Hello,

Need your evaluation on this property:


605 Hardy Way, Hiram GA 30141

Owner divorcing, he and wife each want 5K profit: hence asking price. Want to sell quickly, not a wholesale, or shortsale deal.

What ARV would you give this property? Could you breakdown the repair estimate, please. anything else let me know, he is sending a picture to me next day or two.


Owner occupied: Jeffrey Wellham

1200 sq foot

yr 1978

Single family home

3 BR

1 full bath

1 half bath

garage: single car

Value: based on 2005 appraisel $105,000

1st mortgage bal: $82,000

Asking price: $92,000

1st mortgage payment $767.00

1st mortgage lender: owner Bruce Farley

1st mortgage includes taxes and insurance

No other mortgages on property

All payments are current

Realtor: none

Refinance interest?: no


Repairs: garage door springs replaced, carpet
Appliances in kitchen, central heat/air, W/D, all new 3 yrs ago.
Roof good, paint ext/int good.
Good neighborhood.


Answer:
Repairs estimates vary from different market areas; If you have a handy man that assist you with rehabs they would be a good resource within giving estimates in your area. Sales have declined in the neighborhood within the last 6 months. There were 2 sales in the immediate neighborhood that sold for $42,000 1/08 and for $38,500 3/08. These sales are comparable in square footage, age and design. The value may have decreased since last appraisal. The value appears to be $40,000 less the cost of repairs. There was a sale in 8/07 that sold for $108,500; but as you can see the values are declining.