Hey everyone, ok so I got my very first contract and I need to know if i got everything correct and where to get more buyers?
Ok so it's a 3bd, 2.5bath, 2car garage, and a working like new fireplace(owners don't use it) in a Great area. Realtytrac says its worth $157,000. The owners bought it in 07 for $163,000. They are in pre foreclosure. The house has been well kept. It needs basic stuff paint and new carpet. The baths and kitchen could use an updated but its not a dire need. I got the house for $102,500. My out is subject to appraisal approval. The comps have me stumped.
House in the neighborhood have sold anywhere from $190,000-$300,000. But none meeting all the criteria (10% of sqft, not crossing major boundaries, and sold in the last 90 days). So with that I have no idea what to sell for or what the ARV is? Please help.
Stop thinking like a realtor and start thinking like a buyer. You're a buyer looking for a 3 bed, 2.5 bath (colonial, cape, whatever the house is) home in a certain school district that has a (quiet neighborhood, urban feel, wooded area, whatever your house has). Then look around for recent sold homes that fit. It could be further away than you were looking, but the count of beds/baths, sq ft within 500 +/-, and house style has never been anything but conservative for me. If you're not planning on updating the kitchen or baths, try to find comps with equally dated but functional kitchens and baths. Don't limit yourself to the typical .5 mile radius (or whatever it may be in Missouri). Pretend you are a buyer and that is your home - then find three others that would be in the running for your purchase. Also, stop worrying about 90 days - go back a year, or at least to your area's 'selling time'. Here in New England, much more is sold during the summer and early fall than in the winter - so looking back over the winter period is useless. Adjust to your market accordingly - but don't be afraid to go back a year or even 18 months.
What Travis said!!! ...also go on Zillow and put the address in. Click on comparable homes and it will show what homes have sold for around that address. See if there are any othe homes for sale currently and what the asked price is.
Ask a realtor for comps and compensate them or use them to sell the house. Finally, click on the link to the county website that shows on Zillow and you will find the assessed value plus the value of neighboring houses for the most recent tax year.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.