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How Do I Figure Out What My House Is Worth?

    I’ve gotten this exact question so many times, that I’ve decided to answer you question as thoroughly and completely as possible.

    The easiest way to figure out the value is to check the “comps” – or comparable properties that have sold recently. That is- how much have similar (comparable) homes sold for recently?

    One great resource is Zillow.Com- it’s a great site to check what homes have sold recently, and Zillow.Com will even give you their own “guess” as to what the property is worth, even show you an aerial picture.

    But be careful- DON’T TRUST ZILLOW’S VALUE! Just use them to tell you what other homes have sold for recently. If there are plenty of sales, all within a particular price range, then apply this little formula:

Comps Formula

1. Houses that have sold within 1 year

2. Houses that are within 20% of the same square footage


Check out all of the details here:

Why Adjustable Rate Mortgages (ARM’s) are About to Cause the Greatest Opportunity for Profit in Real Estate History

    Adjustable Rate Mortgages, taken out largely by aggressive or “subprime” borrowers during the hot market, are adjusting their rates higher, leaving many homeowners stuck with significantly higher payments.

    Billions of dollars worth of “subprime” ARMs will be subject to higher payments. In fact, according to CNN, more than two million subprime adjustable rate mortgages (ARMs) are poised to reset at much higher rates in coming months, dumping even more houses on an already over loaded market.

    Homeowners who took low “teaser” rates for the first two or three years of the loan may see their monthly mortgage payments go up by 35% or more in some cases.

    Consumer groups, politicians, even President George Bush are worried that hundreds of thousands of subprime ARM borrowers will be unable to make their increasing payments and will lose their homes.

Check out all the details here: