How Do I Find Property Values Free
I went to the county recorders office and I got a list of pre foreclosures but I don't know two things about these properties. I don't know how much the properties are worth and i don't know how old these listings are and if competition already got to them. I know I could probably go to a realtor for MLS but I seriously doubt that he/ she will give me comparables or CMA''s for 100 properties.
How can I get all the information I need fast and free so I can in return send letters out to these people FAST so I can get one or two properties to flip within the month?
I am in Anne Arundel County , MD .
any advice?
thanks
That nat'l city website is nice and accurate....thanks
Go to www.bankofamerica.com/loansandhomes and enter in all of the property details. In just a few short seconds, it will give you a low end and a high end appraisal on the property in question. It will even give you up to three comps in the area. Good luck!
Technically speaking, the fair market value is the price a property is actually worth. This price can be determined by comparing it with the actual sold price of similar properties using square footage, age, construction, number of bedrooms, bathrooms, and other amenities, etc. A fair market value is what a particular property should sell for in a reasonable period of time when exposed to qualified buyers. A fair market value is usually not the price being asked by the owner or realtor.
How do you determine the fair market value? Establish all of the following information.
1. Cultivate Realtors: Realtors have easy access to recent information on the sale of properties. Building a relationship with a realtor(s) can enable you to obtain MLS (Multiple Listing Service) information, property and tax data, comparables and a whole host of other information. When using comparables, you will need:
 Number of bedrooms
 Number of baths
 Square feet
 Finished or unfinished basement or crawl space
 Days on the market
 Original listing price
 Sold price
Other helpful information may include: amenities, distance from subject property, type of construction, taxes, school district and builder.
Use these items to calculate the price per square foot, apply that factor to the square footage of the subject property and that is the fair market value.
You may wonder why a realtor would want to provide this information. It’s simple, if you made the right approach; it would be to their benefit. Informing them that you are a real estate investor and have financial partners that pay cash for properties will usually get their attention. If you make your request after that statement and further explain that not every property you research will meet the necessary criteria, but you will be glad to refer those to the realtor for possible listing, sale and commission. The odds are that the realtor will be happy to work with you.
2. Utilize Appraisals: Appraisals conducted within the last six to 12 months can give an indication of the fair market value – as of the day of the appraisal. As a current appraisal, it can also be an excellent source for comparables and value.
3. Tax Assessor’s Office: Within the County Courthouse is the Tax Assessor’s office. In some cases you will need to know the parcel number, not just the property address or owner’s name, to find the assessed value. The assessed value is also known as the property tax value, this is different from the fair market value. The assessment ratio varies from state to state, therefore, ask someone in the Assessor’s Office what ratio is used to determine property value.
Property is assessed at differing percentages of value according to type of property or its use.
The statutes provide that all property improved by a structure, which is used or intended to be used as a residence, and has four or fewer living units, is to be classified as residential. Apartments with more than four units are commercial. Agricultural property must be devoted primarily to raising crops, livestock, dairying, etc.
Real property is assessed on an every-other-year basis, with values placed on the tax rolls each odd-numbered year. Physical changes made to property can be reflected on the tax rolls in even numbered years; changes due to market conditions may not be.
Property value based upon county assessment is around 85 – 90% percent of the fair market value. Property values are estimated since it is virtually impossible to physically inspect every property on an annual basis. An estimate is made and adjusted for inflation or cost of living. Thus, once you know the ratio or factor used, you can approximate the property value.
Example: (in the State of MO for real property)
 Assessed Value: $17,100
 Assessment Ratio: (.19) 19%
 Property Value $90,000
$90,000 property value divided by 90% will equal a fair market value of $100,000.
Neighborhood Drives: This preliminary analysis or comparison allows you the opportunity to review neighborhoods conducive to quick property resells. Look for Realtor for Sale signs and For Sale by Owner signs. Then you can telephone the owner/agent and acquire more details. From there, you will be able to determine if the property is comparable to your subject property. This is also a good way to check out the type of neighborhood.
[addsig]
I was looking at all the different options on this site and on the links tab I found a link that tells comps. Maybe pull some comps from the link then a realator and see what the difference is ?
Actually, I found this site and it looks like good info, preforeclosure lists, and they sell comps for 20 thats probably a monthly fee but worth it. check it out.
www.sb-rec.com/index.htm
Here is a website that might help. a lot of homes are not in there, but worth a try.
http://www.bankrate.com/brm/search/homegain.asp
Why not go to www.Realtor.com and type up the zip code and look for houses in that neighborhood and see what the asking price is? Well, I thought I was pretty clever thinking of that. What do you think? :-D
Yeah that is pretty clever . Thanks. Had you had some luck in investing using that site?
I just actually thought of the idea. I am brand new to this and I am using these forums as a free education for now. Does anyone know what docs need to be signed by the owner when I want to buy the property? Please advise - Chris
hey croft it won't let me see your profile. Geez they're strict. Can't give someone a website? Alright, try this.... AIpineInvesting is my name at the most popular web service in the US. Tell me there. :-x
www.Realtor.com is not usually up to date if you were using that I would suggest calling the listings and ask if they are still available, how long they have been on market and if they sold what was the selling price. Remember asking price is not the same as selling price.
Build a relationship with your Title company. Let them know you are an invester and you would like them to do all your property titles, if they will give you their code to access comparibles, as you build your assests. All title cmpy's have access to comparibles and will let you use their tools if they get somthing in return.
Good luck,
kurt
Yeah, don't call my appraiser, he always gives me the line, "more than a $1, but less than a million.", until I tell him I am paying for this appraisal to close the deal.
