OfflineI just saw a Zestimate on a local REO at $65,000. while the asking price on a home was $42,000. If the REO is in reasonable shape, is this a good deal or do I still need comps of like properties?
__________________
I just saw a Zestimate on a local REO at $65,000. while the asking price on a home was $42,000. If the REO is in reasonable shape, is this a good deal or do I still need comps of like properties?
There is a lot of different factors that go into making sure a home is a good deal.
Number one you can't trust zillow or any other sites for comps. You can use it for a general picture of the price, but thats it. You must use an experienced realtor to get accurate comps.
What if its 42,000 because it needs 40,000 in repairs? Maybe there is some local pollution that is causing people to move out of the area? Maybe the area has high crime?
PLEASE fill out your user profile to create networking opportunities for yourself with other DG members in your state.
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
JUNK!
Use comps of SOLD, REHABBED properties that have sold in less than 30 days.
Click Here To Buy Deans New Book!!! http://www.lanemccaw.bookimentioned.com/b/
Visit my website:http://qchomebuyers.weebly.com/
Visit My Facebook Page: http://www.facebook.com/#!/qchomebuyer
Visit My Linkedin Page: http://www.linkedin.com/pub/the-1-fast-ca-h-home-buyer-in-the-qc/28/b79/...
"In order for me to think outside the box, that would require me to acknowledge that the box actually exists. In my world, there is no box."
~Matt Larson~
just a point of departure based on comps Zillow pulls. You just don't know the backstory. Could be a lot of liens or back taxes, and you surely don't know the interior condition.
Call 3 local realtors, get them to send you a comparative market analysis (CMA) containing at least 3 similar for-sale properties and 3 recently sold properties. They'll email them to you for free in hopes that you will go with them.
If you tour the property and like it and decide to pull the trigger, please make sure you pay for title insurance even if you're paying cashola to ascertain there are no liens or back taxes, and as Dean consistently pleads, buy it in the name of your LLC for a whole boatload of reasons.
Good luck! There aren't any dumb questions on this site, and plenty of friendly people to help you!
several of them said if it is not theirs they can't give accurate comps without going out to the place. If it is a FSBO then bringing in an agent just complicates things. Do I keep trying other agents?
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Whats everyones take on Deans site of total view for comps ?
Whats everyones take on Deans site of total view for comps ?
This is not all of the info you need from the seller, but this is a good start
http://www.deangraziosi.com/real-estate-forums/everything-else/87704/dg-...
Tammy,
Maybe you can ask other investors in your town how THEY arrive at the most accurate value of a home. I thought it was not necessary for the agent to go out to any home to run comps. My understanding is that the agent pulls info for comps from the MLS(which is why we can't run comps ourselves). If all the agents you worked with are just not able to do what you ask, you gotta try something else. I would ask other investors.
Hope this helps
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee