Sometime after my meeting with the bank Monday and my search Wednesday morning, the Jake Butcher listing was pulled.
I emailed the bank Wednesday and it appears Whirlwind is being pulled from the market temporarily only to be re-listed at the original price. The original price, at the time of my bid, was $1,200,000.
So why does a lender or realtor pull a listing only to put it back on the market a few weeks or months later?
Generally, there are two reasons:
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| Jake Butcher Mansion sunroom in current condition |
1-The house needs repairs, isn't showing well or the market indicates the value isn't there. This scenario typically results in a price adjustment.
2-The house has been on the market too long. Showings drop off and a stigma develops that there's something wrong with the house. This scenario does not always result in a price adjustment. Typically, the home is removed from the market, staged, new photos are taken and the home goes back on the market at the original price a few weeks to a few months later.
In my opinion, the bank is off the mark in their approach to selling this house.
It isn't so much the price of the house that's the problem. It isn't the size of the house nor is it even the condition. The problem is the combination of all three. The problem is asking $1,200,000 for a 25,000 square foot home that needs to be gutted. Is there a buyer willing to take that on? Other than myself? I don't know.
What do you think?
Wow! Are you really considering buying that house? I can remember looking at it as a kid and thinking it was like a castle across the river! How does one live in something like that?
ReplyDeleteI am very serious. I'm just waiting for the bank to realize my offer is probably the best they're going to get.
ReplyDeleteMy roots are deep in Anderson county and would love to see this house being used for a family dwelling, if no other reason than its becoming an eyesore. My grandparents live on the end of West Wolfe valley and i am sure they would appreciate it also. The house has a weird history, one that most people in east Tennessee would rather forget, but as you know he was a king among them at that time, till his fall. I have always been captivated by the story of Jake Butcher and I am amazed that he basically got away with it. Good Luck !!!
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