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There is a home I am interested in buying. It is listed as a 2 bedroom but after viewing the

home it clearly is one bedroom. The second bedroom is in the basement, does not have entry to the outside and the window is too small for a fireman to climb through. The house is listed at $95,000 in an area where the median house is $69,000 and there are no comparable sales. How can I get the value without risking paying for an appraisal?
  • May 01 2013 - Covington
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Answers (7)

I would definitely get with a realtor.  The realtor can do a CMA, Comparative Market Analysis to find an approximate value. 
  • January 21
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Profile picture for Kim Ketcher

Yes, have your realtor pull up the property on the tax assessor's site and run a CMA for you.

  • May 02 2013
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Your Realtor can obtain a tax assessment on this  property as well as a Comparable Market Analysis in a 1 mile radius, 2 miles if necessary, to find other 1 bedroom properties in the area that have sold over the past 6 months.  This will give you the property's value according to neighborhood and general area.  If you're obtaining a loan for this property, the bank will require an appraisal.  Good Luck and keep us posted as to how this works out for you! 

Bj Schenck, Crestview Hills, KY

  • May 02 2013
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Expand your search out further than one mile and back 12 months for better comps.

Best

Winfred Owens
1-909-538-2670

  • May 01 2013
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Profile picture for JamesHook
Find a good agent in your area and have them run a comparative market analysis CMA. You may also want to check the tax records.
  • May 01 2013
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Profile picture for wetdawgs
Ask your buyer's agent to prepare a CMA. 
  • May 01 2013
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Know that if you are financing the home you will always have that appraisal contingency in your contract.  I would strongly suggest that you contact an experience realtor in your area to provide you with this valuable information. 
  • May 01 2013
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