Am I in Left Field with a Football Bat???

Am I in Left Field with a Football Bat???

Real Estate Investor · Landrum, SC · Member since 2014 · 20 posts · 3 votes

I would turn to my realtor on this, but her and her husband (my mortgage broker) are on Vacation. It has been hard for me not to call. :) - Just kidding (kinda)

So, I found this foreclosure/ Lists US Bank. Transfer Value listed for $2,500.00. No Asking price as of yet.   Lets say the bank wants to put it on the Market for 190,000.00????

How accurate is the assements @ 538k? (Accumulated information from three diff sites this was the lowest amount.)

 I wanted to share some numbers and see if you think this may be a good deal.

 No pictures other than the Satellite / Street View images.

4 bed,

  • 2 full, 1 partial bath,
  • 3,858 sqft
  • Single-Family Home
  • Single Family Residential
  • 1 Partial Bathroom
  • Built In 1983
  • Heating: Forced air unit
  • Exterior Walls: Brick veneer
  • 3 Buildings
  • Fireplace
  • Tax Rate Code Area: 195
    • 4 Bedrooms
    • 3,858 sqft
    • Stories: 2 story with attic
    • Parking: Detached Garage
    • Roof: Shingle (Not Wood)
    • Foundation: Slab
    • Pool: Pool (yes)
    • 2 Bathrooms
    • Lot Size: 3.51 acres
    • A/C
    • Parking Spaces: 3
    • 9 Rooms
    • Style: Conventional
  • 05/21/2010 Sold view detail $208,450 Public records Public records
    Assessment Market
    2013 $3,331   $538,300 $538,300
    05/21/2010 Sold view detail $208,450 Public records Public records

    information is from The REalty Store, Trulia and Zillow.

    1Reply
    9 views

    7 Replies

    Jump to latestLatest
    • Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
      12y

      If "assessment" means a tax assessors valuation then that may or may not have anything to do with market value.  Its not a very useful piece of data if you're trying to determine market value.

    • Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
      12y

      Why not email your agent and ask her to run comps? She should have MLS access on the Web and could run a report in a few minutes.

    • Rental Property Investor · Brookline, MA · Member since 2013 · 1k+ posts · 777 votes
      12y

      @Kim Gloor 

      How many other 3500 sq ft 4/2.5 houses were sold in the past 3-6 months and how close were they to this one?

      This is a good comp exercise.  

    • Miami, FL · Member since 2012 · 612 posts · 189 votes
      12y

      In my opinion, never ever rely on Trulia or Zillow's opinion of value, zestimate, rental rate etc. According to Zillow’s own Zestimate data accuracy report, they have a median error rate of 6.9%. In fact, further down in their report they state that only 38.3% of the time are they within 5% of the actual sales price. The reality is that they are 20% off the actual sales price 84.7% of the time.

      The only way to know the true market value of the property is to manually compare recent comparable sales. This is a job for a real estate agent. Since your agent is on vacation, she must have left someone else in the office in charge of her clients. Give them a call and see what they can put together for you. 

    • Homeowner · Pittsburgh, PA · Member since 2014 · 854 posts · 511 votes
      12y

      Nice looking property. 

    • Real Estate Investor · Landrum, SC · Member since 2014 · 20 posts · 3 votes
      12y

      Thanks everyone for your advice.

      David R. It is very Nice.....

    • Rental Property Investor · La Quinta, CA · Member since 2014 · 1k+ posts · 779 votes
      12y

      Go to realtor.com, pull comps of similar places sold in the last 6 months.

    Join the conversationCreate a free account to reply, vote on answers and follow this thread.