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#3151591 - 02/04/13 04:33 PM Make an offer
cecil30-30
16 Point


Registered: 12/05/06
Posts: 14185
Loc: Morgan Co

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Me and my wife are looking to buy our first home,we found one we like that sits on 7 acres for 129K,what is a good offer to start at without offending any one or shooting our ownself's in the foot?
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#3151597 - 02/04/13 04:38 PM Re: Make an offer [Re: cecil30-30]
timberjack86
14 Point


Registered: 06/20/11
Posts: 7989
Loc: Grundy county

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If it was mine I and I wanted to sell it bad enough in obamas economy I would take 100k.
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#3151601 - 02/04/13 04:40 PM Re: Make an offer [Re: timberjack86]
Kevin
8 Point


Registered: 09/25/07
Posts: 2018
Loc: Jackson, TN

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I wouldnt offer 30K less to someone still though in this economy. I would go in at 116.
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#3151615 - 02/04/13 04:48 PM Re: Make an offer [Re: Kevin]
TAFKAP
14 Point


Registered: 11/06/09
Posts: 9549
Loc: Memphis

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What's it worth to you? How's the area? Will it sell otherwise? Is the place a dump? How much do YOU think would be just an insult?

If it needs work, make your offer contingent on repairs and give more money. Without knowing the property specifics, folks will have a hard time trying offer any accurate pricing advice.
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#3151632 - 02/04/13 04:56 PM Re: Make an offer [Re: TAFKAP]
cecil30-30
16 Point


Registered: 12/05/06
Posts: 14185
Loc: Morgan Co

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My bad,I was thinking of another house,this one has a asking price of $112K..It will need some updateing..The carpet is UGLY!

http://public.kaarmls.com/property/view....0%26K%5FBR%3D3&


Edited by cecil30-30 (02/04/13 04:56 PM)
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#3151636 - 02/04/13 04:57 PM Re: Make an offer [Re: TAFKAP]
BMan
16 Point


Registered: 02/06/06
Posts: 10569
Loc: Middle TN

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What TAFKAP said.

You can also look on the internet and see what it's appraised for tax-wise. That link is http://www.assessment.state.tn.us/ and it'a as simple as putting in an address, owner's name, plat number, whatever is available.
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#3151646 - 02/04/13 05:07 PM Re: Make an offer [Re: BMan]
Crosshairy
10 Point


Registered: 08/22/06
Posts: 2667
Loc: Bartlett, TN

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The time on the market is probably the best indicator. You should be able to look that up. If something has been for sale for a short period of time, it's riskier to "play games" trying to low ball someone.

A friend of mine did that last year on a house that was in relatively high demand and lost it. Probably for the best, but it happened.
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#3151648 - 02/04/13 05:08 PM Re: Make an offer [Re: BMan]
BlackBelt
10 Point


Registered: 08/09/08
Posts: 3207
Loc: SouthWest TN

content Online
Not that it helps, but my real-estate friends tell me most homes sell for 92-95% of the asking price, as long as the price is in line with whats reasonable for the comps in the area.
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#3151669 - 02/04/13 05:19 PM Re: Make an offer [Re: BlackBelt]
Hangnail
12 Point


Registered: 11/30/00
Posts: 7283
Loc: Murfreesboro, TN

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The tax appraisal doesn't have much to do with the market value. Most of the time, the square footage isn't even correct. That reported prior sale price would and probably does have some seller paid closing costs in there, which brings down the actual sale price.

Save yourself some time and hire an agent that will work for you. They can supply comps and other knowledge that the general public never thinks about. If it's listed with another agent, they can figure out a way to split the commission between them.

