I have been searching for a foreclosure in fountain city or mascot, I found a house listed for 54,900

Asked by Crystal, 37920 Sun Feb 1, 2009

I have 50,000 cash to play with. I do NOT want to finance a home. THe home needs new roof, floors, and windows all of which are leaking. I wanted to make offer of 32,000, ( roof, floors and some windows) thats 18,000 for renovations. but my agent says she will not do that because the offer is too low. Whats you opinion?

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Jim Lee, Agent, Portsmouth, TN
Wed Feb 4, 2009
You need to consider hiring a new agent.

If you have a buyer's agency agreement with your licensee, that licensee is truly your agent and must follow all your lawful instructions.

It's her job to advise you and carry out your wishes; not to refuse to follow your instructions.

In this market what is "too low"?

I just closed on a condo that had been listed for $187,500 with some buyer clients of mine; we bought it for $147,000 and it was in very good condition.

It is absolutely a buyer's market in Knoxville, Tennessee right now and I'm seeing buyers getting some pretty awesome prices on homes.
2 votes
Sherry Wheel…, , Knoxville, TN
Mon Feb 2, 2009

I submit all offers just as we are required to do. They may come back with a counter, who knows? There's a lot of foreclosures in Fountain City. Look for short sales too. They are good because the lender doesn't have all the legal fees to pack on.
Web Reference:  http://www.sherrywheeler.net
0 votes
Adelina Rotar, Agent, Knoxville, TN
Sun Feb 1, 2009
I have sold lots of foreclosures in the past few years. If the property has been on the market less than 90 days, it's very unlikely that they will reduce the price 42%. Banks don't just pick a listing price out of the air. They have Broker Price Opinions that they tell me exactly what that house should sell for given its condition, location, etc.

Your buyer's agent should write any offer you want her to if she is representing you; however, it is very unlikely that it will be accepted. There are many things that can affect whether a bank will accept a lower offer: days on market, if there are other offers on the property, how many showings they are getting a week, etc. Also, how much did it sell for before when it was in remodeled condition, what are the neighborhood property values, etc?

Adelina Rotar
Realty Executives Associates
Web Reference:  http://www.RotarTeam.com
0 votes
Brenda Jolly, Agent, Knoxville, TN
Sun Feb 1, 2009
Most of the time foreclosures are priced taking in consideration what needs to be done to the home. While your offer may be low, it is hard for me to determine that since I do not know which property it is or any stats on the property . Time on market may result in a reduced asking price eventually if there is no interest in the property. Our code of ethics require us to submit all offers unless the seller requests otherwise.
Web Reference:  http://www.brendajolly.net
0 votes
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