If you do not have ProfitGrabber then enlisting the help of your realtor is a

If you do not have profitgrabber then enlisting the

This preview shows page 95 - 97 out of 121 pages.

If you do not have ProfitGrabber , then enlisting the help of your realtor is a good temporary solution. It is good because your realtor will be able to access the MLS and obtain current information about sold properties, current active listings, and pending sales. As noted in the form above, all of this data should be considered when evaluating market value. There are two important limitations when using the realtor as a source for collecting comparable sales data that you need to be aware of and plan accordingly. First, your realtor will not obtain this information for you forever, especially if they are not getting something in return. The second reason is that data from the MLS, which realtors have access to, does not tell the whole picture. For example, homes sold by owner, or sold at foreclosure auctions have not been
Image of page 95
Foreclosure Investing MASTERY - Manual – SECTION 1 . Copyright 2017 – 2018 © Marko Rubel MarkoRubel.com Page 96 of 121 listed and therefore not available in your local MLS system. In markets where there are a lot of FSBOs (For Sale By Owner) transactions, not having this data and relying solely on MLS data could mean that your assessment of market value is very different from an assessment based on the complete picture of all transactions in the market. à Tip: While you have certain “weasel clauses” and “inspection clauses” to protect you, and allow you to exit the deal even after you signed the PSA, it is important to determine the FMV on your way to that appointment and be as accurate as possible. After you get back to your office with the signed PSA, then you will reassure yourself that your assessment of the value was accurate. à Watch Out! One approach beginners take is trying to obtain comparable sales data and other market valuation data from free online services such as Zillow.com, HouseValues.com, eppraisal.com & a host of others. We found those sources to be inaccurate, and you should not rely on them! An error in FMV could be expensive! In fact, I did a test of one of the homes I owned, using the 3 different free services above, and on a $200,000 home found the variation of the FMV to be almost 17%. Now, do you want to be evaluating deals with swings in valuation of 17%??? I do not think so! The national data services (mentioned in the 2 above) are accurate and good to use. The biggest prohibitive factor here is the cost. Many of these services cost between $100 to several hundred dollars a month per county. You should be looking to save $100 or more whenever you can, because $100 more towards marketing will get you the best return! ProfitGrabber users on the other hand, have the benefit of accessing the same data that Banks and Title Company’s use that is provided right from the local counties. It is fresh, immediate, updated daily, covers 98% of the country, includes solds from MLS and private transactions, and cost is a fraction for the entire country of what these national services cost for just one city or county.
Image of page 96
Image of page 97

You've reached the end of your free preview.

Want to read all 121 pages?

  • Spring '15
  • Mr. Gardner
  • Subprime mortgage crisis, short sale, Hard money lender, Hard money loan

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes