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Old 05-06-2012, 03:02 AM
 
Location: Chicago, IL
51 posts, read 265,838 times
Reputation: 49

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Can anybody tell me (more or less) how much this house could be worth? My friend thinks of selling it and I'm thinking of buying it. It's located in Jefferson Park, has got a liveable basement, floor and attic. Doesn't look perfect inside, needs some drywall patching, painting etc, but generally I don't see any damage to the foundation or the roof. Bulit in 1926. I don't have any clue about prices of real estate.

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Old 05-06-2012, 03:50 AM
 
1,089 posts, read 1,869,412 times
Reputation: 1156
Check out zillow.com
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Old 05-06-2012, 04:54 AM
 
Location: Chicago, IL
51 posts, read 265,838 times
Reputation: 49
it says $203.000. But is it really the real value now..?
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Old 05-06-2012, 08:50 AM
 
1,325 posts, read 4,206,648 times
Reputation: 513
Zillow gives an estimate based on market history of sales transactions in the area (and other unknown factors built into their algorithm). You should consider having a real estate agent evaluate the house and give you correct pricing. Better yet, invite two over and compare.
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Old 05-06-2012, 09:54 AM
 
Location: Bay Area
1,490 posts, read 2,687,312 times
Reputation: 792
What they said ^^.

It's about pulling 'comparables.' Not necessarily what zillow says, but what other houses in the area that recently sold for in the area.



Then, once you make an offer you get to wait and see if the loan underwriters agree with your assessment.
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Old 05-06-2012, 09:58 AM
 
Location: Chicago, IL
51 posts, read 265,838 times
Reputation: 49
Thanks for advices. But I need to know if the price would be closer to $200k or $130k for instance. Anybody can estimate just roughly..?
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Old 05-06-2012, 10:03 AM
 
Location: home state of Myrtle Beach!
6,898 posts, read 22,573,152 times
Reputation: 4572
most real estate agents offer free appraisal; call several...check to see how much other homes on that block(s) have sold for. you gotta do a little legwork here...no one on this forum can give you what you seek.
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Old 05-06-2012, 10:04 AM
 
Location: Bay Area
1,490 posts, read 2,687,312 times
Reputation: 792
Quote:
Originally Posted by myrc60 View Post
you gotta do a little legwork here...no one on this forum can give you what you seek.
Just what I was thinking, given a neighborhood and one picture they're asking the impossible.
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Old 05-06-2012, 11:15 AM
 
1,325 posts, read 4,206,648 times
Reputation: 513
Quote:
Originally Posted by emoeskaite View Post
it says $203.000. But is it really the real value now..?
It looks more like 203,400 based on the photo
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Old 05-06-2012, 12:02 PM
 
Location: River North, Chicago, Illinois
4,619 posts, read 8,197,836 times
Reputation: 6321
Quote:
Originally Posted by emoeskaite View Post
Can anybody tell me (more or less) how much this house could be worth?
...
I'll give you $50,000.
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