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#3151680 - 02/04/13 05:32 PM Re: Make an offer [Re: Hangnail]
leader
16 Point


Registered: 08/10/06
Posts: 11164
Loc: Knox

content Online
Hangnail gave the best advice, Hire an agent if your not used to doing this, there is ALOT more to it( or can be) than meets the eye.
Whatever the commission is ( 3-6%) will seem like ALOT,BUT that can be saved in them seeing a roof may need replaced or other things you may not see.
As a rule of thumb, even in in the Knoxville market now, if the house is priced in line most agents will not advise an offer less than 10% no more than 15% if you really like the house. Saying all that, there are ALOT of intangibles to consider and without knowing location, area, market it is hard to give a pinpoint answer.
GOOD LUCK!!!!
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#3151684 - 02/04/13 05:35 PM Re: Make an offer [Re: cecil30-30]
Buzzard Breath
8 Point


Registered: 07/31/06
Posts: 1650
Loc: East

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That's a Fannie Mae owned property. No offer will insult them. You need your own Realtor to just submit a bid. It's selling through the HomePath system. They will sell it to the highest acceptable bid. If they don't get a bid high enough, they just won't sell it.
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#3151700 - 02/04/13 05:51 PM Re: Make an offer [Re: Buzzard Breath]
Deer Assassin
Non-Typical


Registered: 08/01/03
Posts: 87175
Loc: Kingston Springs

content Online
good luck id offer 120
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#3151759 - 02/04/13 06:27 PM Re: Make an offer [Re: Deer Assassin]
Carlos Viagra
16 Point


Registered: 11/20/04
Posts: 13847
Loc: Cumberland Plateau

content Online
I bought mine thru the same program. They were asking 140K and I offered 95K. They said my offer was too low and they couldn't even begin to counter such a low amount. Then I waited a month. Get this- they dropped their price down to 113K and never contacted me! I happened to check back into the online listing and was thrilled! We went back and forth until we finally settled for very close to 95K. Don't be afraid to offer a lower number. Like posted above, hire a Realtor that you trust.

Best of luck to y'all Cecil!

Btw- in my opinion the bathroom that's been started and not completed takes away from that property so you can use that to bargain.
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#3151761 - 02/04/13 06:29 PM Re: Make an offer [Re: Deer Assassin]
TN Larry
10 Point


Registered: 09/17/03
Posts: 3022
Loc: Baxter, Tennessee

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It is owned by a Mortgage Company according to TN property data. It may be a repo. I don't think any offer would offend them.
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#3151773 - 02/04/13 06:34 PM Re: Make an offer [Re: Carlos Viagra]
Carlos Viagra
16 Point


Registered: 11/20/04
Posts: 13847
Loc: Cumberland Plateau

content Online
Is it a foreclosure? How long has it been on the market.
_________________________
Do not be slothful- for yesterday and tomorrow are thieves of today.

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#3151781 - 02/04/13 06:38 PM Re: Make an offer [Re: Carlos Viagra]
Buzzard Breath
8 Point


Registered: 07/31/06
Posts: 1650
Loc: East

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 Originally Posted By: Carlos Viagra
Is it a foreclosure? How long has it been on the market.

20 days

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#3151824 - 02/04/13 07:00 PM Re: Make an offer [Re: Buzzard Breath]
leader
16 Point


Registered: 08/10/06
Posts: 11164
Loc: Knox

content Online
Foreclosure changes things on what to offer but keep in mind if its a great price others may be offering to....
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THE ONLY DUMB QUESTIONS ARE THOSE NEVER ASKED!

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#3151843 - 02/04/13 07:08 PM Re: Make an offer [Re: leader]
cecil30-30
16 Point


Registered: 12/05/06
Posts: 14185
Loc: Morgan Co

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We've been to the property and looked around and just peaked through the windows,gonna go and actually have the realator show it to use wednesday.
_________________________
The beauty of the second amendment is that it will not be needed until they try to take it." -Thomas Jefferson


Ban Liberals!!! Save America!!!!

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#3151912 - 02/04/13 07:31 PM Re: Make an offer [Re: leader]
Bone Collector
14 Point


Registered: 09/09/09
Posts: 9023
Loc: Murfreesboro, TN

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don't worry about offending them. Just make an offer as to what you think it is worth. worst that can happen is they will counter.
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#3152081 - 02/04/13 09:01 PM Re: Make an offer [Re: cecil30-30]
TAFKAP
14 Point


Registered: 11/06/09
Posts: 9549
Loc: Memphis

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 Originally Posted By: cecil30-30
My bad,I was thinking of another house,this one has a asking price of $112K..It will need some updateing..The carpet is UGLY!

http://public.kaarmls.com/property/view....0%26K%5FBR%3D3&


'Yeah, that carpet looks pretty ugly. It may have a crunchy feel to it, which means it's time for new carpet. For $112, you could probably get away with a good siding wash and some carpet. So either go $100K even, or $105 with new carpet.

