I HAVE A SELLER WHO DOESNT KNOW THE APPRAISED VALUE OF A HOUSE . SHE IS ASKING 115,000 FOR THE PROPERTY SAYS SHE OWES 60,000. iS THIS A GOOD DEAL.aND HOW DO YOU GET THE PROPERTY VALUE WITH OUT AND APPRAISER. i HAVE ZERO DOLLARS TO GIVE IF SHE DOESNT ACCEPT MY OFFER I WANT TO WHOLE SALE THIS DEAL
Right off the bat, it doesn’t sound like a good deal but worth looking into. Did she tell you how did she come up with her asking price? How long has she lived in that house?
You need to develop a relationship with a realtor who will pull comps for you. For now, go to realtor.com and see what other similar houses near hers and like hers are selling for. If they are in the $110k to $120k range, then it is not a deal unless she is willing to take a huge discount on her asking price.
You can go to realtor.com which will give some info off the mls. Type in the prioperty address in the “What’s Your Home Worth” area and you will see information about what is currently on the market as well as recent sales. You have to look hard at the results to see what are really comparable. That is what a relationship to a real estate agent is for. When you’ve done this for awhile, you can figure it out yourself.
Your #1 need is to get a reliable FMV/ARV. Once you have that, then you can decide if you have a deal. If you can’t, you have nothing.
tHANK YOU FADI AND SALVERSTON YOUR ADVISE WERE A BLESSING TO ME