphis area (including Midtown, Harbor Town, Lakeland, Cordova, and East Memphis), the Carstensen Team can help make your home buying dream a reality. They can help you find the house of your dreams and explain to you your financing options. As a first time buyer, you may be eligible for affordable FHA, USDA, or VA loans. These loans generally require less money down, less financial capital, and a lower credit rating than traditional mortgages. The city of Memphis can even help you with your down payment. There are also a variety of other financial options available to you, that the Carstensen Team would be happy to explain. So, when searching for houses and homes in the Memphis area or anywhere around Shelby County, do not forget to call the Carstensen Team.

For more information, please visit us at www.justlistedhousesinmemphis.com.

Housing Affordability Hits its Highest Level Ever

Jennifer Carstensen (Keller Williams Realty) — Sat, 19 May 2012 17:06:01 -0700

Buying a home is more affordable now than at any point in the past three decades, data from the National Associaiton of Realtors shows.

Based on the relationship between median home price, median family income, and average mortgage interest rates, NAR’s Housing Affordability Index rose to its highest point ever during the first quarter of 2012.

“For those with good credit, we’ve never seen better housing affordability conditions or market opportunities than we see at present,” said NAR President Moe Veissi. “Although home prices are stabilizing and sales are rising, some buyers still have to jump through a lot of hoops to convince a lender that they are creditworthy, even for a mortgage that would be well within their means. This is especially true for self-employed buyers.”

More homes would sell if lending standards returned to normal, he added.

During the first quarter, the median-income family earned just under $61,000, so they could afford a $325,500 home. That’s more than double the national median existing single-family home price of $158,100. The median monthly mortgage principal and interest payment for a median-priced home would take only 13.5% of total (gross) income.

A companion index measuring the ability of first-time buyers to purchase a home also set a record. That index assumes a first-time buyer will earn 65% of median family income, and will buy a starter home costing 85% of the median price with a downpayment of 10%. Using those standards, the typical entry-level buyer could afford a home costing $182,500, which is well above the overall median price.

“It’s never been easy to buy a first home because of the cash required for downpayment and closing costs, but conditions for first-time buyers who are able to get a mortgage have never been better,” Veissi explained.

Most first-time buyers choose a loan with a lower downpayment, often an FHA-insured loan with 3.5% down, and some use the VA program with no downpayment.

Both home prices and mortgage interest rates are expected to edge up modestly as the year progresses, but housing affordability will remain very favorable with the median-income household well positioned to afford a median-priced home, NAR economists predict.

Source: NAR

MAAR Releases April Market Report

Jennifer Carstensen (Keller Williams Realty) — Fri, 18 May 2012 17:13:52 -0700

Memphis-area home sales for April rose 15.3 percent from a year ago, with 1,166 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Total sales dropped 9 percent from March. Average sales price year-over-year was down 2.4 percent at $117,101. Inventory was up 3.8 percent, with 7,158 units listed for sale. Sales volume YTD increased 16.7 percent to $503.5 million.

“It was a much better April than a year ago, all across the board,” said MAAR President Carol Lott. “Even better, sales are up almost 20 percent year-over-year.”

Source: Memphis Area Association of Realtors

3130 Clubview Cv S ~ Lakeland, TN ~ Come See ME!

Jennifer Carstensen (Keller Williams Realty) — Fri, 18 May 2012 11:57:47 -0700

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MLS#: 3245848

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3130 CLUBVIEW CV S

LAKELAND, TN

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3130 Club View Cv S

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3 BEDROOMS

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Beautifully Situated in a Quiet Location ~ Across from Pond ~ Brick 3BR Home ~ Freshly Painted ~ Laminate Flooring ~ Updated Bathrooms ~ Built in Bookcases ~ County Only Taxes ~ Roof/AC/Water Heater all 6 years old

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30 Amesbury Cove ~ Unincorporated, TN

Jennifer Carstensen (Keller Williams Realty) — Fri, 18 May 2012 11:44:19 -0700

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MLS#: 3245185

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30 AMESBURY CV

UNINCORPORATED, TN

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30 Amesbury Cove

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4 BEDROOMS

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Simply Stunning ~ Rustic & Warm ~4BR's + Giant Bonus ~ 2BR's Down ~ 22' Ceilings ~ 5" Wide Plank Hardwood ~ Viking & Monogram App's ~ Butler's Pantry ~ Stained Concrete ~ Full Bth Down ~ Low E Windows ~ Outdoor Surround Sound ~ Irr Sys F&B ~

