I started my solo law practice in 2000. By the grace of God, I built a solid real estate law practice, and by 2004 my law firm began to see financial stability. I already owned one investment property; however, it was time to purchase a home for myself. I had a close friend and client who advised me on real estate investments. She brought to my attention a cute little two bedroom one bath house located on Lakeview in an area of Memphis called Whitehaven. This street was known for small houses that were built on large lots at least one acre or more. The potential to build onto the house was great, plus I could get the house for less than $50,000.00 dollars.
The owner was asking for over $50,000.00 for the house. I made an offer of $45,000.00. The owner turned me down. So, I turned my attention to another house down the street. I was able to purchase that second house, but it was going to require more work to get it in livable condition. The owner of the first house removed the For Sale sign. After about four months, I noticed that a new For Sale sign was back in the yard of the Lakeview house. Out of curiosity, I called my real estate agent friend and asked him to look the house up in the MLS system. He told me that the house was listed for $45,000.00. I laughed to myself, because this owner had re-listed the property for the same price that I offered her four months ago. I told my friend this and asked him what he thought. He said, “Well, since the price has gone down, then your offer should go down.”
I really did not need another house, but I thought it would not hurt to make the offer. Besides, there was no way she would accept what I was about to offer her. I told my agent to make an offer of $40,000.00 for the house. To my surprise, the owner accepted.
To Be Continued …
By: Angela Green
Founder
Ambassadors of Memphis
The owner was asking for over $50,000.00 for the house. I made an offer of $45,000.00. The owner turned me down. So, I turned my attention to another house down the street. I was able to purchase that second house, but it was going to require more work to get it in livable condition. The owner of the first house removed the For Sale sign. After about four months, I noticed that a new For Sale sign was back in the yard of the Lakeview house. Out of curiosity, I called my real estate agent friend and asked him to look the house up in the MLS system. He told me that the house was listed for $45,000.00. I laughed to myself, because this owner had re-listed the property for the same price that I offered her four months ago. I told my friend this and asked him what he thought. He said, “Well, since the price has gone down, then your offer should go down.”
I really did not need another house, but I thought it would not hurt to make the offer. Besides, there was no way she would accept what I was about to offer her. I told my agent to make an offer of $40,000.00 for the house. To my surprise, the owner accepted.
To Be Continued …
By: Angela Green
Founder
Ambassadors of Memphis
RSS Feed
