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Updated over 11 years ago,
Question about comps
To the bigger pockets community. I need your advice..
My assistant/receptionist got some info from a potential seller. So I took the info and tried to see the comps and see what to offer the seller when I do get to speak with the seller.
The information that I got is that his property is a 4/3 and a 1600 sq ft, built in the early 1960's and owes under $50k, that needs no repair (that of course is debatable).
When I was checking on comps on websites, It states that the property is a 3/2 and a 1,150 sq ft. The property is built in the 1950's
So my assumption is that the seller had modified the property from a 3/2 to a 4/3 and from 1,150 to a 1,600 sq ft.
My questions are:
1. If you were in my position, how would you go about with this? Just note that I haven't spoken to the seller yet and I don't want to ruin our first call.
make an offer?
1a: By pulling comps that are 3/2 and that has a 1,150 sq ft and based my offer on that OR
1b: by pulling comps that are 4/3 and that has a 1,600 sq ft?
What I know for sure is that, I can't make him an offer in my initial phone call. So what would your advice(s) be? Any advice is very helpful.
Right now, I have no clue on how to proceed. I am new to REI.