Assessing Value.....

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What is the best way to assess the retail value of a house?
Also is it recommended to get a lawyer when wording language for a contract for flipping property? If so what type of lawyer would suffice?
All relevant comments are appreciated, I am new to this and have a few questions before I get started.
Thank you,
Taye

Comments(3)

  • jbinvestor19th March, 2004

    Quote:
    On 2004-03-18 13:44, Taye125 wrote:
    What is the best way to assess the retail value of a house?
    Also is it recommended to get a lawyer when wording language for a contract for flipping property? If so what type of lawyer would suffice?
    All relevant comments are appreciated, I am new to this and have a few questions before I get started.
    Thank you,
    Taye


    Get comparable sales for the property...match apples with apples and oranges to oranges (3 bd/2ba to a 3bd/2ba) get about 6 or 7 sold in the last 6 months, within a mile radius....closer if you can get them. Now add up the sq feet of these comps, and divide them by 6 or 7 how ever many comps you are adding up. You'll get the avg price per sq foot, then take the sq feet for the subject proerty and multiply it by the avg ssq foot cost. It should be pretty close....lol or I've been doing too much math and have way too much time on my hands.

    JB
    [addsig]

  • jbinvestor19th March, 2004

    Also it's never a bad idea to get some competant legal advice when using contracts.

    A RE lawyer.

    JB

  • InActive_Account19th March, 2004

    Since you're about to become a super investor you need to think and talk like an investor.

    What you want to do is find the: market value of the property , or the fair market value of the property, or value the property or even evaluate the property .

    The municipal property tax department does "assessing" of the property known as
    Ad Valoreum. Now you know more than me!!!.

    JB more or less has given you the thrust of how to arrive at a value for the property. I would only add that there has to be a final judgment call. Many times one or two sales will be much more comparable the the others and your final estimate of value should be shifted more toward them rather than the mean average of all the sales(comperables).

    You should get a real estate lawyer to review what ever documents you plan to use. I said review and edit your documents which will not cost you much. Now, if you want to let him prepare documents you wil be paying mucho dinero.

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