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How to find FMV for foreclosed auction home?

I am interested in bidding on a foreclosed house coming to auction in June. The posted price is around $50,000, and it's an older home. I am wondering what the FMV is, and what it last sold for (in 2006). Thanks!
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April 21 2010 - Durango
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Answers (2)

Buying auction homes can be tricky because you basically have to street appraise.

A local Realtor (or Zillow) will be able to help you look at a number of factors, such as location, square footage, size of the lot, age, condition, what comparable homes have recently sold for, what the home last sold for, etc...it might be more difficult to figure out what upgrades/updates and special features are - - and more importantly - - what needs repair or replacement.

I've always been told to estimate 10% of FMV for "lipstick" items (paint, carpet, cleaning, etc.) and at least another 20% for major items (in case electrical, plumbing, foundation issues, siding, mold, roof, or heating/ac need repair). Oh, and pray that not all of those items need to be addressed :)
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May 04 2010
Unfortunately I do not have access to the mls over there, so can not give you a number, but I can give you a stratagy: Call a local realtor and ask if they can do a CMA for you on that property. I often do these for free if i think that it may lead to a listing or a sale in the future.
-Mike
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May 04 2010
 
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