Memphis, TN 3-Bedroom Single-Family Home on Forrest Ave

Property Overview in Memphis, Tennessee

This single-family property at 1201 Forrest Ave in Memphis has 3 bedrooms, 1 bathroom, 1,626 sq ft of home area, and a 6,098.4 sq ft lot. The stated year built is 1915. The asking price is $79,000.

Condition and Property Measurements

The property is being sold as-is, and its condition is unknown. It may have defects, health or safety hazards, or debris, and may be located in a Special Flood Hazard Area. Building area, lot size, and bedroom and bathroom counts are based on appraisal or county assessor information and may be inaccurate or vary substantially. Buyers should independently verify these details before bidding or making an offer. A bid or offer accepts the property as-is, where-is, and remains binding if a discrepancy is discovered.

Occupancy and Utilities

To the seller's knowledge, the property is occupied. The buyer is responsible for any eviction, lease or rental negotiations, or other steps needed to clarify legal occupancy, and for related consequences and costs, including attorney's fees, as stated in the sale terms. Utilities have not been disconnected. The buyer is responsible for utilities used by tenants and for seeking any reimbursement from them.

Proof of Funds and Financing

The high bidder must provide proof of funds or financing pre-qualification within 24 hours of the auction. A buyer using financing must obtain a pre-qualification letter from a lender of their choice. A cash buyer must provide a bank letter or other financial account statement showing sufficient funds to cover 100% of the purchase price; account numbers should be removed or redacted. Required documentation must be submitted to the auctioneer within 24 hours of the auction.

Title, Closing, and Foreclosure Deed

If title is clear, closing must occur within 30 days after the seller accepts an offer. If the closer identifies a valid title objection or preclusion, the seller may have 120 days from the original closing date, or additional time agreed to in writing by the parties, to resolve it. Alternatively, the seller may terminate the transaction and return the buyer's down payment, after which neither party has further liability to the other for the transaction. The buyer is responsible for paying UCC liens of record and clearing any such lien from the title commitment if required. The foreclosure deed for this Second Chance property may not yet be recorded; the seller will make every reasonable effort to have it filed as soon as possible. The sample contract on the seller's website provides further clarification.