Buying a foreclosure

Asked by Yolanda Carter, Memphis, TN Mon Oct 1, 2012

If a home has been on the market for almost a year at the same asking price of 33000 what's a fair offer? Also its a cash offer?

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Michael Bellaire’s answer
Michael Bell…, , Cordova, TN
Mon Oct 1, 2012
Hi Yolanda!

Do you have an agent representing you? It sounds like you don't. Be smart, retain an agent. If it's a $33,000.00 property, on the market for a year, it may be over priced, may be in really poor condition, or other factors may be affecting the sale of the property.
An agent can assist you and advise you regarding this property and the wisdom of making an offer to purchase it. Make sure you hire a licensed, experienced home inspector to inspect the property, and make sure you protect yourself in an offer to be able to terminate any offer you make based upon several provisions, especially condition, inspection report or others. It doesn't matter if it's a $33,000.00 property or a $330,000.00 property, it can be in excellent condition and a good buy for the money, or it can be a "Money Pit", and become your worst nightmare. Get yourself an agent!

Best Regards,

0 votes
Dustie Zvola…, Agent, Memphis, TN
Mon May 13, 2013
I completely agree with Mr. Bellaire's comment, you for sure need an agent and in most cases the bank will require it. The most important thing in selecting an agent when buying a foreclosure is to get an experienced "foreclosure" agent. I work in an office that primarily works with HUD, REO and bank owned homes and one of the most common calls I get is from frustrated buyers who choose an agent who has no idea how to submit offers on REO or HUD properties so be wise in selecting an agent when buying a foreclosure! I would be happy to assist you and/or answer any questions you may have about the process. My email is

**By the way my office (Fast Track realty) listed 5961 Wedgewood, which was a HUD home, it sold in 11/1/2012 for $42,600***
0 votes
Yolanda Cart…, Home Buyer, Memphis, TN
Mon Oct 1, 2012
5961 wedgewood cv 38141 in Memphis th
0 votes
Bob Brown, Agent, Bartlett, TN
Mon Oct 1, 2012
I will have to know the address - please send that to me.

A cash offer might make your offer more attractive usually because you can closed the sale must faster than if you needed a loan.

In most cases when a home has been on the markert for this long you can assume it is over priced or in very poor condition.

Frequently foreclosed home are trashed or not well taken care of by the past owner.

I need the address and I will go to work for you.

It's your turn now for action - send that informaton to me and we will work out an offer.
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