people told me to use NNEREN but i need to be a realtor to use it.
is there a better/easier way of finding comps?
this guy wants 259k for the house
zillows estimate is 252k
trulias estimate is 211k.
i know i cant trust those, but i dont know what else to do?????
Derek, where is the house located? I'm familiar with North Conway and Lebanon/Upper Valley area. You can pm me if you want.
@Account Closed , if you don't have a realtor to help you, you can use zillow. But NOT the zestimate. Search for the property itself, then in the right margin there should be a "nearby similar sales" link. When you click on that, you can see a bunch of recent sales. You can sort by date sold, size, etc. Look for very similar properties, as close as possible in distance, as recent as possible.
Derek, in this case, you move on. Although the trulia and zillow estimates cannot be used to estimate value, they indicate a general idea. Lets assume the house is actually worth the zestimate, which is unlikely. But just for discussion, if it's worth $252K, and the seller wants $259K, it would take a lot of negotiating to get down to a point that you could make money. You also haven't given us any idea of the price of repairs needed. So really, there is no way we can answer this question except to tell you to find a motivated seller, not someone who wants retail.
Also, NNEREN actually does have sold comps listed on it without being a realtor. Once you go to NNEREN.com, There is an option to search Sold Properties. You can't enter much in the way of criteria, but you can get a little information on recently sold properties in a given town.
And finally, in a separate post, I gave you a couple other ways to find comps that were not nneren. You will have to either really dig for the information or pay for it using the service I mentioned, or have a real estate agent pay for the information.
Also the NHREIA used to provide free comps for its members. You can check with them and see if they still do this for members.
how would i know the repair value if i havnt gone to look at his property yet?
i thought i am supposed to find comps before i do anything else.
Yes, Derek, you're right, you would look at comps before the property. Most people don't do it that way, so kudos to you.
But you were asking us what to do with the property, and I was simply explaining that given the information you gave us, and without knowing if it was move in ready inside, I would suggest you move on. I know it's a chicken and egg. I'd concentrate first on finding a reliable method of estimating a property's value before you start talking to homeowners, but that's just me, maybe everyone else would do it differently. That way it's a quick phone call with the homeowner and you can move on if there is no margin. Maybe others feel differently, and will probably chime in. There is no one single formula for this stuff.
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