Also look up comparable houses in the area and see what they are paying.

And, compared to anything where you're from, it may be.

I know Fannie Mae prefers 10% of offer compared to $500 which normally works with other REO offers.PLEASE DO NOT RESPOND WITH BOOK KNOWLEDGE!

Caveat Emptor.When I am planning to buy a property at the Sheriff's sale, I do my own title search and then compare that with the one done by the county personnel to be sure all the liens are indeed taken care of.There are several other bad things that can happen after a Sheriff's sale here in Ohio, but I won't go into that here.Mike

Comparables, pre-qualification from bank, etc?

July 1, 2008Local sheriff sale websites post sale prices.Local newspapers post area sales in central Ohio.Some auditor websites have comparable sales data.Check with local real estate investing clubs.Perhaps local investors will share their information on recent deals.Ohio has alot of reo opportunities.

BTW: you can compare some parts of an Appraisal with a Home Inspection report.

This is the closest to a comparable I can find.

Compared to the $5.4 million purchase price, that's a cap rate of 10.7%, which is high, but not impossible.

And while your looking - be honest with yourself.Make sure you look at any photos - read descritpions of any renovations that have been done and make sure your honest as to how it compares with your home.If you do use CL then be sure to drive by to see the hood and how it compares to where your home is located.