How can I find ARV for REO house if similar houses sold in this area was also REO with repairs needed.CMA shows several houses sold with move in condition but over year ago,so I think I can not use them to find ARV because they are too old.Any advice please.Kris.
If you’re using a lender to purchase an REO, they usually have their own appraiser do the appraisal. That’s been my experience. Maybe the lender will allow you to choose from a list of appraisers and you could get a cheaper “preliminary estimate” before moving forward.
ask the listing agent if they have a copy of the BPO they did for the bank and if they would let you see it. They generally are required to provide 3 comps of both sold and listed. That BPO should specify like properties with like levels of repair.
GooD LucK! :beer