I've discovered a search method to find properties in Las Vegas that are listed under market value (Comps) and even quite a few that are under a recent, 3 month or less, appraisal or under comparable sales in the last 3 months. I am using the 3 month guidline as I am seeing that more and more lenders are tightening up their appraisal guidlines to only allow comps from within the last 3 months.
Some examples:
Priced at 849,000 - Appraised at 1.1M. That is about 23% under. I even talked to the appraiser and he will still put it at an easy 1.1M today, 3 months later. That is a purchase, not a refi appraisal.
Priced at 510,000 - 680,000 appraisal 1 year ago and appraiser said she would put it at 630,000 this year putting it at about 6k away from 20% under.
Priced at 349,999 - Comparable sales in last 3 months at 535,000 puts this home 33% under comparable market value.
Yes, some of the homes I am pulling up are short sales which will have to be approved by the bank but most are not. They are simply sellers who have owned their home since before the boom and don't have to clear the inflated prices that were paid over the last 2 years. This allows them to price their homes agressively and sell them quickly rather than having to hold out for a purchase price that will let them clear what they owe and break even.
As we gear up for the upswing of the market, these homes represent a chance to buy at the low end or possibly lower with the ones that are 30% and under, and have a better chance at retaining or making equity in a purchase.
How am I finding these properties, what is my motivation and why am I putting these searches together? My big money investors who stopped calling me for the last year and a half are coming out of the woodwork and picking up any and everything under market by at leastt 20%. When my big money investors talk, I REALLY listen.
If you are looking for properties like these let me know and I will add you to the list. I have found them from just under 200,000 to over $3,000,000, all with at least 20%.
www.johncalvert.net www.lvfsboinfo.com www.whymyhomedidntsell.com
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