Best Comps Online Please
Hi,
Can all of those of you using online services (or others) to get comps share them with me... I'm in need of getting comps on certain properties and have used a couple of them online but for some reason the comps from the service does not even come close to what the home seller states :evil:
So which ones are more accurate for you? (free ones of course) I know that paid ones are excellent but for now I can only afford free ones....
Reading the news papers is a possibility but not always the case ...
Thanks for your help,
Is your property appraiser online? Can you go to your county web site and pull of recent sales in your neighborhood. Almost every county (except a small handful) in FL are online.
Brenda
on-line comps. are very unreliable. the ones i've tried aren't to be considered "ball park" they're not even close......kenmax
I always have an experienced local real estate agent pull the comps and then look at them to give me her professional opinion of what it is worth and the top dollar it will rent for. That human element from someone in the know makes a world of difference.
I guess I got your point. I'll probably continue the LLC's business policy on the property, and in turn charge the premium to the L/C buyer as part of PITI. That should give me much more protection than the buyer's own policy.
Thanks so much for the prompt reply! We've spent the past couple of weeks trying to sort things out with this property (eviction, marketing, etc.). Hopefully we can get this puppy sold.
leaseoptionking,
When you do this type of transaction I pressume you have a lease option on the property or already have the property deeded into a trust so that you as the investor have legal rights in the property especially if it was pre-foreclosure and you had to put money up. My question is when you get an offer from a buyer who signs as accepting the offer? Based on this wont the buyers lender notice that the seller and accepting party are different on the offer when examining title? Also if you wait to have the deed beneficiary change until the closing how do you protect your investment of time and money?
Thanks
TBARBER
I've never used a trust to avoid seasoning (I never deal with FHA or VA). Just putting some alternatives out there. Knowing in advance it was going to be FHA, I probably would have had the Seller sell to me under a recorded land contract (telling the Seller I'd actually cash him out in a year). In the above example, if I wanted to go the trust route, I'd instruct the attorney to inform the Seller (who will probably sign anything to get the closing done). I'd have it all done at the closing table.
Thanks for all your input. We are finding that doing lease options/rent to own to our tennants we are dealing with those who at this time don't qualify for a conventional mortgage and when they do qualify it's through an FHA Loan.
I've read an article last night that with the info I receive here will greatly help getting around this issue.
(1) Sell your option to the tennant
(2) Have the owner buy you out of the deal.
If you sell your option to your subtenant, just assign your option to the tenant and let him close directly with the seller.
Have the owner pay you to cancel the lease option agreement so that the owner can enter into a purchase contract directly with your subtenant. It would be best if the seller paid you in cash before he closed with your subtenant. If the owner wants to wait until the subtenant closes the sale with hem, you still have protection if you have a performance mortgage recorded against the property.
Can anyone explain what a performance mortgage is?
The problem with those two solutions is that in at least three states selling (assigning) an Option can be illegal, Seller and/or Buyer will know your profit (if you do Lease Options the right way, the Seller might not be pleased to know that you made so much on their house), it can be difficult to sell an Option for as much as you are entitled to in profit in many cases, and FHA can sometimes throw a few monkey wrenches in a closing. Where are you located? I would suggest calling around to find some of those Lease Purchase Lenders; with them, credit is not an issue and is used only to determine the interest rate (if Chapter 7, they must be 12 months into it on the day they sign--24 months when they obtain financing). A mortgage can be used to secure ANY promise; we are just accustomed to the most common of these--to secure payback of a loan. The average L/O Seller won't give us a Performance Mortgage on a L/O. That requires a certain level of motivation (could probably get a sub2 in those cases). We don't need the Seller's permission or signature to record an Affidavit (not 100 percent foolproof, but normally quite effective if the wording is strong).
Oops, I see that you are in WI. Has anyone heard about that ridiculous law in WI and MI that says one can only do a total of five real estate transactions per year??? Or is that a myth??? Welcome to Amerika (not a typo) !