Tuesday, August 24, 2010

Don't leave home (to put on offer in) without it

No it isn't your American Express card. It is a good property analysis.

The minimum I would want is the following:

Assessed value
Sales history for the property
Comparables
Is the market for these properties moving up or down.

The agent you use to buy, could give you this. Could. Some probably do it all the time (like Larry). Some just want you to get down and write the offer.

However you can get the information yourself for peanuts.

HERE at Landcor.

Two types of reports, both cheap, and no one should even consider writing an offer without at least having this information.

You MAY think you have studied the market, but you NEED to know the sales history of the property.

Maybe they bought a year ago, and are just trying to flip with a 20% premium - having spent nothing on the property- even though the 'stated reason' is a job transfer.

Maybe there are comparables out there you didn't see which have been selling for less. Why? Is it the gold-plated toilet fixtures?

This isn't the whole story, but I would want a simple analysis like this from SOMEONE else too before I put hundreds of thousands of dollars on the line. If you can get something like this from your agent- great. If not get it yourself.



8 comments:

  1. no SFH sold in WV today.

    ReplyDelete
  2. hey Fish thanks for the plug. I'll take that as an invitation to blow my horn.

    Actually, every buyer is entitled to their own market evaluation of the property they are interested in. This of course doesn't mean that each buyer will get 50 evaluations for every property they see. Time is money and doing up an evaluation properly does take time. There are also times when it is simply impossible. If it gets down to the short strokes it is a must do IMO - even if the evaluation isn't pretty, basic raw comparable information is still better than nothing.

    The other documents you mention are easy peezy. Most often they are assembled when making an appointment to view so they come stapled with the listing sheet so that I have a reference to points I might be making about the property.

    One thing, re: houses, there is nothing like having a lot of experience in mechanical and structural aspects of a home. Always take a flashlight with you.

    Here's another hint for your readers. Buy an ice pick! Cheapest tool you can have. Good defence in a dark ally as well.

    Go around the baseplate of a house and poke the pick into the wood where visible. No resistence to the poke please run away the place is rotten and will cost big coin to repair. When inside if you can see the beams and support posts always give the bottom of the posts a poke. Check the beams closest to the outside walls. You'll know instantly if there is any rot. More than a half inch is a half inch too much.
    Next always look down the sides of a house. If you see bumps and wobbles in the stucco or wood finish there is a reason - one that will cost money.

    Condo's are another bag of beans and are a lot harder to deal with if they are concrete towers. ** Read the minutes carefully. You'll want a proactive strata council. Wooden structures definitely more simple but have their own secrets.
    One thing I did find (someone can confirm this if they like)- the most expensive window caulking/sealant is only warrantied for 15 years by the manufacturer subject to certain weather conditions.

    Ask yourself how old are the buildings in Yaletown. Also do you think the builders would use the most expensive window sealant??

    Thanks for listening appreciate the space. Don't forget to poke around.

    ReplyDelete
  3. hey Fish thanks for the plug. I'll take that as an invitation to blow my horn.

    Actually, every buyer is entitled to their own market evaluation of the property they are interested in. This of course doesn't mean that each buyer will get 50 evaluations for every property they see. Time is money and doing up an evaluation properly does take time. There are also times when it is simply impossible. If it gets down to the short strokes it is a must do IMO - even if the evaluation isn't pretty, basic raw comparable information is still better than nothing.

    The other documents you mention are easy peezy. Most often they are assembled when making an appointment to view so they come stapled with the listing sheet so that I have a reference to points I might be making about the property.

    One thing, re: houses, there is nothing like having a lot of experience in mechanical and structural aspects of a home. Always take a flashlight with you.

    Here's another hint for your readers. Buy an ice pick! Cheapest tool you can have. Good defence in a dark ally as well.

    Go around the baseplate of a house and poke the pick into the wood where visible. No resistence to the poke please run away the place is rotten and will cost big coin to repair. When inside if you can see the beams and support posts always give the bottom of the posts a poke. Check the beams closest to the outside walls. You'll know instantly if there is any rot. More than a half inch is a half inch too much.
    Next always look down the sides of a house. If you see bumps and wobbles in the stucco or wood finish there is a reason - one that will cost money.

    Condo's are another bag of beans and are a lot harder to deal with if they are concrete towers. ** Read the minutes carefully. You'll want a proactive strata council. Wooden structures definitely more simple but have their own secrets.
    One thing I did find (someone can confirm this if they like)- the most expensive window caulking/sealant is only warrantied for 15 years by the manufacturer subject to certain weather conditions.

