OfflineIs this a reliable number? The house is located on Chamberlain drive in Cincinnati. There are a couple of solds for empty land at about 4k each but no close sales for existing houses in that area.
The seller wants 15k for the house and it does need some work. If the house is really worth close to 51k then I'll offer 11k and make 2-3k on a wholesale to see where they are at.
Thanks.
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Hi Joe, internet information on property valuations should only be used to do "ballpark" valuations. You can rarely tell whether you are making an apples to apples comparison of properties from the limited information from the internet sites. Our recommendation is to always use MLS comparable sales reports from your real estate agent. You need to know the expected sales price after repair, so only use move-in ready sales. They can generate the report quickly and the descriptions by the agents in the write ups are much more consistent and thorough than the internet site info. Use at least three comparables to be sure you get accurate info. Look at the numbers and throw out any extreme high or low numbers as the sale may have involved a unique situation.
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
we had a property that was getting ready to be refi'd so we were trying to get a feel for what it would appraise for. That system told me it would be about 66k it ended up to be 94k so that's quite a difference and I imagine it could be wrong in the opposite direction as well. The best thing to go off of is your comps recent comps.