Tuesday, August 24, 2010

Don't leave home (to put on offer in) without it

No it isn't your American Express card. It is a good property analysis.

The minimum I would want is the following:

Assessed value
Sales history for the property
Is the market for these properties moving up or down.

The agent you use to buy, could give you this. Could. Some probably do it all the time (like Larry). Some just want you to get down and write the offer.

However you can get the information yourself for peanuts.

HERE at Landcor.

Two types of reports, both cheap, and no one should even consider writing an offer without at least having this information.

You MAY think you have studied the market, but you NEED to know the sales history of the property.

Maybe they bought a year ago, and are just trying to flip with a 20% premium - having spent nothing on the property- even though the 'stated reason' is a job transfer.

Maybe there are comparables out there you didn't see which have been selling for less. Why? Is it the gold-plated toilet fixtures?

This isn't the whole story, but I would want a simple analysis like this from SOMEONE else too before I put hundreds of thousands of dollars on the line. If you can get something like this from your agent- great. If not get it yourself.