About a month ago a couple called me about looking at a house in the Bogota community of West Tennessee. He liked the house but after talking to his wife decided not to buy it. After receiving that news from them I asked why they wanted to move. He told me the neighborhood had really gone down and lots of foreclosures popping up around them.
As I started digging he told me he knew the values were way down and he and his wife were ready to move on. I looked up his property on courthouse records and then went and looked at his 3 br 1 ba house. It is cute as a button but in a declining location.
I told him that mainly foreclosures are selling right now and they would be his competition when we listed it. Here is a blog post I did on the property right after listing it!
Since I had a motivated seller and low comps surrounding him we discussed pricing his house like a foreclosure and selling it fast. He liked that idea and signed the listing paperwork.Some agents in my MLS like to "pocket" those "good" listings but I entered the listing into the MLS immediately. After all , that is what is best for my client!
I showed the house the next day but another agent called to show it that same day. He stated he could not believe the price but he had an investor looking to "steal" houses. We priced it right and his cash investor is meeting all of us today at 4pm to close the deal.
Since my seller did not have any place to go yet, we also negotiated a short term lease to give them time to think and then move!
I like it when it is a win/win/win/win deal for everyone involved!
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