For those of you with experience in online comp services, which do you recommend as far as getting reliable comps on properties in central Texas (i.e., Travis, Williamson, Hays counties)? For example:
http://www.netronline.com
http://www.homegain.com
http://www.domania.com
Thanks,
Steve
I recommend an appraiser that you deal with a lot or will deal with a lot. Sometimes, on an investor’s standpoint, we want an appraiser that can get the highest value…may not be the best for you. You need an appraiser that can get you a good value without raising red flags to a lender. Most people get CMA’s (comparative market analysis/competitive market analysis) from Realtors but a lot of times those don’t use only “solds” as comparables. Residential property values come from recent sales in the area (and similar properties). Lenders don’t look at active listings or just any opinion, they look for solds that have the least adjustments from comparables. If you don’t know what I’m talking about, try reading an appraisal, I’m sure someone you know has one if you don’t. Look at the comps on the appraisal and the net adjustments. THOSE websites you mention are pretty much either conservative or too high for the values. Unless you have good credit and can qualify with banks like Bank of America and Washington Mutual directly, then those sites might not have the best valuation modules for you. BOA and WAMU don’t really appraise properties as long as they pull up yours in their AVM (automated valuation module) database which spits out a range in value…if your property is selling within that range then they’re ok or if you’re cashing out…they’ll give you pretty much the higher end of the range. Hope this helps!