So I just made my account on here and wanted to jump right in if I may....
I've been looking into wholesaling for the past week, watching videos, reading articles, etc. I've even looked up properties on my local tax assessor's website to find homes with different mailing addresses to get a feel for (what I believe) I would be doing on the daily to find deals.
Today, I was driving around my area and found a house that looked vacant and abandoned; tall grass, bordered up windows.. I immediately took a pictures and jotted down the address and looked it up on the tax assessor's website and see it was sold two years ago to "Daylight Capital LLC" which seems to be some investors..
My question is, if in fact the home is owned by current investors, what are my chances of them wanting to sell the home at a low price, and what formula should I use to know my "starting" offer price?
Also, do I consider the land and the building's assessed value in my offer price? This property in particular was valued at 73,000 (land) + 37,723 (building), but was sold for $23,400 two years ago. I'm a bit confused.
Sorry if I'm all over the place, or getting ahead of myself. ANY HELP IS APPRECIATED.
Thank you to anyone who responds...
Check realtor or Zillow for comparable homes in the area. The tax website isn't always reliable for selling price. Could be close, could be way off.
I'm from Alabama so the tax redemption period here is different. I do know that a quit claim deed does not mean full ownership but only certain rights to the property. You need a warranty deed to buy or sale at full price.
Is there any additional info you can find on the tax assessors website about the property?
Realtor or Zillow may tell you the last time the house was sold.
Find out the how long the owner has to redeem in that county.
Hi Chris! Im also in the area and just getting started in wholesaling. I would also do what Tasha recommended by using Zillow or you can use the county assessors site to see what the area is selling for. FYI even though you didn't list the address - anyone can do a search using the name of the owner to find out the property address. I wouldn't list that next time in my post.
@Tasha Thank you for responding! The warranty deed tip helps a lot! Now, how would I come up with my offer price for the seller? Would it just be an average of the comparable minus repairs?
@Alexis Thank you as well. I'll keep that in mind for my posts moving forward. :)