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I found an old small house and asked the owner if he wanted to sell as is. He said yes! How much? 35K…I said ok give me a few days and we’ll sign a contract and go to title. It needs a full rehab and has an ARV of 97K according to online comparisons and a few homes with same specs near by.
So I looked at the tax assessment and was a little confused because the assessor valued it at only $9,500. So how can I get a better idea of it’s value without having to hire an appraiser? What’s the difference between the tax value and on online estimate value such as (Zillow, Eappraisal, Red Fin…ect)First of all… if someone give you a good price, you need to get a contract ASAP – like immediately. You can always include language in the contact that says you have 5 days to for inspection or something to give you time. But you need to LOCK IT UP asap.
There is usually no correllation between tax value and property value. If the house was bought a long time ago, the tax value is usually really really low. That’s probably why there is such a difference.
Yes true…I found out the owner bought the house in 1973. I have tried to meet with him two times to get it under contract. I have three buyers waiting. The owner is always busy working at the auto parts store. My next move to go to him where ever he’s at with a contract in hand! Would I be safe to compare its value with a house next door, same specs, last sold in 2011…worth 93K?
Arcinio
You should always keep a contract with you so you are ready to sign one on the spot. Don’t wait, go to him at the auto parts store and get a contract before someone else does.
it is a huge mistake to tell anyone about a property until you have it locked up with a contract.
If the house next door sold for $93k and it is a similar size and age, then that is a good comp – thogugh OLD from 2011.
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