All Forum Posts by: Verna Littleton

Have you seen the property inside and are you getting a loan? Is the property vacant? 

If these properties aren't going to appeal to investors, definitely list with an experienced agent in your area to seek out first time buyers.  You will need a realtor to help you deal with negotiations, home inspection etc. That would be the easiest solution in my opinion.  Look up local experts in your area on go on Zillow where you can see their reviews and other listings.  Good luck!

I agree with Ray.  It looks like the agent is forcing your hand at this point.  It may be worth it for you to lose the earnest money and seek out another property and another agent. Stay away from zero contingencies and get an inspection to protect yourself.  Also inspections can be used as leverage to get a lower price on the home if there are a lot of issues.  I know you hate losing earnest money, but imagine closing and finding a lot of expensive repairs on this house.  

My recent experience was an issue with the inspector.  I get they they are trying to impress the buyer with their knowledge, but they don't know everything.  The issue was electrical and a licensed electrician made the repair on a GFCI in a bathroom.  The inspector kept saying it wasn't correct , but the electrician stated that it was correct and up to code. The home inspector would rather say it wasn't right than admit he was wrong. 

I agree with Jay. There is no obligation to honor your contract since the owner is deceased.  It will have to go through probate etc.  I would suggest you be very patient with the surviving family since they don't have to honor the contract.  I would just be nice and let them know you are still very interested in the home since you have invested money and time. Good luck! 

Rent it out if you are in a position to do so.   

Look for contractors on social media sites like Facebook and Instagram in your area.  This way you can see their work and most will have customer reviews on there as well especially if they have a Facebook page.  Also look on the local MeetUp sites for investment groups that meet their locally.  They can be a good source for vetted contractors. Good luck!

As a real estate broker, I tend to see activity slow down in the late fall and winter months.  People have their minds on the holidays so there are fewer buyers looking then. You should be able to get the seller to negotiate the price better, especially if it's been sitting awhile. 

I'm a broker in Memphis so of course I'm going to say Memphis! :)  If you find a tri-plex for $160k, it will not be in the best area, but your concern will be the  condition of the property and is it rented or rentable? Multi-Family properties are highly sought after in Memphis so they go fast.  You may have better luck getting a duplex which is also a great investment!  

Check on the property often and install cameras if you think it will be a problem.  Just dont leave the property sitting empty for a long period of time.  If they see no activity at the property, then yes they may squat there