Foreclosures

3 Replies

I have been looking on zillow.com at properties,  currently there is a house on there with 3.7 acres, 3bed 2bath, pix look good, tax value is 217k priced at 164k in Cabarrus county nc. Am I looking for the right thing? It is listed with a real estate agent. Looks like minimal repair

@Anne Morales tax value (or assessment) is not the same thing as property value (not necessarily even close). You'll need to get an idea for what the ARV for the place is based on comps before you can determine if that's really a good deal. Educate yourself on ARV and how to determine it and that'll give you one side of the equation you need to determine if it's a good deal.

I'm not familiar with the area whatsoever, but if you PM me the link I can have a look at it for you and give you my two cents.

I agree with @john matthews  assessment. have the listing agent prepare comps to justify the price than have your agent and yourself review them. Also- make sure you have a good repair estimate from a trusted GC too- looks can be deceiving/

Thank you John (and John)! I will start looking at repair values. One aspect of this I forgot about. Boy, you can tell I'm a rookie! With respect to ARP, this house probably doesn't have enough wiggle room for making any money.  I'm starting to get the idea. I value your help and advice. Thank you! 

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