Take it from there. It looks like they did a decent bit of work, but none where it really seems to matter.

RUN THE HOT WATER for about 10 minutes.
Run the microwave and dishwasher at the same time.
Run the garage door up and down a few times.
Turn on the heat. Turn on the AC.
Flush the toilets.

Go over it with a fine-toothed comb. It looks like you can get that place for a steal, but I'd have some concerns.
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Everything important in life was learned from Mary Jo Kopechne.

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#3152086 - 02/04/13 09:03 PM Re: Make an offer [Re: leader]
TAFKAP
14 Point


Registered: 11/06/09
Posts: 9549
Loc: Memphis

Offline
 Originally Posted By: leader
Hangnail gave the best advice, Hire an agent if your not used to doing this, there is ALOT more to it( or can be) than meets the eye.
Whatever the commission is ( 3-6%) will seem like ALOT,BUT that can be saved in them seeing a roof may need replaced or other things you may not see.
As a rule of thumb, even in in the Knoxville market now, if the house is priced in line most agents will not advise an offer less than 10% no more than 15% if you really like the house. Saying all that, there are ALOT of intangibles to consider and without knowing location, area, market it is hard to give a pinpoint answer.
GOOD LUCK!!!!


HIRE AN AGENT!

It will not cost you a dime. Technically, you don't owe the agent anything, but you'll pay a bit more in the price of the home, so long as they're willing to co-op with your agent. It's definitely worth it, especially from the buyers' end.
_________________________
Everything important in life was learned from Mary Jo Kopechne.

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#3152138 - 02/04/13 09:31 PM Re: Make an offer [Re: leader]
ROUGH COUNTRY HUNTER
16 Point


Registered: 11/12/10
Posts: 12539
Loc: FRANKLIN COUNTY

Offline
what is the appraisal
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#3152167 - 02/04/13 09:50 PM Re: Make an offer [Re: ROUGH COUNTRY HUNTER]
Hangnail
12 Point


Registered: 11/30/00
Posts: 7283
Loc: Murfreesboro, TN

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Since when do mortgage companies share REO appraisals with potential buyers?
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#3152195 - 02/04/13 10:07 PM Re: Make an offer [Re: Hangnail]
TAFKAP
14 Point


Registered: 11/06/09
Posts: 9549
Loc: Memphis

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 Originally Posted By: Hangnail
Since when do mortgage companies share REO appraisals with potential buyers?


Just like when car dealerships offer you their "invoice" price \:D

HomePath houses are gummint owned foreclosures. They're ready to just unload them. Unfortunately, my previous advice about getting repair concessions just aren't there. Lowball the crap out of the house, and plan on spending some money bringing it up to livable condition. We looked at a number of those HomePath listings in Germantown, and they're listed about half what they would be in good condition. The ones we saw were absolute dumps that required $50K-$100K in repairs. This one looks somewhat promising, though. New-ish countertops, modern looking dishwasher, updated bathroom tile. It looks like it has some potential. But it makes you wonder why there's not a stove People don't tend to pack those up and move with them.
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Everything important in life was learned from Mary Jo Kopechne.

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#3152204 - 02/04/13 10:13 PM Re: Make an offer [Re: TAFKAP]
Carlos Viagra
16 Point


Registered: 11/20/04
Posts: 13847
Loc: Cumberland Plateau

content Online
Just depends, the last 2 houses I bought had the stove and fridge removed...
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Do not be slothful- for yesterday and tomorrow are thieves of today.

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#3152214 - 02/04/13 10:19 PM Re: Make an offer [Re: Carlos Viagra]
TAFKAP
14 Point


Registered: 11/06/09
Posts: 9549
Loc: Memphis

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And maybe it's just a bad picture, but that vinyl siding looks pretty moldy.
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Everything important in life was learned from Mary Jo Kopechne.

