Nashville, Brentwood, Franklin TN Homes, Real Estate & Life News

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Are Foreclosures Making A Comeback?

get a new start if your home has increased in value and you have more equity in it now.

A few years ago, foreclosures were plentiful, and many sold at bargain prices. Then their number decreased as the market got healthier.

 

Also, at that time, many homeowners were underwater, meaning that their mortgages payoffs were larger than the value of their home, or for what they could probably sell it. 

 

And so some banks would not foreclose, as they might not make any money on the sale if the value of the home was less than the mortgage.

 

The median price of homes sold in most neighborhoods is on the rise, and you might be surprised at what your home is worth in today’s market if you haven’t checked lately. 

 

If you are a homeowner still struggling to make house payments, perhaps it is time for you to sell, pay off the high interest rate mortgage, get any equity out of the home and move to a more affordable home, or rent for a while. Get a fresh start. 

 

Some banks are ordering appraisals and broker’s price opinions to check the value of properties which have been languishing for a while, and foreclosures could start again if there is value in the property, making foreclosing payoff for the lender.  If so, it would be wise to make your move now, either to rent, or to downsize, rather than wait for foreclosure....if you are constantly late on house payments. 

 

 

John and Sarah Rummage, BENCHMARK REALTY, LLC, are REO/Foreclosures listing agents, but also like to work with families to get into a more affordable home, and out of debt. Call us or email to get started on a process to see what your home’s value is in today’s market, and to get a net sheet to see what net funds you are likely to have after subtracting selling expenses. Our Email and Phone Numbers are below!

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Sarah & John Rummage, Realtors®
ePRO, BPOR
Sarah Direct: 615-516-5233
John Direct:  615-945-1838
Sarah@HouseInNashville.com


2500 - 21st Avenue South
Nashville TN 37212
Office: 615.432.2919

www.HouseInNashville.com 




 Email me to receive a current list of any type property in the Middle Tennessee area. Write a short message about what type property you are looking for (for instance, 'condo downtown,' 'single family home in Belle Meade,' etc). 

Sarah is your Nashville, Middle Tennessee, USA, realty specialist. She specializes in executive homes. Also, seniors' downsizing, foreclosures, bank REO & Fannie Mae properties, investor buying and selling.  

Comment balloon 3 commentsSarah, John Rummage • November 17 2015 12:28PM

Comments

I just had my 6th seller this year that got into a home when the brilliant idea of giving home buyers $8000 when they bought a home.

All 6 were in over their heads from the start.

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) almost 2 years ago

John and Sarah - It will be interesting to see if foreclosures increase over the next two years.

Posted by Troy Erickson, Your Chandler, Ahwatukee, and East Valley Realtor (Diverse Solutions Realty www.ChandlerRealEstate.weebly.com) almost 2 years ago

William, that's too bad about the buyers getting in over their head. I hope they are able to recoop losses in a better market. Is the market better where you are?

Troy, I think that a lot of people are still struggling to make mortgage payments, and if their property is worth more today than a few years ago, then why woudn't the banks try to foreclose and get their money. I don't like it and hate it for the homeowner, but it might be a good time to sell, get the increased equity out and then either downsize or rent for a while. 

Posted by Sarah, John Rummage, Love Being Realtors® in the Nashville TN Area! (Benchmark Realty LLC, Nashville TN 615.516.5233) almost 2 years ago

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