OfflineI hope this doesn't sound to dumb but, when pulling comps on a property how do I use that information to determine a FMV? Do I just see what has sold in the past 12 or 6 months and get an average and use that? I had read a post from Sully about if there were not current comps in that area that he would obtain older comps and try to adjust them according to how old they were. How do I do that? How do I assess repairs to determine an ARV? Sorry about all the questions but I am really motivated to learn all I can so I can take ACTION! Any help will be appreciated. Thanks so much!
-- Mark
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first step is to determine the cost per square foot for each comp that you pull
---comp price and divide it by the total square feet of the home
second is to do this for all the comps
then get rid of the highest and lowest...unless you only have three(get atleast 3 comps if possible)
then add the total cost per square foot of all the comps that are left(not the highest and lowest cause you get rid of them)
then divide that total by the number of comps you used(this is the average cost per square food)
last, you take the average and multiply it by the total square feet of the home you are looking at...And then you have the Fair Market Value
---sounds confusing, but it isn't if you follow step by step...and if you practice it, it will only get easier....
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Great! Thanks for the info! I really appreciate it. How would you determine the ARV?
-- Mark
Where is a good resource for "pulling comps" without a fee? I've tried Zillow but it seems pretty high. Most others charge for a membership. I'm budget tied and really am watching every cent I put into this.