Real estate newbie here so be gental.
Ok, I found this house in my neighborhood that was built in 1992 and is up for sale. I believe the man of the house that lived there passed away.
So I said to myself, this cold be a possible deal. I started doing some research using the new TotalView tool. It came back with an "Our Estimate:" price of $121,000 for this 11628 lot size, 2275 sqft, 3 bed and 2.5 bath Houston Texas home.
First question. Is the "Our Estimate:" value the value that the tool thinks I could resale this property for or is it the value that the tool thinks I should offer to buy it for?
Next question. I called the realtor from the number on the sign that is in the yard and asked how much they were asking for the house. Her response was $178,000. I did not ask any more questions after that and told her I would need to check some things with my investors and that I thought that was really high for that area. So, with an asking price so high compared to the estimate I got from the TotalView tool, I was thinking that whoever has legal ownership of the house at this point is probably having to make mortgage payments on it. If that is the case would this still be a possible deal or under those circumstances should I just move on and look for the next deal?
Thanks in advance.
"Far better is it to dare mighty things, to win glorius triumphs, even though checkered by failure... than to rank with those poor spirits who neither enjoy nor suffer much, because they live in a gray twilight that knows not victory nor defeat."
-- Theodore Roosevelt