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303 Pompano Cir #102 ~ Memphis, TN

Jennifer Carstensen (Keller Williams Realty) — Fri, 18 May 2012 11:26:35 -0700

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MLS#: 3245285

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303 POMPANO CIR Unit: 102

MEMPHIS, TN

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303 Pompano Cir #102

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2 BEDROOMS

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Short Sale ~ Monogram ~ River Views ~ Gorgeous Hardwoods ~ SS App's ~ Granite ~ Breakfast Bar ~ 2 Balconies & a Porch ~ You Can See The River ~

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1685 Belledeer Drive W ~ Cordova, TN

Jennifer Carstensen (Keller Williams Realty) — Fri, 18 May 2012 11:18:21 -0700

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MLS#: 3245102

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1685 Belledeer Drive West

Cordova, TN

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Residential/Non-Condo, Traditional,Split Level - UNINCORPORATED, TN

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4 BEDROOMS

4 BATHROOMS (3 full, 1 half)

Simply Stunning Open Floorplan ~ 3BR's Down ~ 4th + Bonus (Or 5th BR) Up ~ Kitch Has S/S App's & Granite ~ Hardwood Floors ~ 12" Smooth Ceilings ~ 2 Fireplaces ~ New Carpet Thruout ~ Updated Hardware - Light Fixtures ~ Neutral ~ Gorgeous Yard & MORE

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2472 Medina Cove ~ Memphis, TN ~ What a Deal?!?!?!

Jennifer Carstensen (Keller Williams Realty) — Fri, 18 May 2012 11:10:13 -0700

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MLS#: 3246047

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2472 MEDINA CV

MEMPHIS, TN

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2472 Medina Cv

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3 BEDROOMS

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New Roof 2011 ~ New Carpet 2008 ~ Adorable 3BR Ranch House ~ Wood Lam Floors ~ Updated Cabinets ~ Laundry Rm ~ SS App's ~ 11' Ceilings ~ Built-in's ~ Wet Bar ~ Ceiling Fans Thruout ~ Invisible Fence & MORE!!

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10 Lot Asbury Dr ~ Somerville, TN

Jennifer Carstensen (Keller Williams Realty) — Fri, 18 May 2012 11:05:21 -0700

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MLS#: 3243082

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10 Asbury Drive

Somerville, TN

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Land - UNINCORPORATED, TN

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3554 Davieshire Dr ~ Bartett, TN ~ GORGEOUS!

Jennifer Carstensen (Keller Williams Realty) — Fri, 18 May 2012 10:59:18 -0700

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Jennifer Carstensen

Keller Williams Realty

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MLS#: 3228668

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3554 Davieshire Drive

Bartlett, TN

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Residential/Non-Condo, Traditional - BARTLETT, TN

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5 BEDROOMS

5 BATHROOMS (3 full, 2 half)

Lakeland & Arlington Schools ~ 5BR/4.3 BTH Beauty ~ Plantation Style ~ Hardwood ~ Tile ~ Coffered Ceilings ~ Open ~ Kitch Features S/S App's ~ Breakft Bar & Area ~ Laundry RM Down ~ Media & Game RM ~ 4 Car Garage ~ Storm Shelter ~ 3 Tankless H2O Heaters

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3517 Winding Wind ~ Come See Me!

Jennifer Carstensen (Keller Williams Realty) — Fri, 18 May 2012 10:49:32 -0700

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MLS#: 3242383

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3517 Winding Wind Cove

Bartlett, TN

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Residential/Non-Condo, Traditional - BARTLETT, TN

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4 BEDROOMS

3 BATHROOMS (2 full, 1 half)

4BR 2.1BA Lovingly Maintaned Home in Bartlett ~ Part Hardwood ~ Part Carpet ~ Hardwood in Closets w/NICE Space ~ LaundryRM + Pantry ~ Master Bath Sep Shower & Tub ~ Dbl Vanity ~ Open Plan ~ Nice, Big Playroom ~ Full Bath Upstairs ~ Nice Backyard ~

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6639 Laurel Valley Dr ~ Dont Miss Out ~ Bartlett, TN

Jennifer Carstensen (Keller Williams Realty) — Fri, 18 May 2012 10:38:43 -0700

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MLS#: 3236680

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6639 Laurel Valley Drive

Bartlett, TN

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Residential/Non-Condo, Traditional - BARTLETT, TN

