Profile picture for dbouc

short sale under construction

How would you estimate the fair market value of a short sale home where the construction is not complete?  It is, for some unknown reason, assessed by the town as if it were complete (assessor says he's under the impression it is 100% complet yet current owner didn't fight the assessment) yet there is not one room that is complete and actually a few rooms that are simply bare studs.  And it also appears that the owner is in the construction business because some of the partial work appears to be left overs from other jobs--so stuff that is partially complete will actually have to be redone.  How do I estimate the true price of this house--how to determine what to offer??  thanks



 
  • April 08 2009 - Burrillville
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Answers (1)

Profile picture for cjcsellshomes
Hi Dbouc,

Honestly, sounds like if you know all that....it might not be a bad idea to run the other direction as fast as possible!

But if you are interested in pursuing this home, I would say the best way would be to take a look at comparable sales in the area, what features they have, and estimate the value(not the cost) of all the things that still be finished on the house you are interested in.  Then use this data to determine your comfortable offer price.

I hope that helps a little bit
Happy Hunting,
Chris
  • April 08 2009
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