Hi,
I can use an average of values by getting prices from zillow, aol home values, etc. which when used to get a theoreticle idea of value to use for determining spreads between asking price and FMV or ARV, I can even make a blind or physically assessed offer to buy the property from known factors and the MLS / advertisers description of the condition and requirements of the property.
What I can not do is except a purchase, remove contingencies or make actual damage estimates without seeing the property and getting actual comps from one of the realtors / brokers on my team. Every property I have ever bought I had an actual set of comps supplied to me where I could actually see comparable property addresses, when sold, size and ammenities, and age of last sales.
Any way you cut it you need to have a realtor (Real Estate Agent) or Broker who you can actually get real comps from before you actually start removing contingencies or move to except terms and conditions and close on a property.
I have multiple real estate agents and brokers, I have agents that specialize in one area and others who specialize in another area. I have brokers I use for larger properties and commercial transactions.
I can write a contract and get it presented completely blind, however my contract says I have a loan contingency, I have a home inspection contingency and I have a termite / pest control inspection and sometimes I may request a survey or structural inspection and have those contingencies.
I have to verify my comps, less than 1/4 miles and less than 3 months old are best, sometimes the appraiser will go out to 1/2 mile, 3/4 mile, 1 mile or 2, 3, 4, or 5 miles to find comparable comps and sometimes will go back to 6 months old but that is at an appraisers discretion. I just sold a home that we completely rehabbed and the appraiser went out about 2.5 miles to find other rehabbed homes to compare to.
A real estate agent has the comps, you have to build your team to include good agents, and I don’t neccessarily use the agent to buy or to sell, in some cases I might give an agent a free commission on the buying side with seller paying commissions and with me back to back closing with no agent to my end buyer.
And in other properties I might buy say at auction I give my agent the listing to re-sell it, and sometimes I do a couple of transactions with no agent involvement but will get comps from them as part of my team.
Good luck,
GR