Property Q&A in 38002>Question Details

Chris, Home Buyer in Memphis, TN

went by this house today and it didnt have a forsale sign in the yard.. looked inside and the water heater

Asked by Chris, Memphis, TN Sat Jan 31, 2009

had busted and the ceiling under it fell in .. all of the carpet is ruined...who do i contact to find out the bottom dollar they will take for this home?

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Hi Chris,

This property has been on the market for over 200 days and started out at $210k. The tell tale signs here are that Mr. & Mrs. homeowner tried to sell (for too much money), couldn't, then left in dispare for the listing agent to figure out what to do.

Another comp on the street sold in foreclosure back on 8/28/08 for $158,100, with similar acreage, condition, and size. Keep this in mind to justify your prize if you win the bid. Now, if you are interested, quit speculating and put something on paper - anything. You can't win and unless you are in the game. The bank is the only one that knows what they will accept. If $75k seems reasonable for 2 acres in Arlington with sewer, water and electricity - go for it. You can always level the house at that price or build from it's good attributes.

Get you a seasoned Realtor in REO sales to represent you. It will cost you nothing, but it will protect your interest. You will be able to navigate through these waters much easier and come out miles ahead.

Let me know if I can be of any help and congrats on a possible gold mine!

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0 votes Thank Flag Link Mon Feb 2, 2009
This home is listed with a real estate agent, they say it is a possible short sale. Short sale means that the owners are behind on their payments and the bank would have to accept less than is owed. If it looks like the owners have moved out then it may be headed toward forclosure. Lynn is right about the damage and getting a loan, it you would like to get more info I would be glad to help you with that just let me know if its something that you would like to do.

0 votes Thank Flag Link Sat Jan 31, 2009
FYI: if home has this much damage it may not past appraisal if you are obtaining a loan. Banks will ONLY lend money on home move in condition. Recommend inspected for mold, electric, stable foundation, any damage structure with water damage. Many investors even shy away from these properties.
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0 votes Thank Flag Link Sat Jan 31, 2009
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