I put an offer in on a 3/2 yesterday. The house is has decent curb appeal, as you can see. If I get the house, I can assure you that I will repaint the pink on the front a more trendy color such as beige or brown. This 1950 house is a one owner house. It has been in the same family since new. The owner passed away over 8 months ago and the house is in the estate. The executor is the son of the deceased and the house has sentimental value to him. It still contains most of the original 1950's furniture also. My bid included the furniture because it was in great shape. The walls are wood paneling and knotty pine. I personally don't like knotty pine because it is so dark, but at least it is clean. There are hardwood floors under the carpet that is perfect. This 1250 sq. ft. house with central HVAC would sell for $120,000 or more if renovated and it was in a more desirable neighborhood such as University of Memphis or Highland Terrace. Unfortunately, it is not. The asking price was $84,900 and I offered $60,000 with the furniture. The tax assessor has the house at $66,700.
I know that the agent for the seller will work hard to try to get the executor to accept the bid. This house has been on the market over six months and since I am not represented by an agent, the sellers agent can take all 6% of the commission. If another buyer was represented by an agent and the offer was $84,900, the agent would make LESS money than she would with my offer at $60,000. That is the harm in the seller getting an agent. She is now in a funny situation. I have taken away her financial incentive to refuse the deal by making a cash offer without an agent. I will keep you posted.
I know that the agent for the seller will work hard to try to get the executor to accept the bid. This house has been on the market over six months and since I am not represented by an agent, the sellers agent can take all 6% of the commission. If another buyer was represented by an agent and the offer was $84,900, the agent would make LESS money than she would with my offer at $60,000. That is the harm in the seller getting an agent. She is now in a funny situation. I have taken away her financial incentive to refuse the deal by making a cash offer without an agent. I will keep you posted.
