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Hi this is Steve Liang from Real Estate IQ, and this is your Real Estate IQ deal of the day. Today we found a deal in the DFW area. Check it out.
For the DFW area, we're gonna pick a property that's going to foreclosure in November. We're gonna be at the Tarrant county and the address we're looking at is this one: 7405 Fossil Lake Drive. The recorded information, 3 bedroom, 2 bathroom with a square footage. And these are all the statistics and estimates that we're doing. Right, so the house' assessed value is $202,000 and they originally took out a loan of 130,000. When you do the calculation, if they have been paying their mortgage on time and in the right amount they should be sitting at an equity of $98,000. Ok, so that looks like a pretty good deal. Let's pull the comps. This is what we did, we are putting all the information and we found 6 sold comps in the area, 9 active and 3 non-active, 10 leased. And when we look at the comps, it looks like based on the a little higher end comps in the area that the house should be worth instead of the 202,000 from the tax appraisal, we're looking at additional $24,000 of additional equity that we can use. So let's look at the comps. Right, these comps are all in the same Fossil Lake addition subdivision. The distance is all within a quarter mile and the price per square footage is around $115-120 per square feet so it looks like these are very high quality comps. We're very confident in this particular set of CMA's but let's look at the map. Ok, so here are the properties and the subject property where they are. We also drag and drop. A street view to check out the neighborhood. And this is the property in question. When it comes to off market motivate sellers, we always need to caution you, hey guys don't just show up at the door and talk to them. This is just an example to show you what a good deal looks like. We do not recommend that you bother the person currently living there. You also look at the photo view and see what the comps look like. These are very nice comps in this area. This one is a little bit less polished and it looks like a little bit less upgraded and the first one. And this is comp No. 3. The 3rd comp and the 4th comp. So overall looks like a pretty good deal. Again you know we're looking at an additional about over $24,000 dollars of equity on top of this 98. So that brings it up to about a $122,000 of potential equity if the homeowner has been paying the mortgage on time. This is a very good deal and we can see all kinds of information like the kind of loan they have, when does it expire, the legal description and all of the research that we can find for you. We hope you guys enjoy this deal and we will talk tomorrow.
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