Home Buying in Millington>Question Details

Tony Moss, Home Buyer in Memphis, TN

I seen a home for 24,000.If i pay cash for this home how much will they take off for this home.This home is a hud home

Asked by Tony Moss, Memphis, TN Fri Jun 22, 2012

Help the community by answering this question:


Hi Tony,

If current market value is $24,000, that is what they will take - cash or financing.

Have your Realtor do a Comparative Market Analysis (CMA) using SOLD comps within a 1 mile radius of the property (the closer, the better) using SOLD comps that have sold within the last 3 months. This will give you current market value and this is what you should base your offer on.

Shanna Rogers
SR Realty
1 vote Thank Flag Link Fri Jun 22, 2012
It depends on a lot of things. The location and condition of the property are big factors as is the length of time the house has been on the market. But in general, you can expect to lower it by $3000 - 4000 because there is no lender involved to charge closing costs over and above attorney fees and other fees. I hope this helps you.
0 votes Thank Flag Link Fri Jun 22, 2012
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