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#3152237 - 02/04/13 10:37 PM Re: Make an offer [Re: TAFKAP]
Hangnail
12 Point


Registered: 11/30/00
Posts: 7283
Loc: Murfreesboro, TN

Offline
If moldy VS is the worst thing wrong with it, I'd buy it if I was interested. Missing appliances isn't new at all, but neither are nonworking ones. Buying foreclosed properties is kinda like marrying a mail order bride, not that there's anything wrong with that.
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#3152382 - 02/05/13 06:28 AM Re: Make an offer [Re: leader]
TrailWatcher
8 Point


Registered: 12/07/08
Posts: 1852
Loc: Tn,Knox

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Show interest make a offer...BUT Always Start Low and work your way up if needed!!!!
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#3152392 - 02/05/13 06:35 AM Re: Make an offer [Re: leader]
MidTN
6 Point


Registered: 01/07/08
Posts: 954
Loc: Franklin, TN

Offline
Go to Zillow.com . This site can give you a general idea of home vales in the area based on recent home sales. Then as TAFKAP said determine the amount of work that needs to be done on the house then decide on an offer price.

Hire you own agent. Do not use the listing agent their contract is with the seller.


Edited by MidTN (02/05/13 06:37 AM)
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#3152980 - 02/05/13 03:46 PM Re: Make an offer [Re: TAFKAP]
AlabamaSwamper
12 Point


Registered: 06/03/04
Posts: 5104
Loc: Southern Wayne CO and NW Alaba...

Offline
asking $112k?

I'd offer $90k

What they gonna do? Counter?

I'm a low baller on houses and cars. Never failed me, not once. Either they'll get where I want them or they won't. If they do, I win, if they don't, they can keep it. \:D
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#3152997 - 02/05/13 04:06 PM Re: Make an offer [Re: AlabamaSwamper]
muddyboots
12 Point


Registered: 11/06/02
Posts: 7113
Loc: savannah, tn., usa

content Online
Go get pre approved for the money and have 20 per cent to pay down and offer whatever u want. That shows ur serious. Me personally i would offer about 85000 to start.
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#3155445 - 02/07/13 07:20 PM Re: Make an offer [Re: muddyboots]
Carlos Viagra
16 Point


Registered: 11/20/04
Posts: 13847
Loc: Cumberland Plateau

content Online
Yes, ditto the 85K offer...
_________________________
Do not be slothful- for yesterday and tomorrow are thieves of today.

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#3155756 - 02/08/13 02:22 AM Re: Make an offer [Re: leader]
BigBuck
4 Point


Registered: 12/25/00
Posts: 306
Loc: Woodville Tn.

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You can always raise the offer, you can't lower it tho'
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#3155813 - 02/08/13 06:31 AM Re: Make an offer [Re: BigBuck]
waynesworld
8 Point


Registered: 05/13/12
Posts: 1474
Loc: Mboro, Tennessee

Offline
If you already looked at it then you can use the agent having a different one then the one that is showing it is not needed exp in the case of foreclosure. I know some real estate agents will differ on that as it is not a rule that is 100% there are some agents that will work for the buyer. But look at the facts the agent gets paid commission on the house selling. And it is commission on total price. Now having one agent doing both sides can save you money some times. But most of the time it doesn't as there is a contract price that the seller will pay commission. When the house is listed it is set up who gets what. Like in the old days it was 6% and 3 went to buying agent and 3 to the listing agent. Then the 3 was split in the agent and the company they work for. If it was tight negotiations an agent/company can reduce the commission to make it work. That is rare.

All this info aside what you offer depends on your wife. If your wife is in love with the house and is in a hurry to buy it. You need to not play around. If your wife is neutral low ball and wait, one thing for certain there will be another foreclosure around the corner soon. We still have 4 years of o then we will have the pain of fixing the problems. The only hurry is the loans will go up.

