Posted by Derek(NC) on July 09, 2002 at 17:14:03:
Thank you Jeff that is good advise. I will take your advice and but it to work tomorrow.
Newbie…Meeting realtor tomorrow morning - Posted by Derek(NC)
Posted by Derek(NC) on July 09, 2002 at 13:19:09:
I am meeting a realtor in the morning about a vacant foreclosed house(owned by Fannie Mae, Tx) in my area is being handled by this realtor, …the info on the house that I have right now is…4 bedroom 3 bath asking 109,900…big nice house unsure of comps in area at this time(I should be able to get this info from realtor)… I know that this is not alot of info. Should I contact Fannie Mae directly (how do I reach them)? or Do I have to deal with the realtor?
Re: Newbie…Meeting realtor tomorrow morning - Posted by GL(ON)
Posted by GL(ON) on July 09, 2002 at 14:52:55:
If it is listed the deal will go through the realtor in any case. Fannie Mae won’t deal with you direct.
You should get your own realtor (not the listing realtor). Ask other investors and find out who is the best in town at this type deal. It costs you nothing.
Re: Newbie…Meeting realtor tomorrow morning - Posted by phil fernandez
Posted by phil fernandez on July 09, 2002 at 14:52:16:
Your statement, " unsure of comps " bothers me. How do you know you’re getting a good deal or even what to offer if you don’t know market value in your area. What I first tell everyone. Before you go out and make an offer, know your market area like the back of your hand. No guessing here. You guess. You probably lose big time.
YOU ABSOLUTELY HAVE TO KNOW WHAT PROPERTY IS WORTH.
The answer to your question about contacting Fannie Mae is that they farm out the properties to local realtors so no sense contacting them. Deal through the realtor, but not before you know what the property is worth.
Good luck.
Thanks GL(ON)… - Posted by Derek(NC)
Posted by Derek(NC) on July 09, 2002 at 15:42:01:
I do have other realtors that I know and trust. Thanks again. Derek
Re: Newbie…Meeting realtor tomorrow morning - Posted by Derek(NC)
Posted by Derek(NC) on July 09, 2002 at 15:38:29:
Thank you for response Phil…the problem that I have with comps is that I live in the country, out here we have a dumpy single wide next to a 600,000 dollar home. So how do you comp in the county? Thank you again for your help.
Re: Newbie…Meeting realtor tomorrow morning - Posted by phil fernandez
Posted by phil fernandez on July 09, 2002 at 17:33:22:
Derrick,
Thanks for responding back. Sounds like you have a jumbled market. Yet you can see that a lower priced house is not one of your $600,000 even if they are in close proximety to each other.
Make sure you compare apples with apples. Why not just compare the $70,000 houses with the $70,000 houses. Don’t even consider the $600,000 homes unless you are looking to buy one. You will have to compare sq. footages, lot size, condition etc to come up with fair market value. If you can’t do this then there is no sense even looking at a house cause you won’t know if it’s a good deal or not.
Go down to your assessors office and check out values. I heard once that you should not even make an offer on a house until you looked at at least 100 houses in that area. I think that is great advice.
comps - Posted by jeff
Posted by jeff on July 09, 2002 at 16:52:00:
you comp in the country just like you comp in the city.
you find LIKE KIND homes and compare them to each other. you dont compare a trailer to a half million dollar home. you take homes and you compare them to other similiar homes in the area. make sure you allow for the square footage also. dnot cmopare a 1,000 square foot house to a 5,000 square foot house. then break the prices down to price per square foot and then multiply that by your huose footage. oh yeah, good comps use 5 or more comparisons and then throw out the high and low houses to get a good average number.
being in the country it will be harder to find houses within distance and sold within the last 6 months but you can do what some lenders do, they simply deduct 5% from the comp price to give them a solid number to work with for country houses with no comps close in time or area.