OfflineHi, I'd like to 1st start by thanking Dean Graziosi for writing an amazing book. If people only had read your book when you realased it you could have saved a lot of people time money and grief. I especially like the part when talking about national factors influencing local markets...I hope you dont have a cataclysmic event 
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So here is my dilemma. Im in a major city looking at some amazing homes with serious cash flow potential after taxes/mortgages. Im getting a lot of homes that are selling under for the comparables and I was wondering how do I assess FMV (Fair market Value) and ARV (After Repair Value), and also on the comparables I am getting from my realtor it shows listing price and little bit further down it says total assessed value. Some times the number is above what the house sold for and sometimes it is extremely below what the house has sold for. The reason I ask is becasue my realtor has indicated that some of the properties are already below FMV in the listing price, but my dilemma is assessing what FMV price is due to national/local factors.
For Instance I am want to put in a offer on this home 8Bedrooms/4.5Bathrooms list price= 749,000 my buyer says that if we end up with 649,000 that we would be at 40% below FMV. THe comparables in the neighborhood are these list price= 1.4million sold pric= 1.5 then on the same page it says total assessed= 1.9 ... The second comparable is this list price= 1.2 million and sold price=1.1 million and total assessed= 700k ....
What is total assessed? how do i figure out FMV,ARV...What should be my ideal target range
Hello...
I never try to give advise...but do you know about the web site Zillow.com??? If you put in the address you are interested in it will give you a value for it. It will also give you comparables in that area that have already sold with dates, square footages, prices and other info you may need.
Hope That Helped!
Tom
I put a suggestion out there about zillow and would like to reply to the reply made. I personally use zillow for the free information that it gives me. When I am looking in a particular area of town that I know nothing about I use zillow for the info it gives me on previous sales. For example I will have a particular address in mind and input it to zillow. It will come up as a Zestimate...what zillow thinks it is worth according to previous sales in that area. I then can click on the address next door or across the street looking for a property that has the same square footage as the property I am looking at. It will also give all the sales in that area square footages, beds, baths, and lot size. That is info that you need before making offers. I do not take it as written in stone but it is good information right at your computer. I personally have used dataquick too for over 17 years. Unfortunately for alot of people they cannot afford dataquick...as it runs at least $100 per month depending on how much you use it. Since most people here are beginners zillow is a very good free source in my opinion! Thanks for listening!
Tom
I have a couple of personal properties.... one of them is worth only $10,000. I looked at Zillow and it valued the property at $70,000!!!
It is good for seeing what your neighbors homes and other homes in certain communities sold for last time. I would not count on it for anywhere near what a property is worth.
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