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3 BEDROOMS

3 BATHROOMS (2 full, 1 half)

Adorable 3BR Starter Home in Beautiful Bartlett ~ Laminate Floors Are Low Maintenance & Efficient ~ Open Space & Vaulted Ceilings ~ Kitchen Features Lots of Cabinets & Track Lighting ~ Master Bth w/ Sep Tub & Shower ~ NICE Yard w/Patio & Storage Bldg

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3329 Bent Laurel Dr ~ Lakeland, TN

Jennifer Carstensen (Keller Williams Realty) — Fri, 18 May 2012 10:27:29 -0700

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MLS#: 3234097

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3329 West Bent Laurel Lane

Lakeland, TN

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Residential/Non-Condo, Traditional - LAKELAND, TN

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6 BEDROOMS

5 BATHROOMS (4 full, 1 half)

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574 Marianna St ~ Memphis, TN ~ Sizzling Buy!

Jennifer Carstensen (Keller Williams Realty) — Thu, 17 May 2012 15:12:51 -0700

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MLS#: 3232628

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574 Marianna Street

Memphis, TN

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Residential/Non-Condo, Traditional - MEMPHIS, TN

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2 BEDROOMS

1 BATHROOMS (1 full)

Beautiful 2BR Home ~ Renovated ~ Tile & Hardwood Flooring ~ Central AC & Heat ~ New Plumbing ~ Fenced Yard ~ Garage ~ Lots of Open Space & Windows ~ Kitchen Features Breakfast Bar & Opens Into Living Room ~ Updated Lighting ~ Exposed Brick ~ Fresh Paint ~

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4422 Tutwiler ave ~ Memphis, TN ~ WHAT A DEAL?

Jennifer Carstensen (Keller Williams Realty) — Thu, 17 May 2012 15:06:50 -0700

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MLS#: 3243115

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4422 Tutwiler Avenue

Memphis, TN

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Single Family, Traditional - Memphis, TN

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3 BEDROOMS

2 BATHROOMS (1 full, 1 half)

1463 Square Feet

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40 Amesbury Cove ~ Eads, TN ~BEAUTIFUL!

Jennifer Carstensen (Keller Williams Realty) — Thu, 17 May 2012 14:21:58 -0700

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MLS#: 3232986

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40 Amesbury Cove

Eads, TN

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Residential/Non-Condo, Traditional - UNINCORPORATED, TN

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4 BEDROOMS

3 BATHROOMS (2 full, 1 half)

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SHORT SALE ~ 6676 Harpeth Cove

Jennifer Carstensen (Keller Williams Realty) — Thu, 17 May 2012 14:06:26 -0700

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MLS#: 3200120

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6676 HARPETH CV

MEMPHIS, TN

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Residential/Non-Condo, Traditional - MEMPHIS, TN

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3 BEDROOMS

2 BATHROOMS (2 full)

New Carpet ~ Ceiling Fans ~ Breakfast Area ~ Custom Blinds ~ Vaulted Ceilings ~ Lots of Closet Space ~ Fireplace ~ Security System ~ Professionally Landscaped ~ Patio ~ Large Fenced Yard ~

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1868 N Rainbow Dr ~ Memphis, TN ~ Great Buy!

Jennifer Carstensen (Keller Williams Realty) — Thu, 17 May 2012 14:03:59 -0700

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MLS#: 3244534

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1868 N RAINBOW DR

MEMPHIS, TN

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1868 N Rainbow Dr

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3 BEDROOMS

2 BATHROOMS (2 full)

Gorgeous Brick Home In Historical District ~ Hardwood Floors ~ Smooth Ceilings ~ Ceiling Fans ~ Granite & S/S App's in Kitchen ~ Fireplace ~ French Doors ~ & Great Yard! Come Take a Look NOW!

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380 N Island Dr ~ Memphis Condo

Jennifer Carstensen (Keller Williams Realty) — Thu, 17 May 2012 13:45:28 -0700

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MLS#: 3245274

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380 N ISLAND DR Unit: 306

MEMPHIS, TN

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380 N Island Dr #306

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2 BEDROOMS

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River views ~ Short Sale ~ Granite ~ Stainless Appliances ~ Hardwood ~ Tile ~ Sep Shower & Tub ~ Pool ~ Smooth Ceilings ~ Pet Free House ~

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Memphis housing market trends

Jennifer Carstensen (Keller Williams Realty) — Thu, 17 May 2012 13:43:51 -0700

The housing trends in Memphis point to two things: short sales and foreclosures. The real estate market is filled with large quantity of short sales. Whether you're looking for a new home in East Memphis, Midtown, Bartlett, Germantown, Collierville, Cordova, Arlington, Lakeland, Harbor Town, or another Memphis neighborhood, you can get an exceptional deal on a house by purchasing a very inexpensive short sale home.

