Finding FMV trouble with Zillow

Zillow does not work for my area either. There are other sites you can try (including Dean's "Total View" tool, which is awesome). but for the best comps, you should use your RE agent. They will have all the "solds' from recent MLS sales for you to work your numbers from. You may also be able to get that info from your title company, or even the courthouse. What's nice is they have ALL of the title transfers that have been recorded, not just MLS (as I believe agents have access only to that).

Good luck with your research, and all the best to you in your REI!

Rina

that if the property is a FSBO that has never been put on the market, or if the owner hasn't listed it with anyone that neither zillow, nor totalviewrealestate will have any info on it. Just a matter of pulling up it's FMV by going to the clerk of courts and finding the tax assessors records on it.

Maximilionalpha is right.
Go to all the resources available to you. Remember to look for what has "sold", and the price it went for. Then use only those sold in the last 30-90 days for comps, as a place that sold for one price a year ago could be worth half of that now (or vice versa in an up market).

Hi my name is Teescott,

I read your message last week, I also sent you an email...
GLAD YOUR BACK....
I just learned something from you; I found a couple of FSBO and Zillow is giving me a hard time too....So If I go to the court house which I don't have time really to go,I was thinking of just calling the owner and asking questions...

In most cases you don't even have to leave the comfort of your computer chair. Just google the Tax assessors office website in the township that you're looking at property in and go from there. That's what I pretty much do and once you've found it, just put in the address, township, municipality of the place you're looking for info on and Voila! you're there.

Hi again,

I really apprecitate that info...I was oh no.... I will miss out on so much because I can't go to the Court House....
with that information you gave me....I can now get started....

Thanks again.....

teescott

Ask your Realtor for a 1-page "Quick CMA". CMA is short for Comparative Market Analysis or "Comps". This should have other similar properties that are active listings, pending listings and sold listings and there should be 3 properties for each of those. That should give you a good FMV to make a good decision.

wow! thanks everyone for all the info. I cant believe how helpfull everybody is here!

Welcome and it looks like you alreayd received some really good advice. The better you undertsand the values of your market the quicker you will be able to spot the deals. Take as much information you can gatehr about your area and before long you will have a good idea about where the homes should be priced in your market area. Good luck with realestate investing. Believe and Achieve! - Joe

I know in my state, homeowners are not obligated to state what their home sold for in the public records - it can state that it was sold for "the sum of 10 dollars" I know many people that have used that option to protect what they paid for their home. But in other instances the courthouse is extremely valuable, providing dependable information.

Also, using a realtor is usually the quickest route when trying to get sold information. Requesting a CMA from your realtor is a great idea that DJMario brought out. As Joe states - GREAT ADVICE EVERYONE!

I also use REDFIN.COM website to FIND PROPERTIES in the area. It is also useful in PERFORMING COMPS in your area. This is a FREE WEBSITE. Good Hunting.