How to determine the purchase price for a home - REMOTELY

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How to determine the purchase price for a home - REMOTELY

  1. 1. Week 1: Determining a Home’s Value The 8 – Week Roadmap to Launching into Notes 1
  2. 2. Housekeeping • Phone and VoIP for audio • You’re muted now, so feel free to make noise • Raise hand a d Ques o s a se a d and Questions • Try the Question box typing • If you’re using phone only, type “11” and that will raise your hand 2
  3. 3. Introduction • Open Access: Week 1 of the Roadmap p p • Roadmap = How-To guide to the course: “A-Z of Buying Discounted Mortgages, Business in a Box” • Membership Access: Next 7 of the 8 Weeks Join PAC Weeks. 3
  4. 4. A P d t Note Product N t • 16+ Hour Course on Note Buying: www.NoteBuyingProfits.com/preorder (or Order Now buttons) b tt ) • Tomorrow – price goes up 50% • From $997 (DVD), to $1,491 (3 payments of $497) • We’re still competitively priced: • Donna Bauer - $1,998 for “The Academy DVD Set” • ForeclosureTrackers - ~$4,000 per 3-day seminar
  5. 5. Agenda Follows the Roadmap Step by Step Step-by-Step • How to Determine the Value of a Property • An Introduction to Desktop Pricing Tools • “Going live”: working with a local realtor 5
  6. 6. 1st: Overview on Determining “Value” • Current value (past value / sold vs current value / vs. active) • Multiple sources (don’t rely on a single one) (don t • Photos (when?) vs. “today” • Future value (trends) • Outside vs. inside (the power of deduction) 6
  7. 7. 2nd: Find Yourself a Property • 1901 Hermosa Way Hollister CA Way, Hollister, • Part of a pool we bought in May 2008 foreclosed May, 2008, upon, and recently sold 7
  8. 8. 3rd: An Introduction to Desktop Pricing Tools • www.Zillow.com Comparables p • www.Live.com Aerials • www.maps.google.com l (in Redfin) Street level views (i R dfi ) St t l l i • www.Realtor.com Comparables • www.Realquest.com Comparables & Details • www.Trulia.com Comparables p • www.cyberhomes.com Property Summary • www.altosresearch.com lt h Trends T d • www.Zillow.com Real Estate Market Reports • Let’s get familiar with each of these – they all have their strengths 8
  9. 9. 4th: Looking at “the best” data - (MLS) The “real” price is what someone will actually pay (AVM real vs. comps) • Really “get into” these numbers to see what’s happening • Remember to specify the criteria you’re looking for: • Property Class: Single Family Residential • Vicinity S Search: 0.50 miles from 1901 Hermosa, Hollister, f CA 95023 • Status = Sold • Area = 182 Hollister • Close of Escrow Date greater than or equal to 5/1/2008 g q 9
  10. 10. 5th: “G i live”: working with a local realtor “Going li ” ki ith l l lt All MLS Data is not yet national and online The reason for working with a realtor is: 1. “Color” (not available from numbers) ( ) 2. Access to the MLS 3. Future listing agent to work with Find “the best” agent – experience, knowledge, and excellent “close ratio” 10
  11. 11. H How t fi d that local realtor to find th t l l lt TTCSM The Title Company Search Method Meet Marilyn 11
  12. 12. 6th: Future Value • Look at trends in your own data (MLS) y ( ) • High – level trends (e.g. Altosresearch) • Higher – level trends (e.g. PMI, Wells, Countrywide) 12
  13. 13. The “Inside” Tips: Ti • Get your realtor to take close-ups • Look at the roof • Assume an average condition of 3 out of 10 (10 being excellent condition) 13
  14. 14. Wrapping Up • Complete th t Checklist C l t that Ch kli t • Complete your Assignments • Pat yourself on the back: master these basic steps and you’ve just created a “virtual” valuation process • Y are 1/8th of the way to launching your N t You f th t l hi Note Buying Business 14
  15. 15. Next PAC Session – Banker Talk Time! November 12: How to Talk to a Banker With Saprina – an 8-year Bank Veteran 8 year Future PAC Sessions: F t S i November 19: Week 2 – Underwriting Title g December 3: Week 3 – Negotiating w/Banks December 17: Week 4 – Closing 15

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