OfflineOkay so i'm researching some deals and of course I found nothing on craigslist that looks decent (to me) so I began looking on zillow.com at places around my area.
On zillow I found a 3/1 home listed at 64.9K but zillow estimates the home to be worth around 139K.
Here is the history of the home according to zillow:
04/28/2011 Listed for sale * $64,900 isNowListed.com
04/27/2011 Listing removed * $64,900 Equity Real Estate
03/31/2011 Price change * $64,900 Equity Real Estate
02/25/2011 Listed for sale * $74,900 Fannie Mae
04/10/2009 Listing removed * $150,000 Point2
02/14/2009 Listed for sale * $150,000 Point2
The home itself isn't too big, at 952 sqft, the lot in total is .17 ac. It appears to be a Fanny Mae property, and does state that it needs some TLC.
From the picture, it could use some paint and some yard maintenance and who knows about the inside. Is this a property worth looking at, and if so how would I figured out what my initial bid price would be. Would it be from the general estimate of what the home may be worth or from their asking price? Some mathematical examples would help me out...
Also is it possible to do the asigning method on this property being that it appears to be a Fannie Mae home?
Thanks in advance for the assistance.
What do the sold, currently listed and under contract comps show? Asking price means nothing. What is your exit strategy? Yes, you can assign it if the contract is assignable. If it's an REO, most likely not.
NEVER go by pictures!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
First real look into properties so i'm just looking for a decent starter deal in my area just not finding much anywhere...
http://www.zillow.com/homedetails/2876-S-3095-W-Salt-Lake-City-UT-84119/12743440_zpid/#{scid=hdp-site-map-list-address}
On this property, the sold, currently listed and under contract comps -- what exactly does this mean and where do I find it?
In terms of an exit strategy I have no clue as of yet, still need to figure that out too....
Didn't figure I was going by pictures alone.. Figured i'd do as the book says (to minimize how many homes I actually go look at) and make an offer that is contingent on a visual inspection of the home at which time if I like the property I'd try to lock it up on contract and go from there to try and find a rehabber since it does need some TLC.
Well after doing some research on figuring out the ARV of a property (without much success as my book didn't cover that and not being anywhere near the real estate industry previously I have no clue) I ran into cyberhomes.com and typed the address of the property in.
I think this home would be a rehabbers dream or nightmare who knows (based upon pictures alone)... I think the condition of the inside and the back yard getting a face lift would cost somewhere around 10-15K in order to make it into rentable condition.
http://www.cyberhomes.com/propertyDetails.cfm/homes-WestValleyCity-UT-/2...
Any info on figuring out the ARV a proper bid price based on the numbers would be helpful. I probably won't be bidding on this property itself, but lets use it as for-instances so that I can learn this stuff and remember.
Drive the neighborhood using Zillow's Phone App (if you have an andriod based cell phone, or I-phone) Take 10 current listings (for sale), 10 recently sold (already sold) COMPARABLE properties (same bed / bath, etc...). DO NOT USE RECENT FORECLOSURES, they can skew the number. Divide the comparable homes' asking or selling price by the square footage of each (example - $100,000 divided by 1500 sq.ft. = your number) then add up all of the listed houses and divide them by 10 (or the number of houses you used) and get your average listed home. Add up all of your recently sold homes and do the same thing. Then take the 2 final numbers (avg. listed and sold per square foot), add them together then divide by 2. This should give you a VERY close representation of the average value per square foot of the area...take that number and multiply it by the square footage of the home in question...there you have it.
Jon A. Lubin
Investment Properties Group L.L.C.
Birmingham, Al.
www.connectedinvestors.com/investmentpropertiesgroup
"You Miss 100% of the Shots You Don't Take" Wayne Gretsky
Okay now what if I am looking at an area that has several homes for sale all ranging from 40K to 250K but no homes have sold in the last 2 years except in surrounding neighborhoods for a substantial ammount further.
I guess this is why I need a REA, she can figure this stuff out for me. Too bad most REA's i've found near me are all pretentious self indulged meanies
On zillow, i'm seeing quite a few 'for sales' and periodically i'll get like 60 houses for sale, and 2 sold. What would one do in a situation like that to try and figure out an appropriate price for an offer?