Buying a home in Cordova can feel like a lot to juggle at once. You might be wondering where to start, how to budget, and what makes buying here different from other parts of Memphis. You deserve a clear, local plan you can trust. In this step-by-step guide, you’ll learn exactly how to prepare, shop, negotiate, inspect, and close on a home in Cordova, with practical tips tailored to Shelby County. Let’s dive in.
Your Cordova game plan
Step 1: Get financially ready
Start by pulling your credit and organizing your documents. Lenders typically ask for recent pay stubs, W-2s or tax returns, and bank statements. Check your savings and list your monthly debts so you know what payment range fits your budget.
- Gather: photo ID, Social Security number, last 2 pay stubs, recent W-2s or tax returns, last 2 months of bank statements, and proof of funds for earnest money and closing.
- Review your credit and fix any issues before you apply.
- If you’re using gift funds, line up a gift letter early.
Step 2: Get pre-approved
A written pre-approval shows sellers you are serious and clarifies your price range, down payment, and closing cost needs. Local lenders who know Shelby County processes can help streamline underwriting. Pre-approval usually takes 1 to 2 weeks. If you want to track current market pace and pricing while you prepare, check the latest updates from the Memphis Area Association of Realtors.
House hunting in Cordova
Know local factors
Cordova includes both unincorporated areas and parts inside Memphis city limits. That can affect permitting, utilities, and taxes, so verify jurisdiction for any property you consider. Many homes are served by Memphis Light, Gas & Water. Confirm service availability and transfer requirements early so you can move quickly once under contract.
Flood risk can vary. Parts of Cordova sit near the Wolf River and its tributaries, so check the property’s flood zone using the FEMA Map Service Center. If the home is in a Special Flood Hazard Area, your lender will require flood insurance.
Sewer service is common, but some older or outlying homes may have private septic systems. If a property uses septic, you should plan a septic inspection as part of your due diligence.
School district assignments can influence your search. Because boundaries can change, verify current school zones directly with the district rather than relying on third-party maps.
Tour with a plan
Work with a local agent to schedule showings, open houses, and any off-market opportunities. Your agent can run a comparative market analysis for each home so you understand likely value and negotiation room. In competitive moments, buyers sometimes use escalation clauses or best-and-final offers. These strategies can help you win, but they also carry risk, so weigh them carefully with your agent.
Make your offer
Expect to submit earnest money—commonly 1 to 2 percent of the purchase price—after your offer is accepted. Your funds are held by the title company or listing broker per the contract.
Include contingencies to protect your interests:
- Inspection contingency: typically 7 to 10 calendar days to inspect and request repairs or credits.
- Financing contingency: often 21 to 30 days for loan commitment.
- Appraisal contingency: protects you if the appraisal is lower than the contract price.
- HOA document review: for homes in HOA communities.
- Wood-destroying insect/termite and repair contingency: often required by lenders for this region.
Your response timelines should match current market speed. In a fast market, shorter periods are common.
Inspections and due diligence
Schedule your general home inspection as soon as your offer is accepted. Depending on the property, consider specialized inspections as well:
- General home inspection: structure, roof, HVAC, plumbing, electrical, windows, and attic/insulation.
- Termite/WDI inspection: frequently required in the Memphis area, and often required for VA loans.
- Roof and HVAC evaluations: older systems are common negotiation points.
- Sewer scope: smart for older homes or if there are known drainage concerns.
- Radon testing: optional in Tennessee, but available if you want added peace of mind.
- Pool inspection: if present.
- Septic inspection: if the property uses a septic system, request a certified inspection and a tank pumping/inspection report.
Review HOA documents
If the home is in an HOA, request a complete package and read it thoroughly. Look for:
- CC&Rs, bylaws, and rules
- Current budget, financials, and any reserve study
- Recent meeting minutes and pending special assessments
- Resale or estoppel certificate showing dues, fees, violations, and transfer costs
- Rules on rentals, exterior modifications, parking, and pets
Incomplete or concerning HOA information can delay closing or justify renegotiation. Some HOAs charge transfer or initiation fees, which can add several hundred dollars to your closing costs.
Appraisal, underwriting, and loan approval
Your lender will order the appraisal while you are completing inspections. You may be asked for updated bank statements or letters of explanation as underwriting reviews your file. Respond quickly so you do not delay closing. If the appraisal comes in low, your options include negotiating with the seller, bringing additional down payment, or asking the lender for a reconsideration of value.
Once the lender clears all conditions, you will receive a clear-to-close and your closing disclosure with final numbers. Review it right away and ask questions if anything looks off.
Closing day and key handoff
Most financed purchases in Cordova close within 30 to 45 days from contract acceptance, depending on appraisal timing, title work, and HOA documents. Do a final walkthrough 24 to 72 hours before closing to confirm the home’s condition and any agreed repairs.
