Hello all,
Of course you can tell I am a newbie from the subject line I have found a pice of property that I think will be worth looking at. Sale price is $46,000 and it’s a 3 bdrm 2 bth 1966 sqft home. I spoke with the realtor and they said that there was something wrong with the driveway. She stated that you can’t even drive up to the house. My thing is how can I see if that $46,000 is a good price. I know that driveway will have to get fixed and she said there are other repairs that need to be fixed inside the house. I tried looking up the market value for that area or address with no luck. Just need to know how to proceed from here. Thnaks for any help.
You have a whole lot to learn dude. There are several posts here on the site that explain how to get comps. It ain’t all that hard. Become friends with a Realtor and they can help you get sold data from the multiple listing service in your area. Getting sold data is best. Another OK way is to drive around the neighborhood and compare other property that is for sale with the one that you are looking at. Same age and size and condition should be used to compare. If all the other similar houses are selling for the mid sixties and in better condition then you deal would be a bad deal. If they are selling for $100,000 or better then you may want to make an offer after getting a feel for the repair costs. After several deal this should become second nature and you should know your area and how much property is going for in your area and know rehab costs at a glance
I have found a pice of property that I think will be worth looking at. Sale price is $46,000 and it’s a 3 bdrm 2 bth 1966 sqft home. I spoke with the realtor and they said that there was something wrong with the driveway. She stated that you can’t even drive up to the house. My thing is how can I see if that $46,000 is a good price. I know that driveway will have to get fixed and she said there are other repairs that need to be fixed inside the house. I tried looking up the market value for that area or address with no luck. Just need to know how to proceed from here. Thnaks for any help.