Mary M. Kidwell

Hello Chad,

All of the other Realtors who have answered this so far have good answers, but like Vicki said, it depends on the individual contract. For a Realtor to sue you, there must be a signed Buyer Agency Agreement stating certain terms and then the agent would have to prove that you violated the terms of the contract. We know so little about your personal situation. However, as Realtors, we strive to do our personal best to uphold our profession. This includes doing things in an ethical an legal fashion, although most of us would agree that a lawsuit in this case just doesn't sound right and most of us would never sue or have rights to sue a Buyer who didn't purchase a home. If a Realtor does file a suit against a client, the Broker and the firm's attorney would be the first to know and the first to find out whether or not there is "legal cause". Sounds like this Realtor and her client should have broken ties long ago. - Thu May 7 2009, 06:15

I know of a foreclosure on Douglas lake but it has so much structural damage that it will take between $75000 and $150,000 to make it a home of comparable value to homes in the neighborhood. So it depends if you are looking for a fixer-upper or move-in condition home. Most foreclosures are fixer-uppers and will require quite a bit more to bring up to code or be in move-in conditon. If you don't mind going further out from the city (30+ miles), you can find properties near or on the water for under $200,000 that might be in better condtion.

Many Buyers feel that now is the time to buy a foreclosed home. However, in most cases, mortgage companies have not lowered the amount that is due on the loan and they want the best and highest offer. So, just because someone is being foreclosed on doesn't mean you will get a great bargain. Often, these homes have been damaged by the owners or renters and require lots of work. It all depends on how much equity the previous owners have in the home and how willing the bank is to get rid of the loan.

Sometimes, you can purchase a home in foreclosure as a short sale. Basically, this is where the bank is forgiving some of the mortgage amount owed by the Sellers and they still have the right to sell the property at a lower amount than what is owed on the property. It is a bit complicated to explain here, but you can google 'short sale' and get all the info you need. A Realtor can locate these homes available as short sales if they are listed as such on the MLS.

If you'd like more information, please feel free to call or email me.

Sincerely,
Mary Kidwell
The Real Estate Market
865-357-7070
865-603-2706
marykidwell@comcast.net - Tue Apr 28 2009, 21:53

Hello,

If you have not already signed a Buyer's Agency Agreement, you are free to find and work with another Realtor. We all have different personalities and some work well together and others just don't mesh.

If you have an idea of an area in which you'd like to live, you can search that area or on my website, you can search for a certain neighborhood. Once you choose a better Realtor for you, that agent can send you daily updates on any or every area in the MLS system. Our system immediately allows us to view new listings when entered into the computer (there is no waiting whatsoever). A good Realtor will not push you into buying a home you are not ready for. They will work with you and listen to your concerns knowing that when the right listing comes on the market, you will be ready and feel confident about purchasing.

Hope you find a great first home! You can call or email me if you think you'd like to work with me.

Mary Kidwell
The Real Estate Market
865+357-7070
865-603-2706 - Tue Apr 28 2009, 21:32

I see that several agents have already given you a lot of good information regarding foreclosures and how to find out more about them. I have a link to foreclosures on my website that does not ask you to give more information. Of course, if you want you can ask for it but my site will give you enough information (including the MLS #) about the property and if you want even more, you can search many sites with the MLS #.

Foreclosed listings already have a commission set (regardless of whether it is only the Listing Agent or a 2nd, Buyer's Agent involved) when listed and it is in your best interest to work with a Buyer's Agent when deciding to write a contract. A Buyer's Agent can keep you informed of new foreclosures and often has inside information regarding homes at risk of foreclosure but not actually in foreclosure. Find a Realtor that you feel comfortable working with and they represent you well.

Here is a link to my website if you would like to see foreclosures in the area.

Mary Kidwell
The Real Estate Market
865-357-7070
865-603-2706
marykidwell@comcast.net
marykidwellhomes.com - Tue Apr 28 2009, 21:14

Hi Tammy,

All homes listed by Realtors are on the local MLS which provides an IDX (Internet Data Exchange). This allows us to publish to other sites (many we pay for, many are free) our listings so we can "get the word out" about our homes. It is a form of advertising, but only to those who are searching for similar homes. To better serve our Sellers, we publish as many pictures as possible to the web; research shows homes with many pictures generally sell quicker and at a higher list/sell percentage than those with no pictures, few pictures, or pictures that make the home look like it needs work.

Because so many sites have the ability to link to other sites, there are probably hundreds of sites that would have this listing along with all the pictures ( I have 2 personal websites and you can access this home on both of them, although I have not pulled it up yet). It is also on Realtor.com, Trulia, Zillow, backpage, and lots more as well as on all Knoxville Realtor's websites.

The other information is provided by CRS (Courthouse Retrieval Systems) to Realtors and is also readily available to consumers on many sites. It is public record although as Realtors, we are not allowed to publish this info ourselves. Many Buyers often ask what the present Sellers paid for the home and can easily locate this info on the internet (because it is public record).

If you would like more info, please feel free to email me at marykidwell@comcast.net - Mon Mar 30 2009, 21:16