Access to Comps for non-realtors?
Is it possible to get access to comparable sales without a realtor?
ANSWER
By design, the Multiple Listings Service keeps sales data exclusive to Realtors and Appraisers. Publicizing this data would fundamentally change the realtor value proposition.
You can get approximates from web sites like HYPERLINK “http://www.zillow.com/”www.zillow.com.
You can also look up the tax records at TCAD (For example Travis: HYPERLINK “http://www.traviscad.org/”http://www.traviscad.org/ ). These, however, may be quite inaccurate because they rarely take into consideration condition, additions, recent market trends, etc.
See the Investor links at: www.LoveAustinHomes.com for several other ideas
If you are going to be a real investor, you have to have access to the MLS. The best way to do this is to have a realtor on your team. I use Shenoah Peck, for example. Shenoah is investor friendly, savvy, and experienced, and will reimburse or discount the purchase commission, in exchange for an agreement to list a property after renovation. This reduces the property cost basis (when you need it most). Teaming up with a realtor early in the process also insures you know what the house is worth as-is, and after repaired. Also, a good realtor can offer suggestions that might help you make renovation choices, and a realtor that has renovation experience might even be able to help you budget the renovation itself.
It seems like many investors avoid realtors. I think this is out of interest in cost savings. Personally, I have up to 60 or more properties for sale, at any time, and almost all of them are sold by realtors, because it’s the best proven way to get full value for retail sales, and it frees up time for me to do other things…
Phill
finding out amount due on foreclosed loan?
What is the best way to find out how much was due on a loan after a
bank has foreclosed. I am looking at a foreclosure that is listed on
the mls but would like to know how much the bank is out so I know what
to offer. I was assuming the listing agent would not disclose this.
Braxton
ANSWER
Braxton,
Anyone can go down to the records office (off Airport for Travis), and look up the original deed of trust that will tell you the amount of the original loan. If you look at how old the loan is, you can estimate its current balance.
UPDATE: goto to the usefull links section of www.loveaustinhomes.com and you will find a link for searching Travis County liens on-line!
Of course, this amount is probably useless or irrelevant in a foreclosure situation, as any home that is foreclosed on, has had many missed payments increasing the amount owed. Additionally, taxes may not have been paid for a while, and insurance and penalties may have also been piled on by the lender.
But, more importantly, when a lender forecloses and resells the home as an REO, whatever was owed is irrelevant. The lender will in all cases simply list the home for market value (as determined by a realtor or BPO) and get what they can get for it regardless of the history.
Phill
Mobile Home Financing
Does anyone have recommendations on getting long term financing on
property with a mobile home? Thanks much!
Debbie
ANSWER
Debbie,
Do you need financing on a $90,000 new mobile home, or $15,000 for the same mobile home used?
Just about everyone I have seen finances used mobiles with owner financing, or they just take cash to dump them. They lose so much value after you buy them that you can generally only sell them with financing. If the property includes land, you can get conventional financing on the land.
Phill
Coming from and going to New Orleans, Investors and rehabbers needed!
Three weeks ago I went to New Orleans to look at some houses to
rehab. But my primary reason for going was to write a report on “How
to invest long distance in New Orleans”. I have decided since that
trip, that a basic report is not going to be sufficient to describe
the situation down there. And a comprehensive report would be too
long and boring. I am planning on writing some smaller specific
reports on various topics and how they are affecting investing in
New Orleans. I interviewed several people while I was there and
learned a great deal about the rehabbing and rebuilding of New
Orleans. It was not my first trip to New Orleans, but it was my
first trip with this project in mind. I also decided to buy some
houses while I was there.
Many have said that that they were interested in possibly investing
in New Orleans or reading my free report when it is completed. If
you want, I will send you the report when it is done and also put
you on my `update and special reports’ list. These updates and
reports will also help you to see the potential profits and risks of
investing in New Orleans. I ended up selecting three houses to
purchase in the New Orleans area and am looking to buy some more if
I can find the right partners. I am also looking for some rehabbers
and contractors that are willing to go down there and do some of the
work. I will be writing more about the contractor and supply
situation down there shortly. If you know what you are doing the
opportunity is great!
Stan
ANSWER
Stan,
Investing in New Orleans sounds fascinating. I guess my concerns would be:
1) With tens of thousands of homes needing work, how do you find reasonably priced and reliable contractors?
2) How do you manage this remotely?
3) I assume these homes are all in flood planes – can you still get insurance at an affordable price?
4) Are some of there opportunities in higher priced areas? How is the margin?
5) Is there a resale market? With tens of thousands of fixers available, how is the market and margin on rehabbed homes?
In general I advise AGAINST investing in a market you do not live in and/or understand. If you want to invest there, I suggest you move there and go for it!
Phill