You can also build relationships with a couple of realtors and as long as you aren't calling them everyday to check stuff and never closing a deal with them, they are usually willing to help. It also helps if you aren't too demanding on turn around, unless you absolutely need to be.
I have used all of the (free) resouces posted here for my research. www.Realtor.com, Home Gain, Yahoo, Tax and Court House records and a few others. All of which lack the the information that I would like to have.
What I really need is a COMPLETE, NOT A SWISS CHEESE listing what other homes SOLD for on that street, neighborhood or area with the touch of a few buttons and preferably free of charge. I do not have acess to MLS.
All of the above resources of course help me in gaining knowledge of a property or area.
I have recently come across a tool that has answered my prayers. Go to www.nationalcitymortgage.com and click on Home Price Review on the home page or paste the following link onto your browser. After you register you will be able to get SALES COMPS by street, neighborhood, zip code, etc. Not swiss cheese data like so many other providers.
http://nationalcitymortgage.equinoxco.com/pdsearch/searchByLocation.jsp?searchName=&searchCategory=&address=&stype=&startyear=&type=&csz=&sortby=&pagestart=&pageend=&totalrecs=&pricehigh=&pricelow=&StateName=&CityName=
Hope this helps.
HappyHome
Going back to the initial question... I'd say it was unimportant to know the approximate values of all the properties on the list... so go ahead and send your mailout... and if/when the recipients respond... then you can do your homework before you meet with them.
In my experience, of those folks who receive notice of intent to foreclose (or whatever form of notice is required in your state, if any) about 50% cure the default within a short time... leaving about 50% who will consider selling, refinancing, bankruptcy or seek some type of assistance from the foreclosing mortgagee.
Remember... houses "for sale" such as those listed at www.realtor.com are NOT comps. Comps must be "sold" properties. Also, unless the real estate agents is a friend or family member, please don't ask them to pull comps for you, just for your convenience. Their time is their money. If you are willing to list your property with them(if you purchase it), then I'm sure you'll find a willing participant. Perhaps you could ask a broker to pull comps - and you could offer to pay for it. I've done that for customers.
Good luck... this is a great and profitable business to the strong hearted!! :-D
Greetings,
It is my displeasure to report that in non-disclosure states like TEXAS for example, National City Mortgage is of no use.
Does anyone have a free COMP site for ALL states?
Cuddley1228
Hello all,
I am a commercial appraiser. There are two ways to determine the non-distressed value of a property. The first way is to determine the best comparables and determine where the property fits in the array. If it were easy to get the data, no one would hire an appraiser. However, if your county tax assessor's office is modern and computerized, you should be able to determine the sales that occurred in the neighborhood.
An option in non-disclosure states is to subscribe to a data service. Call the biggest local appraisal firm and see what services they are using. Chances are you only need info in one or two counties, since most investors stay local. These data services can give you access to market data for an affordable amount. This might be critical if your local county assessor office is not a source of info. It is also possible that the appraisal office will have a service, or give you access to their subscription for a small portion of the fee.
If I needed a lot of information on a regular basis, I would offer to pay a local Realtor to run a regular comp list off of the local MLS. Get a beginner who is willing to run the list once a month for say $25-$50. They are often starving and willing to do anything to boost income.
The second way to determine value is using statistical methods. The site listed for Bank of America definitely uses such methods. These services charge for each value, so it appears Bank of America is paying the freight for this service. There are about 5 of these services out there and they range in coverage. B OF A doesn't cover my county, but the local assessors web site is one of the best in the country, providing all sales in town, or in a neighborhood, or by type.
By the way, I agree with the person who said only bother with real prospects, comping properties is a lot of work whether you pay for the data or not. Also, make sure you do drive bys to see the properties and the comps you intend to use for comparison.
Best of luck to you!
rrgirl
Above resources are good, but they do not provide info on properties in Texas because Texas is a non-disclosure State. ... Any idea about finding property values in Texas.
ShortSellPro is right. Do not waste your time researching a house that is not for sell. Wait until someone responds to your mailings.
1) drive around the neighborhood and call on every for sale sign. tell the realtor that you are new to the area and just starting to look, so you do not want to waste their time, but what are the average prices in this neighborhood for a X bedroom, X bath, X square feet. You could also ask the realtor to send you some comps so that you can remember the conversation. REaltors are the only way to get actives and pending which are critical in a fast appreciating market. Solds are yesterdays news.
2) many counties have property appraiser web sites. My county has recent sales by subdivision. My county also has a mapping feature where I can tell it color code parcels by recent sells. Then you click on the parcel and get the property info sheet.
3) www.realquest.com has a pay as you go feature where you can get property detail sheet ($2?), sold comps ($3?), comp street map ($1?), and a four point valuation ($25).
Quote:
On 2004-12-14 13:49, americandream wrote:
Above resources are good, but they do not provide info on properties in Texas because Texas is a non-disclosure State. ... Any idea about finding property values in Texas.
Greetings americandream (and Cuddley1228)
In Texas, you can try these for starters…
http://www.domania.com/homepricecheck/index.jsp
http://www.homeradar.com/
http://nationalcitymortgage.equinoxco.com/pdsearch/searchByLocation.jsp?searchName=&searchCategory=&address=&stype=&startyear=&type=&csz=&sortby=&pagestart=&pageend=&totalrecs=&pricehigh=&pricelow=&StateName=&CityName=
And if you’re looking around the Houston area, try this one…
http://www.har.com/solddata/default.cfm
HTH