subject: Beneficial Tools Used By Private Money Lenders Arizona [print this page] At Private Money Lenders Arizona, we have different tools to value a property because when it comes to valuing property; one should make sure that they are working with competent professionals. You want to make sure that you do your own due diligence. You want to make sure you know what is happening in the area and what is sold in the area. And one of the things that I think is revolutionary for real estate investors is the product that is called Estimated Value and Property Approval.
Majority of the time we see they are too high.It is rare that we see that they are too low but either way if you put a property under contact and lets say the Zillow says the property is worth $150,000 so you end up putting the property under contract for $100,000.Well let say, you get an appraisal done and you get an application done or you have an evaluation done on the property by a private money lenders arizona and you pay for that fee or you put some earnest money down on the property and it is non-refundable or may be refundable. But it is only refundable for a few days and your private money lender does not get the deal done fast enough. I mean with any of those situations, someone actually goes and looks at the property and does the research.If they are going to come up with a different value that one of those free services are giving you.
At Private Money Lenders Arizona, you can buy them for $ 95 and you will get a computer generated evaluation that we find to be accurate 80% of the time.It is not always accurate. I am not going to make any claims or assertions that it is.We find it to accurate 80% of the time and it is going to tell you what the value is, the probable value, the likely value and it is also going to give you a confidence level as to how confident we are that value is accurate.
So confidence may be very accurate or somewhat accurate or not accurate or completely off. And then 80% of the time, we find those values to be within reason. 20% of the time, the values are off. Of that 10% of the time the values are completely off and 10% of the time the values are somewhat off. But in addition to that you also get a property approval, which basically is a certified report that guarantees that Private Money Lenders Arizona will provide financing on this property and that is important to you because you do not want to spend time, money or energy without knowing if the property will be able to get funding.
Now the exact amount of the funding is not addressed because that cannot be addressed until the full evaluation is done. So you are guaranteed a funding will happen. The exact amount of that funding will be determined once the full evaluation is done. So lets say, you are purchasing the property for $80,000 and you get up property approval, which means funding is guaranteed and the evaluation comes in and the funding is going to be for less than $80,000.
That is really simple you will just have to bring a difference in cash or not do the transaction. So lets say, that it gets approved for $75,000 based upon the on the ground evaluation 75,000 one say and you have to come with $5000 to make up the difference on that but the funding will happen.
Thanks for joining us at Private Money Lenders Arizona. Happy Investing.
by: Jeff Risk4
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