The Carstensen Team can help you locate numerous houses within your price range that you will love. You will get so much more for your money, when you buy a foreclosure or a short sale. These homes are gorgeous, sometimes almost brand new, that in another economy you probably wouldn't be able to afford. Imagine, for example, having a gorgeous mini-mansion complete with a library and basketball court. Right now, a member of the middle class can afford to buy that foreclosed home. This market is especially appealing for first-time homebuyers, renters, and people of the working class. In short, the current housing trends in Shelby County include luxury and affordability. Short sales and foreclosures are making luxury homes available to a wider number of buyers.

Please visit us at www.justlistedhousesinmemphis.com for more information.

348 N Watkins St ~ Memphis, TN ~ NEW Listing

Jennifer Carstensen (Keller Williams Realty) — Thu, 17 May 2012 13:38:32 -0700

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MLS#: 3246926

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348 North Watkins Street

Memphis, TN

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Residential/Non-Condo, Traditional,Ranch - MEMPHIS, TN

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2 BEDROOMS

1 BATHROOMS (1 full)

Residential/Non-Condo, Traditional,Ranch - MEMPHIS, TN Brick Home in Historic District ~ Refinished Hardwoods Gleam ~ Freshly Painted ~ Painted Cabinets ~ Laundry RM of Kitchen ~ Fireplace ~ Formal DR ~ Crown Molding ~ Ceiling Fan ~ 2" Blinds ~ Stainless Fridge ~ Absolutely Adorable ~ Large Yard & MORE!

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10195 Rathmore Cove ~ NEW LISTING IS A MUST SEE!

Jennifer Carstensen (Keller Williams Realty) — Thu, 17 May 2012 09:21:26 -0700

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MLS#: 3247417

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10195 Rathmore Drive

Cordova, TN

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Residential/Non-Condo, Traditional,Ranch - UNINCORPORATED, TN

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3 BEDROOMS

2 BATHROOMS (2 full)

Residential/Non-Condo, Traditional,Ranch - UNINCORPORATED, TN Absolutely Perfect Brick Ranch 3BR + BONUS ~ New Paint Exterior & Interior ~ Wood Lam Floors ~ Tile Backsplash ~ Large Master w/Updated Master Bath ~ Fireplace ~ Great RM Off Kitchen ~ Lots of Cabinet Space ~ Laundry RM ~ 1 of the Biggest Yards!

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2684 Bending Elm ~ Memphis, TN

Jennifer Carstensen (Keller Williams Realty) — Thu, 17 May 2012 08:54:33 -0700

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Jennifer Carstensen

Keller Williams Realty

901-261-7906

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MLS#: 3246818

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2684 Bending Elm Drive

Cordova, TN

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Residential/Non-Condo, Traditional - MEMPHIS, TN

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3 BEDROOMS

3 BATHROOMS (2 full, 1 half)

Residential/Non-Condo, Traditional - MEMPHIS, TN

This Single-Family Home located at 2684 Bending Elm Drive, Cordova TN is currently for sale and has been listed on Trulia for 1 days. This property is listed by Keller Williams Realty for $85,000. 2684 Bending Elm Dr has 3 beds and 3 baths. The property has a lot size of 3,920 sqft and was built in 2004. 2684 Bending Elm Dr is in the 38016 ZIP code in Cordova, TN.

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7471 Germantown Square S ~ Germantown, TN

Jennifer Carstensen (Keller Williams Realty) — Thu, 17 May 2012 08:18:29 -0700

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Cordova Homes For Sale

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Collierville Homes For Sale

Germantown Homes For Sale

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Jennifer Carstensen

Keller Williams Realty

901-261-7906

Questions?
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MLS#: 3247227

Information valid for the date of this posting only. Please contact us for the most current information and status of this property.

7471 Germantown Square

Germantown, TN

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Town House, Traditional - GERMANTOWN, TN

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2 BEDROOMS

3 BATHROOMS (2 full, 1 half)

Town House, Traditional - GERMANTOWN, TN Amazing Renovation ~ Custom Work Throughout ~ Stainless Steel Appliances & Fridge STAYS ~ Breakfast Bar Fits 3 Easily ~ Hardwood Floors Down ~ 2BR`s 2 Full Baths ~ Large Closet Spaces ~ Serene Location ~ Well Cared For Home ~ Come SEE!!!

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