I know the agent listed this at below market to generate excitement and a bidding war.
Its listed at 71000 and its ARVs are between 150k - 170k.
Similar sold listings on same street and like model.
This is a major cosmetic fixer and it looks like it needs a new HVAC so im guessing 21k in rehab.
And it just listed today or yesterday I think.
So my question is what comps do I give it? My agent says easy 150k…and do I offer more on the asking price??
Specs:
3/2
yr 1961
sq ft 1140
REO
Single level
What would you guys do?
p.s. ill be waiting here all night for a reply :biggrin
I have another question about my find.
Houses on the same street are on the market for 230 but they are on the golf courses and my prop is on the other side of the street.
I know golf course homes are desirable but is there supposed to be that big of a gap?
If you are looking for a good project or flip, this may not be the spot. Golf course house and properties are more desirable and are worth more. If houses are sitting that long, then you may want to avoid the area. If not, you need to make sure you have room in the budget to wait, or discount to sell quicker. Sounds like you need a new Realtor. That is their job, too look out for you. If you do want a new agent, let me know, I can help.
R
Thanks for the offer Cbuilder but Im just trying to decide if I should go for the lowest comp or shoot for the highest comp and from there base my calculations.
As I understand it comps are taken from like properties and the amount they sold and when they sold and you just guess an estimate?
I don’t see a science behind it. Its just someones opinion on how much a prop will sell for and I could do that myself…right?
Update…I saw the property today by going inside and all I found were 2 beds 2 baths (I thought the listing showed 3/2)but the place was a dump. I can’t imagine how someone could live like that. I looks like someone just got up and left.
And there are like 3000 year old cobwebs inside.