Property Comps

Property Comps

Hello again everyone,

I've got this one property that I'm interested in locking up under contract. I took a tour of it this morning with the seller and found some cracks in the basement foundation as well as along the sides of the front porch. Also, the kitchen flooring felt a bit springy underfoot and there was no vinyl flooring laid down. It had been ripped up( I'm imagining to get at the wood flooring problem). The house seems to be pulling slightly away from the rear addition(I say this because you can see the splitting running down the caulking) Property taxes are between $1600-$1700 annually from what the seller told me(which is another investor who recently bought the home). He didn't sound too sure himself. I used totalviewrealestate to look up the comps on this home and was wondering if this resource just as similar as one a realtor would use for all of the property info on a home? The seller is asking for $144,000, but I told him that the resource that I use puts it far lower than what he's asking and he said then that he was flexible. Long story short: I finished my tour of the property and told him that I'd get back to him within the next 24hrs with my offer. Now here's the thing that I most need now... Specific comps for this property. I'm going to have to call up my old agent and use him to get them for me(not pulling him in on this deal though, he has a lot of atoning to do with me if he wants to work with me again). But I'll just USE him in the meantime. Like I said earlier, zillow has this home estimated at around $142,500. Cyber @ $128,400-eppraisal @ $123,568- totalview @ $130,110. This seller is also an investor and from his lack of knowledge of the home I know that he didn't give it a thorough inspection himself before buying it, or maybe he thought noone else would inspect it so closely as I did today. Sounded like his asking price was based off of zillows estimates (+) a little added extra. He seemed surprised when I told him that I didn't use zillow to get my comps because they weren't realistically true comps. But anyway(a long story i know,lol)I like to.....geezzzz! I hate when I tend to run on and on. Now I've forgotten what it was that I wanted to say. I hate long stories! Laughing out loud Well that's it for now(unless someone here can get me the comps of similar properties like it. Oh! Now I remember what it is that I want to say. I want to lock this property up under contract, but not for anywhere near the sellers asking price, but for around $85k-$90k. Any advice? Not that I'm afraid to make him such an offer(because I'm not)because I've even told him that I enjoy low-ball bidding. Okay, there, I'm done.



Bryant Slade

Sounds like you know exactly

Sounds like you know exactly what you need to do. Just make sure that your agent or whomever is getting you the comps can get the asap because you told him 24 hours. I'm sure that is a flexible time period, but it would be better to do it in the time you told him in my opinion. I have noticed that totalviewrealestate always has better comps and such than most other sites. Unfortunately, I still wouldn't base your prices from it completely. Let us know how it goes!


Success and Nothing Less!


Most of the time, gives you what it recently sold for too. So you should be able to see what this guy paid for it, if not ask your realtor to find out. That will allow you to get a good deal for yourself and still let the seller make some money. Good luck.



Cathy B

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