About Dyer County, TN

Did you know there is a program in Tennessee that will help you keep your home out of foreclosure if you qualify under the guidelines.

The Keep My Tennessee Home - Tennessee's Hardest Hit Fund program provides loans to unemployed or substantially underemployed homeowners who, through no fault of their own, are financially unable to make their mortgage payments and are in danger of losing their homes to foreclosure. Tennessee is one of 18 states that are receiving Hardest Hit Funds from the federal government.

Homeowners who qualify for assistance may receive up to 18 months of monthly mortgage payments and/or funds to pay past due mortgage payments to bring their mortgage current; these funds are paid directly to the loan servicer/lender.

Qualifications:

Be unemployed or underemployed (a 30% reduction of income) through no fault of their own. The event or incident which results in unemployment or substantial underemployment must have occured after Jan. 1, 2008.

Have a mortgage for a single family residence or condo(attached or detached) in Tennessee that they occupy as their primary residence. This includes manufactured homes on permanent foundations sitting on their own lot.

The combined amount of your mortgage principal, interest, taxes and insurance must be greater than 31% of your household income after the job loss or reduction of income.

Not have more than six months' reserves of liquid assets, that is, liquid assets equal to 6 months of their mortgage payment plus taxes and insurance.

Have a household income less than $74,980.

Have a total unpaid principal balance not exceeding $226,100.

Here is a link for more information how you can keep your Dyersburg Tennessee home out of foreclosure.

I want to buy a Dyersburg,Tennessee foreclosure. That seems to be the most common phone call coming into my Dyersburg real estate office these days.

Most of them are looking for a foreclosure because they have heard on tv that buying a foreclosure is a great way to get into a house cheaply.

What the tv people do not tell you is that a majority of those foreclosures have problems and often times "hidden problems" that will only surface after you buy.

When buying a Hud foreclosure there is a inspection report available before you write the offer. Hud hires someone to make the inspection but it is done with the utilities turned off. They use a generator to test the electrical systems and an air compressor to check the plumbing.

What does the inspector use to check for a cracked heat chamber in the gas central heat and air? They do not check that. How does the inspector check to make sure the fill lines and septic tank is up to speed? They do not check that. We sold a Hud foreclosure and the new buyer found out the hard way that there was not a septic tank.

I sell a lot of Dyersburg foreclosures but always insist that the buyer have the house inspected themselves. That inspection is complicated when trying to buy a Hud foreclosure as they do not allow you to turn on the utilities prior to closing.

For all you out there wanting to buy a foreclosure, I created a site titled, "Dyersburg Foreclosures" and this is available to you free of charge but let me strongly encourage you to use professionals to help you with your purchase. I can be contacted directly at 731-589-7841.

Are you moving to Dyersburg,Tennessee and you know the subdivision or neighborhood you want to live in? I have made it very easy to find your next home in your favorite Dyersburg subdivision or neighborhood by just clicking this Dyersburg subdivisions link.

When you click into the link you will see about 18-19 different Dyersburg subdivisions and neighborhoods. You should be able to see the current homes listed for sale in the Dyersburg MLS.

Whether you are looking to live in The Farms, Lakewood,Rolling Meadows,Cottonvilla or the others areas listed, this will make your house hunt much easier. If I have missed an area you are interested in let me know and I will add it if possible.

If you appreciate this feature I have created then contact me when you are ready to look at one or more of the homes. I am Mike frazier and my direct number is 731-589-7841.

I am ready to declare that the Dyersburg real estate market is back and in recovery mode! Here is a post I did on my Dyersburg real estate market blog about the final numbers for 2011. I also did a post here on activerain detailing what happened in the Dyersburg real estate market in 2011.

Yesterday confirmed what I have already decided is happening in the Dyersburg market. Tammy Ladd from First Citizens National Bank Mortgage division came to speak at Carousel Realty's weekly training/staff meeting. She also brough us a delicious lunch compliments of First Citizens. Thank-you so much!

We had lots of questions for Tammy:

1. How well did the mortgage division do in 2011?
2. Have they added new personnel to help getting loans closed on time?
3. Are mortgage applications in January up or down verses same time last year?
4. How quickly can they close a loan?
5. What does Tammy and First Citizens have to offer different from other banks?

Here are Tammy's answers:

1. The mortgage closings were up over 2010 but especially in the last 2 months.
2. Tammy has gone from processing loans to originating loans so now 3 different people are originating. They have added additional people to process the loans. They also have 2 in-house underwriters that make the loan decisions.
3. Mortgage applications are way up over same time in 2011.
4. First Citizens processes and closes loans now according to close date. If we want a much quicker closing, the file will be pushed to the front providing the applicant provides all the required paperwork in a timely manner.
5. Tammy says she is paid just like we as Realtors are. She is paid per closed loan. She strives for great customer service and knows if she does that then there will be many repeat customers.

Based on what is happening in the Dyersburg MLS and what the bank is saying, the Dyersburg real estate market is on a rebound and let me say it is about time!

Here are the final numbers for Dyersburg,Tn residential sales for 2011. For the entire year(2011) the Dyersburg MLS sold $13,891,435 verses $9,999,708 for 2010. That is an increase of 39%.

Looking at the entire county(Dyer) 2011 residential sales actually slipped 3%. This is for the outskirts of Dyersburg and does not include Dyersburg or outlying cities.

The city of Newbern residential sales fell by 40% over 2010.

From these numbers I can see that the city of Dyersburg real estate market is beginning to recover but there are continued problems in the outlying areas.