I want to buy this house in Phoenix but it's the only one for sale in the neighborhood. The others for sale are 500+ square feet larger and are different builders. I just want to know if she is asking a resonable price and if so how much barganing power do I have based on her equity. I am unable to see how much equity she has in her house because she is selling w/o a realtor and no MLS entry.
2007-02-13 05:00:23 · 4 answers · asked by Nicole 1 in Business & Finance ➔ Renting & Real Estate
Check with a local real estate agent. They can pull the number for homes in the area that you are looking at that have sold recently. They can also advise you of how long these homes took to sell and what the original listing price was and what they actually sold for. Another area that they can help you with is the price per sq. footage- is it reasonable.
Also check Zillow.com to see what homes in that area are estimated at. This will provide you with recent sales information that is recorded via mortgage deeds as well. It will not help you with the original listing price, just what it sold for.
I understand that it says no MLS agents, but the agent can give you information about other homes in this area to consider. Just ask about the area in general and see what they bring to you.
Good Luck with your house hunting.
2007-02-13 05:06:08 · answer #1 · answered by kam 5 · 0⤊ 0⤋
Only way to know for sure it to do a title search at the county. You'd be looking to see what mortgages are out there. Subtract them from the sales price, and you've got whatever equity there is.
Sounds like this is new construction though. Many construction loans only cover 80% of the hard costs, and the builder doesn't get their money until the sale, so if it's a construction loan they have, you aren't getting a real picture. And they could have a big overlapping construction line of credit across multiple properties, in which case you'll have no idea what's tied to your home.
But, county public records are still the best place to get what you're looking for. The value of the information will still be questionable though.
2007-02-13 05:22:36 · answer #2 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
Yes! Most transactions affecting real property are recorded. So you can get the sales price and try and find the mortgage note recorded and deduct the difference. Of course, you must allow for amortization of the loan and any second mortgages such as HELOCS which should also be recorded as such, any how. I recommende you look for the tax bill on the county website and it should show all the info you need to figure this out....
2007-02-13 05:06:38 · answer #3 · answered by boston857 5 · 0⤊ 0⤋
sure you can When I bought my house in cali we just typed in the address in the internet and it told us how much it was last purchased for but what you wont know is if she just bought it for say 190,000 then it is now worth 320,000 she may pulled a 2nd mortgage out on it by now or maybe her equity is maxed out you never know negotiate a deal and see what she sayes then work it from there we sold a house in tucson about 7 months ago and we were not going below 175,000 and when all was said and done we sold it for 135,000 and paid half the buyers escrow fees (sucked) but I got a new back yard in the california house. By the way we paid 48,000 for the Tucson house when we bought it in 1998
2007-02-13 05:08:19 · answer #4 · answered by Tori L 2 · 0⤊ 0⤋