OfflineOption #3 Listed Properties:
1. Go to www.zillow.com to search by county, city or zip code for properties that match your buyer’s criteria that either just hit the market in the past 1 day OR that have just had price reductions in the past 30 days.
2. Additionally you should REGISTER with Zillow in the upper right hand corner and then save both of those searches and have them sent to you on a daily basis. This is the only way to get properties delivered to your email either the first day they hit the market or the first day they had a price reduction which is SWEEET!!!! Between those two emails coming in your going to do a great job covering the listed properties and there won’t be much slipping through the cracks that may take the discount we are looking for.
Once you have the address and asking price you simply compare the asking price to the average $/ft^2 of the 5-10 closest best comps in the area using the “see sales similar to xyz address” feature and zooming until you have between 5-10 which SHOULD give you a very legitimate value. More often than not Zillow is very close, but because Zillow doesn’t differentiate between mobile homes, condos, townhouses and single family residences or for properties that have or have not been renovated, you will need to select them accordingly. Only the properties that you see with 20% or more difference between the asking price and the Zestimate are worth further investigation.
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about using TotalView's info on the three websites? What I've done is take the three websites that TotalView spits out (TotalView, Eppraisal, and Zillow) added them all up and did an average price between the three. How accurate would that be?
Thank you. Very good idea- I am on zillow a lot and never thought of doing that. It would make the process of calculating, good or bad, much easier
I look also at the county data website, then at totalview and see those 3 comps. I usually then look at the average as well, but go leaning toward the lower comps to play it safe. If I am serious about a property, I then may ask my realtor for an additional comp, which is usually in the ballpark. Tammy
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.
I'm with femailceo. I use Totalview for their 3 comps, then go to findcompsnow and occasionally I'll go to redfin to find recent solds in that area. After doing that research, I'm usually confident enough to put my offer in.
Ogal
"Only those who can see the invisible can accomplish the impossible"
Patrick Snow
"Instead of using your words to describe your situation, use your words to change your situation" Joel Osteen
Thanks for the info!
Stephan Roberts
"In absence of clearly defined goals, we become strangely loyal to performing daily acts of trivia!"
Here is a FREE property analyzer I've found:
https://tvallc.infusionsoft.com/go/RehabLite/sroberts/
It's a great tool to use to help analyze your deals (and did I mention it's FREE)! But, you really should spend the $97 and get the full premium edition! IT'S AWESOME!!
I have used them the same, and have found them to be very accurate, and it's:
www.totalviewrealestate.com
Thank you.
On Trulia.com you can click on "Comparables" tab to get Comparative Sales Data for XYZ property.
I use a combo of all the comps I collect to derive at an average comparison.
It's a ballpark number after all.
The more places you get current market data from, the more you can zero in on a potential ARV.
The closest proximity to the subject property and the more similar the better.
I never use the maximum, I underplay it somewhat. Be careful to not just get the number you want to see!
It really depends on the exit strategy and the level of finish out on the rehab and what your intention will be.
Take a look at what similar houses are currently listing for, as well.
A drive by can be a real eye opener. 3D is better than 2D.
Note: Zillow is based on a map area, not necessary in the same neighborhood or subdivision. Their number for property worth/value is based on a 5 or 10 year scale. The number you see is an average, mid-range configuration, between when the property peaked and its low point.
Happy Prospering! ~Kat, Liberty Residential Investment Acquisitions
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