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House I want to purchase does not come up on zillow, how do I get value to make an offer?

I have found a house I want to purchase, however it was built in 1865 and zillow does not provide any value. How do I get this info as the seller will do "owner finance" but I can't even begin to put an offer together with out knowing the value first.  Also is help available to assist in structuring the terms etc on an "owner finance" deal?  What is the "Obama housing plan"? Thank you very much!
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July 18 2010 - Blairsville
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Profile picture for Mr Caveat
zillow's zestimation of what a property is actually worth is a for entertainment value only service. even if it were there, it is not reasonable to place an offer based on zillow's zestimate.

producing a CMA or a local market analysis based on what is selling, is a very easy proposition, but you should do some more research before you even attempt to do it yourself. buying a home is ultimately the biggest financial move that most people will make in their lifetimes.

CMA or competitive market analysis, in its simplest form, is simply a list of houses that are currently for sale and that have sold over the year or two. you compare sq footage, number of bathrooms, how big the yard is, etc to the home in question. after that, you take an average sale price and fine tune it for your specific instance. extra bathroom? little more, laundry room in the basement? little less. etc

at the same time, you should also be working with a lender to figure out what you can afford to offer and what you can purchase with different payment options, for instance: maybe you can afford to pay 2200 but you would feel more comfortable paying only 1500 so that you can set aside money for new furniture or college.  a lender would tell you that with a 4.6% interest rate that you can offer anywhere between 292,000 and 429,000 depending on the payment. if you can only pay 1200 a month, it doesnt really matter what the CMA says because the best you could offer would be 240,000.

an REA or attorney could do this for you of course.
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July 18 2010
Contact a reputable Realtor in your area and have them pull comparables for you.  Even though the home was built in the 1800's, there are still going to be comparables that will help you to come up with a value.  Sometimes, Realtors and or Brokers will do the paperwork and disclosures for a fee much less than what it would be if the home were on the market with an agent.  If the Realtor knows they are going to help you with the entire deal, they will be a wealth of information and help you to pay "fair market value."  You have to look out for yourself in this situation. Sometimes a deal may seem too good to be true.  Make sure you have all the facts before moving forward. 
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July 18 2010
You are back to the same answer. Work with and talk with your real estate agent in your area.
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July 19 2010
Profile picture for wetdawgs
No one addressed your question "what is the Obama housing plan?".   The Obama housing plan is a plan to help people who are in houses but having problems with affording them due to various reasons.   There is nothing pertaining to purchase of a new-to-you house at this time.
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July 19 2010
Some types of owner finacing may be illegal now due to changes in the law. My understanding is that private financing can only be offered if the deal is considerd investment or comcercial and the buyer is not going to occupy the residence.  You may want to contact an attorney to verify this is indeed the case, but I have been advised that the laws have changed.
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July 19 2010
 
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House I want to purchase does not come up on zillow, how do I get value to make an offer?
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