Memphis Shelby county trustee auctions

[Patrick Desjardins]

Hey guys,

How active are the Memphis trustee auctions?

We own a loan nearing foreclosure and it's set to go for trustee sale in December. 

I'm torn between trying to liquidate it at the sale or keep it as a rental. It doesn't seem like it's in a complete war zone so it might make for good long term cash flowing asset, however we don't have a team there yet so dumping it at the sale would be much simpler.

Thanks in advance for the information.

[Douglas Skipworth]

@Patrick Desjardins,

Gotcha. In Memphis, we call them foreclosure sales or foreclosure auctions even though a Trustee auction is the legal event.  (Plus, the Shelby Co. Trustee conducts tax sales.)  Sorry for the confusion.

To answer your original question, foreclosure sales can be very competitive in Memphis.  If it's a decent property and the loan balance isn't too high, you should be able to liquidate it at the foreclosure auction on the courthouse steps.

Worst case, you are the highest bidder (ie, no one bids more than your opening amount) and you can resell or rent it after you take it back.

Again, if you can share the address with BP you can get some opinions of the value of the home.

All the best,