Comps
Two of my title companies are giving me access to their web sites. I am able to look up a bunch of different things like comps, last sale amount, assessed value and appraised value. My question is this… How accurate are the comps, assessed value and appraised value?
I am about to do some marketing and when I get an address I’d like to know what I am stepping into before I start talking numbers.
Thanks
[ Edited by niknjen on Date 01/11/2006 ]
They are usually very accurate although there are reasons that people would give false information when filling out the transfer tax form...
Key to keep in mind is that public record comps are usually lower than MLS as they also include FSBO and inner family transfers which are historically lower than those prices a realtor could sell properties for....
As you run your comps it is a good idea to drive the neighborhood and call the for sale signs and find out what the active market is doing…. That’s assuming you don’t have MLS access which you should set up as fast as possible…
[addsig]
Thanks IBuy,
As usual, thank you very much. The assessed value and the appraised value of the property I am interested in … would those be close to accurate as well?
To get MLS access, would that be through a real estate agent?
The appraised value is a value determined by an appraiser... the assessed value is rarely the actual value....
And yes you will need a relationship with a Realtor..
And I am sorry I should have read your post more clearly.... The comps do not show either the assessed value or appraised value they show the sales price or transfer amount.
_________________
Michael Quarles
"Marketing is the key to Successful Investing"[ Edited by IBuyHousesInc on Date 01/11/2006 ]
The problem here is you have not been in the business for two or more years. You can get NO Doc loan, but not 100%.
Thanks for the reply. So if the only way to get no doc loan on investment property is to put something down whats the least amount someone could squeeze by with?
I just did a 95% no doc loan for a client, non-owner occupied. With high scores, you can certainly get 95%
[addsig]
Thanks, Ray. I guess when the next deal comes up I will just have to put some money on the table to make it happen, until my business is more seasoned. Thanks
Find some expense that you did in your business two years ago, get your taxes reamended for that year(takes a couple days) and then use those tax returns.
Chase
Quote:
On 2005-08-07 19:08, mdavey8478 wrote:
Thanks, Ray. I guess when the next deal comes up I will just have to put some money on the table to make it happen, until my business is more seasoned. Thanks
With that credit score there are lenders that will do 100% Stated Income Full Assets SIFA Loan on an Investment Property. You need to find yourself a good mortgage broker that has experience dealing with investors and a broader knowkledge of investor loans.
neutral
It can be done but you must keep looking.
Since this I posted this I have gotten the 100% financing in place and so far so good. I am looking to buy more units now. Is there a limit to how many units you can buy? As long as 75% of the rental income covers the mortgage can you just go on buying rentals over and over?
Mike
Mike -
Would you mind sending me a private email of which lender was able to give you 100% no doc and what type of loan it was...
I have been looking for quite a while now to no avail...
anj,
I sent you the info.
Mike
Got it! Thanks, Mike. By the way, what types of rates did you get?
Do they lend in Maryland? Would you mind sending me their information too please? Thank you
Thanks for the info Neutral, since I posted this I have not only picked up the 2 units in question I have picked up 4 more, so it seems to be working for me. Also all the properties have a payment that is less than 75% of the gross rents, so that is working to my benefit as well.
Thanks, Mike