At closing, you will sign loan and title documents, pay your down payment and closing costs, and receive your keys when the deed records. Title insurance is standard and recommended. The recorded deed and title policy complete your purchase.
Financing options and assistance
Common loan types for Cordova buyers include:
- Conventional: flexible products, often with 3 to 5 percent down options.
- FHA: 3.5 percent down and more flexible credit guidelines.
- VA: often zero down for eligible service members and veterans. Learn more through the VA Home Loan Program.
- USDA: location-based eligibility that varies by map. Check details on the USDA Single Family Housing Guaranteed Loan Program to see if a property qualifies.
First-time buyers should also explore the Tennessee Housing Development Agency. The THDA offers mortgage programs and down payment assistance for eligible buyers. For broader federal resources and consumer guides, visit HUD’s homebuying page.
What to budget
Plan for these typical costs:
- Earnest money: commonly 1 to 2 percent of the purchase price.
- Down payment: varies by loan type, from 0 to 20 percent or more.
- Closing costs: generally about 2 to 5 percent of the purchase price. This includes lender fees, title charges, recording fees, and prepaid taxes and insurance.
- Inspections: budget several hundred dollars for the general inspection, with added costs for sewer scopes or specialty inspections.
- HOA transfer/resale fees: if applicable.
- Homeowner’s insurance: shop quotes early. Flood insurance is required if the home is in a Special Flood Hazard Area. You can confirm risk and zones through the FEMA Map Service Center.
Local records and risk checks
During due diligence, compare the seller’s property disclosure with your inspection results. For homes built before 1978, federal law requires a lead-based paint disclosure and delivery of the EPA lead pamphlet. Your title company will perform a title search to identify any liens, judgments, or easements that must be cleared before closing.
Confirm utility service and transfers early with Memphis Light, Gas & Water. If you are unsure about flood zones, hazard insurance needs, or elevation certificates, your lender and insurance agent can help you interpret the results from FEMA maps.
Sample timeline and quick checklist
Here is a typical Cordova purchase timeline. Your exact dates may vary based on appraisal scheduling, HOA docs, and title work.
- Day 0: Offer accepted and earnest money deposited.
- Days 1 to 7: General inspection, WDI inspection, and any needed sewer scope or specialty checks.
- Days 7 to 10: Inspection reports delivered and repair or credit requests submitted.
- Days 10 to 21: Appraisal ordered and underwriting continues.
- Days 21 to 35: Final underwriting and clear-to-close.
- Days 30 to 45: Closing, recording, and keys.
Quick prep checklist:
- Get pre-approved and know your budget range.
- Have cash ready for inspections and earnest money.
- Verify HOA rules, dues, and any transfer fees.
- Check flood risk and insurance requirements.
- Confirm utilities and, if applicable, septic vs. sewer.
Smart strategies for Cordova buyers
- Move fast on inspections. Schedule within 48 to 72 hours of contract acceptance to stay inside your contingency window.
- Use data when negotiating. Ask your agent for a comparative market analysis and base your offer and repair requests on clear comps and bids.
- Protect your flexibility. Keep careful track of contingency timelines so you can negotiate repairs, request credits, or cancel if needed.
- Watch HOA details. If documents reveal pending assessments or restrictive rules, consider negotiating credits or requesting the seller to cover transfer fees at closing.
Ready to take the next step?
Buying a home in Cordova is easier when you have a local advocate and a clear plan. If you want a calm, step-by-step process and a strong negotiator in your corner, reach out to Barbara Burchett to schedule a free consultation.
FAQs
How long does it take to close on a home in Cordova?
- Most financed purchases close in 30 to 45 days from contract acceptance, depending on appraisal, title work, and HOA documents.
How much earnest money should I expect to pay in Shelby County?
- Earnest money is commonly 1 to 2 percent of the purchase price, but expectations can shift with market competition.
What inspections are standard for Cordova homes?
- A general home inspection and a termite or wood-destroying insect inspection are common; consider roof, HVAC, sewer scope, radon, pool, or septic inspections as needed.
What should I review if the property is in an HOA?
- Review CC&Rs, bylaws, rules, financials or reserve studies, meeting minutes, resale certificates, dues, transfer fees, and any pending special assessments.
Do I need title insurance when buying in Tennessee?
- Yes. An owner’s policy protects your ownership after closing, and lenders require a lender’s policy for financed purchases.
How do I check flood risk for a Cordova property?
- Look up the address on the FEMA Map Service Center and discuss results and insurance requirements with your lender and insurer.
Who provides utilities for most Cordova homes?
- Many properties use Memphis Light, Gas & Water. Confirm service availability and transfer steps during your due diligence.
