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Updated over 1 year ago on . Most recent reply
Difference in est ARV between me and agent
My agent just send me an off-market deal with the following data:
PP 53k
Reno 15k
ARV 92k
Of course, this would be an amazing deal in which all capital would be recovered. However, if I run my own CMA, my est ARV is 75k...
I checked the comps of my agent and there are properties included which sold 8-10 months ago or have a different number of bed/bath...
Any advice on what to do? I know that comping is an art, as well science. However, these comps are so far apart from each other I am doubting whether this ARV is accurate.
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- Lender
- Fort Worth, TX
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@PJ Boxel trust those instincts sir. You are posting this for a reason. Trust what you are saying to yourself.
Also, related here is making sure you are getting the necessary training to be hyper accurate on your comps. I want your goal to be within 5% of your initial estimate when you flip or refinance. Take every class you can on this subject. Ask your title company if they give these classes. Get connected with local real estate investor groups in your area and show up when they provide training on this subject. Do everything you can to be REALLY accurate when estimating value. It will help your career.
Hope all of that makes sense.