Home Buying in Downers Grove>Question Details

lesnow13, Home Buyer in Downers Grove, IL

my daughter was looking at a house she loved, but the agent that was there told her it would cost her 70,000 dollars to clean the house just to live

Asked by lesnow13, Downers Grove, IL Tue Apr 16, 2013

in it and there was already 5 contracts on it! I told her that cant be .can it? she also told her a horder lieved there and it was an unhealthy house. she did not know the agent.

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$70,000 for ceaning is an enormous amount of money and very unlikely. It is possible that the realtor meant repairs and cleaning. I would agree that the five contracts she was referring to are offers to buy and one of the offers could be accepted by the seller, therefore creatng a binding contract. If your daughter is not happy with her current realtor and feel she is receiving conflicting or ambiguous information, I would be happy to talk to her. I currently have a listing on Hawkins Ave, Downers Grove that I would like to show you and your daugher.
0 votes Thank Flag Link Sun May 19, 2013
Many agents refer to "offers" as "contracts"......an offer is one sided (made by one party), a contract is agreed upon and signed by both parties. I spoke with someone yesterday that made a bid on a bank owned (foreclosed) home knowing there were already 25 bids on it! I don't know which is accurate here (guessing 5 offers), but it doesn't matter. What is important is that the agent your daughter was talking to, and did not know, was not representing her and probably representing someone else on that home. Agency representation/disclosure should have been explained for her benefit before these things were discussed. Not having good representation looking at homes is like going to court to defend yourself without a good attorney. I would happily do a phone consultation if she would like.


Lester S.
"Lester the Lister"
RE/MAX 1st
0 votes Thank Flag Link Tue Apr 16, 2013
I'm going to read "5 contracts" as 5 offers, but no matter how you read it, it's entirely possible. As for 70k for cleaning, I suspect you are talking more a matter of gutting a house that has been damaged in some way by neglect - even a horder's "stuff" can't fill 70k of dumpsters. If the house was priced appropriately for the condition, that's not at all shocking, nor is is a surprise that there are multiple offers even with that cost. Everyone is right. Your daughter should have her own agent.
Web Reference: Http://www.cindymottl.com
0 votes Thank Flag Link Tue Apr 16, 2013
I read the 5 contract part to mean that five different contracts failed, not that there were multiple offers. I assumed that five different buyers walked away after their inspections revealed massive need for repairs. That suggests low value in the home relative to repair costs needed. But the home likely still has value. If $70k is the correct figure for "cleanup" (which is ENTIRELY possible and supported by five failed contracts), then factor that into the price. If a completely cleaned up home of that sort in that location is worht $X, then subtract $70k from $X and there's your starting point at determining value. Then take off some additional $$ for the time, trouble and FRUSTRATION that you'll have to deal with in correcting the property and you'll have a good idea of what a fair offer should be. Best of luck...
0 votes Thank Flag Link Tue Apr 16, 2013
Why would you believe what has been shared with you is untrue?
You do not make reference to the real estate location or address.
You do not make reference to the price point.
You do not make reference to the 'conditions' of the sale.
It appears your question has only one purpose.
To discredit the agent.
Let's make a gesture at fairness and provide at least ONE fact.
0 votes Thank Flag Link Tue Apr 16, 2013
The only way to know is to see it. $70K is a huge cleaning bill, but it could be more than cleaning. Walls, insulation and floors may need to be replaced if it's in horrible condition. Multiple offers on properties are possible in this market. We would suggest that your daughter get a great buyer's agent.

Jen and Mark Bowman
Keller Williams Realty
0 votes Thank Flag Link Tue Apr 16, 2013
Good morning!

Yes, in our current market there can be 5 contracts on a property. Our inventory in Downers Grove is down about 19% from last year while our sales are up approximately 32%. Our low inventory and an increase in sales is creating demand. We are seeing multiple offers and a very quick market time.

I don't know which home you are referring to so I am not able to answer about the amount of money needed to clean the property.

Does your daughter have an agent of her own? If not, I would recommend that she works with a local agent who will help her through the buying process as well as explaining the market in Downers Grove.

I hope this helps!
0 votes Thank Flag Link Tue Apr 16, 2013
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