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#3155898 - 02/08/13 08:25 AM Re: Make an offer [Re: waynesworld]
348Winchester
6 Point


Registered: 08/13/12
Posts: 933
Loc: Coon Creek

content Online
Most agents are crooks Cec. Offer 90K, but I would not pay more than I felt comfortable with.
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#3156072 - 02/08/13 10:33 AM Re: Make an offer [Re: 348Winchester]
TAFKAP
14 Point


Registered: 11/06/09
Posts: 9549
Loc: Memphis

Offline
Agents are not crooks....especially a buyers agent working on your behalf. Their job is to represent you and your best interests, and in the case of foreclosures like this, will likely steer you clear of some bad mistakes.
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Everything important in life was learned from Mary Jo Kopechne.

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#3156157 - 02/08/13 11:53 AM Re: Make an offer [Re: leader]
brmaster
6 Point


Registered: 06/27/10
Posts: 846
Loc: TN, Shelbyville

Offline
if you make an offer, make it contingent on getting a qualifed inspector to look over the property, thus giving you idea of what is wrong, then you can figure a price on the repairs and use that as part of the offer.
I recently purchased house back in June, 1400 sqft 7 ac in the country outside Shelbyville, asking was 130K, ended up getting it for 125K and 4K to closing as well along with all appliances and a 1 year home owner warranty
But see if you can as well get closing and a 1 year home owners warranty, this way if any of the appliances or the AC go out you wont be out a tremendous amount of money, even if they wont go with buying a HOW, then you should check into getting one just to save you the worry,,,,,,they arent that expensive and sometimes are well worth the money in the long run
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#3156211 - 02/08/13 12:33 PM Re: Make an offer [Re: brmaster]
348Winchester
6 Point


Registered: 08/13/12
Posts: 933
Loc: Coon Creek

content Online
"Agents are not crooks." Okay, believe what you wish. A real estate agent is simply a salesman. The more the house sells for the more they make in commission. There are about as many honest agents as there are honest lawyers and politicians.
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#3156220 - 02/08/13 12:42 PM Re: Make an offer [Re: 348Winchester]
BamaProud
12 Point


Registered: 04/03/11
Posts: 6881
Loc: Shelby County, TN

content Online
Offer them an AR-15 and 2 bricks of .22lr
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#3156221 - 02/08/13 12:42 PM Re: Make an offer [Re: 348Winchester]
leader
16 Point


Registered: 08/10/06
Posts: 11164
Loc: Knox

content Online
 Originally Posted By: 348Winchester
"Agents are not crooks." Okay, believe what you wish. A real estate agent is simply a salesman. The more the house sells for the more they make in commission. There are about as many honest agents as there are honest lawyers and politicians.


I believe differently. But it is the buyer/ sellers job to find a reputable/ honest agent.
_________________________
THE ONLY DUMB QUESTIONS ARE THOSE NEVER ASKED!

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#3156280 - 02/08/13 01:26 PM Re: Make an offer [Re: leader]
Brisco Darlin
10 Point


Registered: 04/24/12
Posts: 3209
Loc: East Tn.

Offline
Cecil,
original mortgage on the home was $133,500.
Fannie Mae foreclosed on it 12-6-2012 for $108,000
there are no recent sales around so i'd low ball the hound out of them. I've seen some of these recent foreclosures go for 50-60% of the foreclosed amount.
good luck.
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#3156287 - 02/08/13 01:31 PM Re: Make an offer [Re: Brisco Darlin]
cecil30-30
16 Point


Registered: 12/05/06
Posts: 14185
Loc: Morgan Co

Offline
 Originally Posted By: Brisco Darlin
Cecil,
original mortgage on the home was $133,500.
Fannie Mae foreclosed on it 12-6-2012 for $108,000
there are no recent sales around so i'd low ball the hound out of them. I've seen some of these recent foreclosures go for 50-60% of the foreclosed amount.
good luck.
Thanks for that bit of info..
_________________________
The beauty of the second amendment is that it will not be needed until they try to take it." -Thomas Jefferson


Ban Liberals!!! Save America!!!!

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#3156314 - 02/08/13 02:03 PM Re: Make an offer [Re: TAFKAP]
JeepKuntry
16 Point


Registered: 01/20/04
Posts: 14478
Loc: Clinton, TN

Offline
With the dimensions, I wouldn't offer to low. Somebody will swipe this one up as an investment property or rental.
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