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Updated over 17 years ago,
Need Help Finding ARV on REO Property
Hey all,
I'm looking at an REO foreclosure, and am trying to get an accurate ARV.
Unfortunately, the comps for the area are not very recent, and not very comparable. (ie: different number of beds and baths, sold 4 years ago, not on a busier street like the potential property). This property has a business attached, 3 offices and a "waiting area", and a separate entrance. I was planning on converting that to a nice 1st floor master bedroom and office, which would make this an uncommon 7 beds and 3.5 baths and inground pool.
The place is really rundown, its got a 60's thing going on with velvet wallpaper and all. The asking price is $109,900, rough estimate on repairs is 60-70k, my "buyers" agent said she thinks ARV will be 300+, which there are no 300+ houses in the area, except for the ritzier streets. Don't get me wrong the house will look like 300+, but I don't think it's realistic for the neighborhood. That brings me to my dilemma, how do I get an accurate ARV within 10-20k?
This being such an important part of the equation and my 1st deal, I don't want to screw it up. The zip code its in is 14217 FYI.
You guys rock...
8) LONNIE 8)