Determining the value of a property - Posted by Mark (OK)
Posted by Mark (OK) on January 30, 2001 at 23:02:59:
I am just now starting to get into looking at opportunities in REI. I was scanning the homes going to the Sherrif’s foreclosure sale, and came across some properties that looked interesting.
I found one that was probably going to go for 70K. I went by the house. It looked nice - but is 70K a good deal for this house? I don’t know.
There was a rental available right across the street - similar looking house. I called on it, and it was going for $850/month. So, I’m thinking 70K might be a normal retail price for the forclosure home.
I’m not a realtor, so I don’t have access to the info they have to see what homes are going for in the neighborhood. I’m trying to figure out how to get a good idea of determining the value of a property.
I looked in the land-records office at the courthouse. It seems that the assessed values of the homes in MY neighborhood were pretty accurate.
Is this a good way to roughly determine the value of a house? How do you do this in an area that you aren’t very familiar with? Any great ideas out there???
Thanks and best wishes to all.