Without knowing more about the home, no Realtor can give you an adequate or honest opinion about the property or the price. Today, everybody thinks their going to get a real deal or a steal when they think of foreclosed homes. This is generally not the case. A lot of these homes have been seriously trashed, and need a lot of work ,repair and money to get them back in shape. Have you spoken with a lender and been pre-qualified for a loan? How are you going to purchase the home, and how are you going to pay for the potential repairs? Have you seen or inspected the home inside and out? What condition is it really in? You should probably contact a Realtor and have them assist you in determining what this property is all about. And, the other answers are pretty much on the money, when you make an offer, that's all it is, an offer. Until and when you and the seller say you both have a deal, and sign it off in writing, which means you have a binding agreement, anyone else may also submit an offer and the seller may negotiate or accept which ever offer is of greatest benefit to them. Once you have a binding agreement, you have a contract to purchase and many new issues come into play. The home is not considered sold, until the final action takes place, and that's when the seller gets it's check, and then, you get possession of the property. There is an awful lot of information and issues you have to consider, be careful and choose wisely.

Michael Bellaire, Broker, ABR
(Accredited Buyer Representative)

Cheryl,
Find a realtor you trust and let them help you with this process if you don't have one. Remember that in Tennessee we don't have dual agency, that means that the Realtor who works for the bank will not look out for your best interest. I don't know if the offer is reasonable without knowing what property you are looking at. Gerald is on the money about the offer.

Cheryl,

No, the house is not considered sold until you legally close the sale. When BOTH parties agree, you have a binding agreement pending closing of the final sale.. When you make an offer it is simply that, an offer, it is not a binding agreement until the bank accepts your offer, if they do accept. The bank can reject, counter or accept your offer. Until BOTH parties agree, he bank can continue to accept other offers and should your accepted offer fail for some reason, then the bank can negotiate the other offers if they exist. Any number of things can change the course of events from the time you submit an offer until the final closing.

My advice; I strongly encourge you to have a Realtor represent you in this effort. This is in YOUR best interest and since the seller pays all Realtor fees there is not cost you.

If I can provide any additional information, please do not hesitate to give me a call.

Gerald Williams
Affiliate Broker
Mortgage Loan Officer
BenchMark Realtors, LLC
BenchMark Mortgage, LLC
901-413-2233
gh_williams@yahoo.com

Definitely call Hattie Brawley (Realtor) at 828-6517. She's your Oakland expert.

All the best.