Saint Louis, MO · Member since 2018 · 39 posts · 11 votes
I am evaluating 12 single families and the because they haven't been publicly sold in 15 years, Zillow has no information on the properties to help. I am going off square footage and median values. Is there a service to do some sluething and get closer values to give me a piece of mind on my personal appraisal?
Yes they cashflow, yes the DSCR is great. The seller is pushing back on values and I would really like a piece of mind on values.
I am evaluating 12 single families and the because they haven't been publicly sold in 15 years, Zillow has no information on the properties to help. I am going off square footage and median values. Is there a service to do some sluething and get closer values to give me a piece of mind on my personal appraisal?
Yes they cashflow, yes the DSCR is great. The seller is pushing back on values and I would really like a piece of mind on values.
Hello, absent an appraisal, perhaps you should create a spreadsheet and list the various values assigned by free/public automated valuation models ("AVM"). An AVM is software that compares a subject property along with other properties in the market in order to assign it a value in accordance with its features. While lenders use private/paid services to run AVMs on properties they work with, you can also find public results for AVMs on websites such as Zillow, Trulia, Redfin, Realtor, and many more. I would also take advantage of the local taxing authority's use of an AVM. That should be publicly available on your taxing authority's website, normally called the auditor.
In addition to reviewing the available free AVMs, perhaps you want to consider asking a realtor to run a comparative market analysis ("CMA") on the properties. A CMA involves the realtor pulling properties that are comparable to the subject properties to give you an idea of what the property's value is, although, it is certainly not an appraisal. You ought to be careful in your reliance on this type of service though because many realtors overextend or are careless in the collection of comparables.
Another service you can get is called a broker's price opinion ("BPO"). Like a CMA, a BPO involves a real estate broker reviewing the subject property and giving you their thoughts on value, although, again, this is not an appraisal. Lenders often use the BPO in combination with an AVM in assessing property values for the purpose of different lending products. The purpose of the BPO in the lending scenario is to get someone to physically view the property because an AVM is a computer program that does not have eyeballs.
I hope this brief review gives you an idea on what available products/services are out there and available for your use. Good luck with your portfolio deal!
Saint Louis, MO · Member since 2018 · 39 posts · 11 votes
6y
@James Galla Yup my spreadsheet gathers info from Zillow, Redfin, Trulia, and past sales info if available.
I don’t know where to find a AVM software without paying and what is referenced earlier.
When it comes to finding a realtor to do appraisals this is off market and I’m sure they wouldn’t be happy to put together info on a 12 property package.
I have reached out to a couple BPO outfits locally to see what their pricing is.
Looks like I have my bases covered, I guess I just have to pull the trigger.