Following my first marketing campaign, I had a couple of calls. One won't work due to the seller not being motivated, the other sounds like the poor guy is in distress and just wants out quickly.
My issue is that I'm struggling to find comps mainly due to a lack of recent sales in the area for similar properties. He has 2 parcels of land, adjoining, with a mobile home on each. One he lives in, the other is vacant.
As I don't have access to the MLS, I used Zillow (following through to the Tax Assessor's site) , Realtor.com, FindCompsNow and a couple of other sites to try to work out where the ARV should be.
The results were all over the place (Zillow reporting: "Homes like this sold for $33-$80k"), and the Tax assessors site shows values in the region of 50% of the values from the other sites ($64k.
Any advice as to how I arrive at an ARV to start calculating what I should be offering, to get me out of the gate would be very much appreciated!
Note: I'll be using the following to calculate my offer:
70% of ARV - Repairs - closing costs - my fee = my offer $
@Devan Mcclish - thanks for the reply.
I spoke to a couple of Realtors this morning, but they weren't interested in helping. What's in it for them (I was asked) ??? As a newbie . . I had no answer to that!
I'm interested in wholesaling this particular one to a local investor to flip. It's possible it might be suitable for a landlord investor too - but either way I won't be holding it myself.
I'll checkout the CRS system - not sure how to get it to pull comps yet, but I'll investigate - thanks for the suggestion.
@Steve G. you respond to that by saying "Mr. Realtor, you help me pull comps on these deals and give me accurate numbers for what it could be sold for, then maybe we can work on some of these and rehab them together splitting the profit, and you get the commission on the back end. And also, if I run into any retail sellers, I will refer them to you. How does that sound to you?"
They would be an idiot to walk away from that.
In the CRS use the map. There is a drop down bar that says "recent sales" at the top of the map. It shows you everything that has sold around the prospective property including for sale by owners
@Devan Mcclish - Thanks for the script! Yes I agree, who could refuse an offer like that! I'm on to it today!
I'll also checkout the CRS map - I'm interested to see how the info compares with the likes of the other sites I've been using, though I'm sure they're more accurate and more reliable.
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