Hi. What is the best way to determine what the property value is on a foreclosed home without getting it appraised? Or, what is a good way to value other homes in the area where the property is being foreclosed?
Nick
You can use the county tax accessor’s value.
There are also lots of free sites like:
http://www.domania.com/homepricecheck/index.jsp
http://realestate.yahoo.com/re/homevalues/
Hope this helps,
The county tax value will not give you a true resale value for a property. Taxable values are usually lower than an appraised value. Which is a good thing. Contact an appraiser and tell them that you are going to be looking for an appraiser and that you need a free “comp” of the property. Some appraisers have stopped giving them but if you keep trying someone will.
This will give you a more accurate resale value of the property. These sites have no way of tracking any upgrades, additions, etc.
You cant really tell the value of the house with out an inspection. What you can do is find Comps and estimate the value of the house after repairs are completed. But with out knowing what needs to be done to the house you can not estimate your costs in getting it to that condition.
It is good to know comps when considering a home. But you generally would not make an offer until you have your inspection done.