Hi, Everyone I've found a property that has a AVR value of $103,000-$140,300 and the original value of the home is $122,000, but they're asking for $83,900.Is this a good deal for me? Viewing the property tomorrow. Any advice helps.
That is a large spread on the ARV. Where did you get your numbers from?
"Original Value" is a meaningless number. I don't know about Arlington values, but that would seem high, in my area, the way I buy.
Ask them to write (on a yellow pad, which you conveniently have), exactly what they would accept. Then, look at it. Just look at it-for a long time.
Listen, more than you talk.
I can't read motivation, in your brief notes. If sellers aren't motivated, leave a written offer and move on, and don't look back. I have had such offers accepted as long as two years after. Don't be the motivated person in the yard.
@Gabriel Mabry We were looking at the estimated value of 103,000-140,000.How do we find the ARV?
@Gabriel ,Thats where we are having trouble is finding the ARV do we need to look at the home and see what needs to be repaired? Then, multiply and divide by the 70% and subtract how much the repairs will cost?
That's something honestly I'm not qualified to answer. However, my father is an agent and he would do comparables. I was just going to warn you about using zillow's estimate. I was told their numbers can be off drastically.
ok thank you @Gabriel
ARV is determined by the market. If the house next door sold for $140,000 and is almost identical, this house should be valued at $140,000. If 2 houses on the street over sold for $105,000 and are almost identical then you can be pretty comfortable knowing this house is worth close to $105,000
Ideally you should find 3 VERY similar houses and base your ARV off the averages of the 3
Originally posted by @Joseph Ball :
"Don't be the motivated person in the yard.
Love this Joseph.
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