Estimated Equity on a property

[Xavian Rimmer]

I have a seller that wants to sell his property and it’s paid off and has $107,807 in equity what exactly does this mean ?

[Derek Harris]

Originally posted by @Xavian Rimmer:

I have a seller that wants to sell his property and it’s paid off and has $107,807 in equity what exactly does this mean ?

The software you are using is estimating that the property has that much equity in it and that the property is paid off. I would take that data with a grain of salt though. Many times the data can be old. Also, I would try to see how they came up with that equity amount.

The way to get a more accurate answer of what the property is worth is to pull comps from the MLS. Comps need to be as close to the subject area as possible and as similar as possible (sq.ft., # BD, #BA, etc.). Also, the more recent the sale, the more accurate.