OfflineI have read dean's books and i know how to include a profit when you offer to buy a home, but I need to know how to determine accurate fair market value for a home i want to lock up.I have checked Dean's-- Total View site,but it seems and i was also told that the Zillow's and other sources the site uses to determine a market value are behind at least 3-6 months which is critical to getting a great amazing deal in these trying times on the market. I have access to a mls site from when my father signed with his realtor,so i have access to local comp's, but which comp's do i use?.....Comp's that are the same bed/bath,or size,or price per sq.ft.,or story of a home(1,2 or 3 story homes)etc.?...I need a formula where i can best determine accurate fair market value of a home, i am desperate,i have $0 to spend literally not even on gas.Noone i know can or will help me either, so please can someone,anyone help me? I'll even share (sign a contract if require) my profits to anyone who helps me get this train started.I only need to do one deal to see the blueprint,so i can have gas money again.Please Help.
I Need a Fair Market Value Formula
Posted on: Mon, 09/13/2010 - 20:22
Ask Your Real Estate Agent to give you a list of homes that have recently sold near the home you are pursuing. Make sure the homes are similar in size, bed, bath, etc...That should give you a good idea of what people are willing to pay for that house right now in this market.
Once you determine what you think people are willing to pay based on the info you've compiled, your goal is to obviously pick that property up well below that amount.
And the good news is Real estate agents don't get paid unless you purchase the property, so no $$ is required at this point.
Good luck
Jordan
"You gain strength, courage, and confidence by every experience in which you stop and look fear in the face. Do the things you think you cannot do. Tough times never last, but tough people do"
Hey Mike '
Do you know how to use your MLS?
Jay C
Jordan's right, Mike. Get similar home sales from the past 6 months (3 would be ideal if possible) and within 1-2 miles of the home. Just make sure the neighborhoods are similar (No crime, neighborhood or visual blight, etc.)
Vincent
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
Jay,
not sure i follow you're question 'do you know how to use my mls',i see homes that fit what im looking for, days on market,tax costs,home details etc,listing price,recent notices of price reductions etc.i have area sales tab i can look at..etc. please clarify, maybe i am not with it tonight,but i'm not sure what you mean.
The best comps. to use are going to be the most recently sold properties. If you have 3 comps. that are similar to the property you are looking at that were sold in the last six months, get the price per sq. foot for each property. Take the 3 numbers you get and get an average of those numbers. This will be a good average price per sq. foot, than take that number mulitply that by the sq. footage of the property you are interested in and that will give you a very close fair market value for that property.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
That was my question also. I don't have access to MLS but now I feel much more confident I can figure the FMV.
You guys and gals rock!
Thanks again.
Alvin
30 days to real estate cash
Its all in there.
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