    Ask yourself how old are the buildings in Yaletown. Also do you think the builders would use the most expensive window sealant??

    Thanks for listening appreciate the space. Don't forget to poke around.

    ReplyDelete
  4. hey Fish thanks for the plug. I'll take that as an invitation to blow my horn.

    Actually, every buyer is entitled to their own market evaluation of the property they are interested in. This of course doesn't mean that each buyer will get 50 evaluations for every property they see. Time is money and doing up an evaluation properly does take time. There are also times when it is simply impossible. If it gets down to the short strokes it is a must do IMO - even if the evaluation isn't pretty, basic raw comparable information is still better than nothing.

    The other documents you mention are easy peezy. Most often they are assembled when making an appointment to view so they come stapled with the listing sheet so that I have a reference to points I might be making about the property.

    One thing, re: houses, there is nothing like having a lot of experience in mechanical and structural aspects of a home. Always take a flashlight with you.

    Here's another hint for your readers. Buy an ice pick! Cheapest tool you can have. Good defence in a dark ally as well.

    Go around the baseplate of a house and poke the pick into the wood where visible. No resistence to the poke please run away the place is rotten and will cost big coin to repair. When inside if you can see the beams and support posts always give the bottom of the posts a poke. Check the beams closest to the outside walls. You'll know instantly if there is any rot. More than a half inch is a half inch too much.
    Next always look down the sides of a house. If you see bumps and wobbles in the stucco or wood finish there is a reason - one that will cost money.

    Condo's are another bag of beans and are a lot harder to deal with if they are concrete towers. ** Read the minutes carefully. You'll want a proactive strata council. Wooden structures definitely more simple but have their own secrets.
    One thing I did find (someone can confirm this if they like)- the most expensive window caulking/sealant is only warrantied for 15 years by the manufacturer subject to certain weather conditions.

    Ask yourself how old are the buildings in Yaletown. Also do you think the builders would use the most expensive window sealant??

    Thanks for listening appreciate the space. Don't forget to poke around.

    ReplyDelete
  5. hey Fish thanks for the plug. I'll take that as an invitation to blow my horn.

    Actually, every buyer is entitled to their own market evaluation of the property they are interested in. This of course doesn't mean that each buyer will get 50 evaluations for every property they see. Time is money and doing up an evaluation properly does take time. There are also times when it is simply impossible. If it gets down to the short strokes it is a must do IMO - even if the evaluation isn't pretty, basic raw comparable information is still better than nothing.

    The other documents you mention are easy peezy. Most often they are assembled when making an appointment to view so they come stapled with the listing sheet so that I have a reference to points I might be making about the property.

    One thing, re: houses, there is nothing like having a lot of experience in mechanical and structural aspects of a home. Always take a flashlight with you.

    Here's another hint for your readers. Buy an ice pick! Cheapest tool you can have. Good defence in a dark ally as well.

    Go around the baseplate of a house and poke the pick into the wood where visible. No resistence to the poke please run away the place is rotten and will cost big coin to repair. When inside if you can see the beams and support posts always give the bottom of the posts a poke. Check the beams closest to the outside walls. You'll know instantly if there is any rot. More than a half inch is a half inch too much.
    Next always look down the sides of a house. If you see bumps and wobbles in the stucco or wood finish there is a reason - one that will cost money.

    Condo's are another bag of beans and are a lot harder to deal with if they are concrete towers. ** Read the minutes carefully. You'll want a proactive strata council. Wooden structures definitely more simple but have their own secrets.
    One thing I did find (someone can confirm this if they like)- the most expensive window caulking/sealant is only warrantied for 15 years by the manufacturer subject to certain weather conditions.

    Ask yourself how old are the buildings in Yaletown. Also do you think the builders would use the most expensive window sealant??

    Thanks for listening appreciate the space. Don't forget to poke around.

    ReplyDelete
  6. Well Larry I think you got your point of view across emphatically!

    Never thought of taking an ice-pick to a viewing with me, they may get the wrong idea.

    I agree with everything you said and find a good appraiser. The best are either ex-contractors or engineers. One fellow I knew took a good 4 hours inspecting every nook and cranny and even brought marbles in one pocket that he would test the straightness of floors ,counter-tops etc

    ReplyDelete
  7. Holy s...! I apologize to you and your readers. Must of been happy fingers on the post button.
    So sorry. :(

    ReplyDelete