I am interested in a foreclosed home. It needs a lot of work because the home is severely trashed. Is it?

Asked by Connie Wooldridge, Collierville, TN Fri Jun 12, 2009

wise to offer less than the list price because of the severity of damages to the property with out coming off as trying to low ball?

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Terry Longmi…, , Memphis, TN
Fri Jun 12, 2009
Its hard to adivise you on an offer without knowing more information. The banks don't get mad if you make a low ball offer but many times if the offer is to low they just will not counter. A realtor can help you formulate a good offer that would result in your being able to buy this property for the best possible price.
3 votes
Carri Lyons, Agent, Collierville, TN
Mon Aug 17, 2009
I think if you can get an estimate on the cost of the damages and your offer is fair based on the location, market value and condition then your offer is not offensive. I just presented an offer for my client on a foreclosure and we submitted photos, estimates and comparables. I say go for it!

Feel free to contact me if you don't already have an agent.

Carri Lyons
CRYE-LEIKE, Realtors
0 votes
Patty Everitt, Agent, collierville, TN
Mon Jul 20, 2009
Have you seen the home on Surrey ,946 Surrey,offered for $262,150, 5 bedrooms with 3.1 baths,

oh my the whole house has the interior ready for repair.
the house next door is going for $450,000, so if you have connections then it would be an interest.

But it is backed up to Frank rd. so for resale, would that effect the sale? to some people yes , to some it would not bother at all !!
So it is just how much do you love the home, location, and if you are talented the condition may just not be an issue to you -oh yea if you have cash ! that helps too!
Web Reference:  http://www.PattyEveritt.com
0 votes
Gerald Willi…, Agent, Germantown, TN
Sat Jun 13, 2009

Without knowing the particulars of the property, it's history, it's condition, the price the location and a number of other factors, it is impossible to advise you. My recommend is for you pick a Realtor to help you with thiis transaction in order to formulate a price and a plan. As a buyer you do not pay any fees.

If I can be of assistance, just give me a call

Gerald Williams
Affiliate Broker
Mortgage Loan Officer
BenchMark Realtors, LLC
BenchMark Mortgage, LLC
0 votes
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