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newtree
130 Posts
Member Since: 03/20/2008
South Bend, IN
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Posted: 08:26 on 05-02-2008
How can I determine the FMV and ARV WITHOUT asking a Realtor?
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loon
1167 Posts
Member Since: 03/27/2003
Duluth, MN
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Posted: 09:23 on 05-02-2008
MLS is best and fastest, but some county and/or city websites list last sold price; if they offer mapping, you can click around and find a few area sales. Zillow, Trulia, and NexTag all offer some form of Comps, not always precise, but useful. Courthouses usually have hard copies of sales data, forge a good relationship with someone in the treasurer/assessor dept. and you might get info from a phone call. Don't discount Realtors, it's always good to get to know one or two. Toss them seller (and buyer) leads who don't fit your criteria.
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newtree
130 Posts
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South Bend, IN
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Posted: 09:38 on 05-02-2008
Great advice loon.
Not really discounting Realtors. Just would like to access property values during late night brainstorming sessions or basically after regular business hours.
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rehab2day
140 Posts
Member Since: 02/18/2004
Boston, MA
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Posted: 10:24 on 05-02-2008
MLS is best, if you don't have it then use zillow or any of the other automated value models available online. For the most part these are garbage but they will provide you with recent sales nearby your property (beware that they typically include any and all recent sales, I've seen multi-units dwellings provided as Comps for single family properties). You will have to refine that group to those sales that are most similar to the property that you are looking at. To do this you can use online assessor databases (many assessors are now online) or county registries of deeds that are available online. The key is to find those that are most similar to your property in size, style, amenity and condition. THEN DRIVE BY THE PROPERTIES THAT YOU'VE DETERMINED TO BE MOST SIMILAR (this allows you to better determine condition). If you do all this you should have a pretty accurate idea of what your property market value is.
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d_random
1295 Posts
Member Since: 11/09/2004
Greensboro, NC
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Posted: 10:49 on 05-02-2008
Zillow low end value range in my area seem pretty accurate.
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stdavid
130 Posts
Member Since: 09/29/2005
Billings, MT
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Posted: 17:35 on 05-02-2008
Another thing you can do is narrow your focus to a couple of select neighborhoods where you know the values already.
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newtree
130 Posts
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South Bend, IN
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Posted: 17:56 on 05-02-2008
rehab2day,
correct me if I'm wrong, but wouldn't the assessor's valuation of a property be out of line with the property's true value? I know in my area, investors are complaining about the method that the assessor uses to assess properties. This has created a big uproar here, resulting in a lot of homeowners abandoning there properties.
stdavid,
that's exactly what I was planning on doing. Was just looking for an alternative means to determine value so I could get a good feel for the values in these particular neighborhoods.
Thanks
[ Edited by newtree on Date 05/02/2008 ]
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stdavid
130 Posts
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Billings, MT
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Posted: 21:34 on 05-02-2008
Since you'l be focusing on only a couple of neighborhoods, you should really involve a Realtor to establish a good range of values that houses are selling for. It's really the only reliable way to value homes. I thought you wanted to avoid a Realtor so you didn't bug them 10 times a day for a Market Analysis. Since you have narrowed your scope, it shouldn't be an inconvenience to your agent at all. Find a good agent and you'll find that he/she is worth their weight in gold.
[ Edited by stdavid on Date 05/02/2008 ]
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newtree
130 Posts
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South Bend, IN
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Posted: 23:37 on 05-02-2008
You're right. I wanted to avoid a Realtor so I didn't bug them 10 times a day. But, I see your point. If I focus on specific neighborhoods, I should be able to develop a feel for the values. I would only have to "bug" the Realtor initially, but I really wouldn't need to contact he/she after a while, because I should already have an idea of what a particular property would go for. So, during my midnight brainstorming sessions I wouldn't need to look no further than myself.
aaahhhhhh! That was an interesting perspective, stdavid!
Thanks
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stdavid
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Posted: 00:09 on 05-03-2008
You may go through a few Realtors before you find one who believes in you. I did. I was a pizza delivery guy wanting to get into Real Estate. Many Realtors scorned me and even more banks. I finally found the right agent and she was patient while banks told me "No" for two more years. During that time, I built up my credit limits on my credit cards and built equity in my house and got a HELOC. I also had my agent email me daily listings so I saw asking prices and learned my market WELL. Finally, I started buying and fixing properties WITHOUT banks. My Realtor has made a ton of money through me and I'll always be loyal to her for believing in me when I was nothing. Wish I had a banker I could say the same about.
[ Edited by stdavid on Date 05/03/2008 ]
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newtree
130 Posts
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South Bend, IN
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Posted: 12:49 on 05-03-2008
I LOVE success stories!
I have a lot of respect for you being a pizza delivery guy and making the transition into delivering buckets of money into your bank account! You kept your nose to the ground like the "hungry hound" and you overcame!
You say they won't take me serious because I'm a beginner?
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rehab2day
140 Posts
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Boston, MA
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Posted: 13:39 on 05-05-2008
newtree, many Realtors won't want to "waste their time" on somebody who is not making them money. Realtors are often short-sighted as they only get paid for closing deals. Until you close a deal you are just a dreamer or Trump wannabe to them. But you will eventually find one who sees potential and will help you. Then when you start closing multiple deals they will be lining up to "help" you.
What I meant about using assessors databases is not so much to look at the assessed value but the physical characteristics of the property. The assessor maintains a property record card on all properties that includes physical attributes (room counts, size, porches, decks, condition etc.) that is based on periodic inspections of the property. Accuracy will depend on how well the assessor does the job but most cards will provide good insight into the properties. This can help you filter potential Comps and save you time out on the street.
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newtree
130 Posts
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South Bend, IN
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Posted: 14:26 on 05-05-2008
Great, rehab2day.
Point well taken.
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newtree
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Posted: 20:31 on 05-05-2008
I was thinking, rehab2day. Since you said that realtors may feel that I would be "wasting their time". I will just offer to pay for the Comps. Or, is this against there "ethics"?
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rehab2day
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Boston, MA
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Posted: 20:49 on 05-05-2008
You might as well just pay for a BPO if you are going to do that. All the info you need is available to you if you want to hunt it down. Once you start doing deals and making other people money in the process the info will be forthcoming.
Keep talking to different Realtors, you'll find one who will help. That person will likely be either like minded in REI or new to the game. A seasoned "fat cat" is the one who likely can't be bothered.
I didn't mean to discourage you with the "wasting their time" comment. If that is how they feel then you likely don't want to work with them.
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