Comps

General Real Estate Investing
1

hi guys,

does anyone know of a good comps service, that is quick and up to date. i have found a few of the free ones but seems incomplete.

thanks

2

I get all my Comps form my appraiser If you are thinking about buying one you are going to need an appraisal anyway so why not call them for comp’s

DO WHAT YOU DO BEST OUTSOURCE THE REST!

3

I look at a lot of properties that need work (online) and before I know if I should persue them I need to get comps so as not to waste my time on ones that do not meet my requirements.

thanks

4

REO is right. You need to find an appraiser. Online services are much to vague to give you a solid idea. An appraiser will be more familiar with the area and able to compare actual comps. This will give you a much more accurate idea.

5

I look at DOM off of the MLS, just make friends with an agent and they’ll give it up. I also look at the tax records of what’s closed. My title company, Chicago Title, has a free profile service that you can pull a profile online of what’s closed recently. I don’t get appraisals typically because I buy suject-to almost exclusively.

6

YOU GET WHAT YOU PAY FOR!!!

You’d be shocked, but valuing real estate is not an easy thing. Even so called cookie cutters can be grossly overvalued or undervalued by a novice.

I’m certified and I’ve appraised some 4500 properties over a 15 year career. From raw land (including beaver ponds) to multi-million dollar waterfront properties in the San Juan Islands, and everything in between (SFR’s up to 4 & 5 plexes, condos, manufactured housing & raw land).

Subject to completion, as is, hypotheticals, feasibility studies, highest & best use studies, cost to cure/repair, and on, and on…

Typical clients include; banks, savings and loans, mortgage firms, employee transfer companies, private parties, attorneys, insurance companies, M&M firms, and marriage dissolution settlements.

I’d advise you (and everyone else) to avoid Automated Value Modules (AVM’s - computerized garbage) to value real estate. They’ve proven themselves highly inaccurate to date, and could cost you a proverbial fortune. You know…the WhatsYourHomeWorth.CON advertisements on TV & at your banks.

If you’re going to be buying neglected properties…it’s imperative you hire someone who’s going to physically inspect the property.

I’d recommend the services of a qualified appraiser. Make sure the outfit you’re hiring isn’t a ‘sweatshop’…which will send an unlicensed (inexperienced) employee to inspect the property. You want a licensed–or better yet–a certified appraiser to inspect the property.

Other than an appraiser…you might consider an agent with experience working with investors…who’s proficient in estimating cost to repair.

I’d also recommend getting a referral from your favorite lender (unless you’ll be paying cash for all your investments) because, MOST lenders have an ‘approved appraiser list.’ If you hire an appraiser that isn’t on the lender’s approved list…you could find yourself paying a lenders appraisal fee on top of the fee you paid an appraiser to comp properties for you.

Consider paying the appraiser to perform a full property inspection & to analyze the comparables for you…otherwise you might just get a bunch of data sent your way (at a reduced fee), and you’ll have to make the market value determination yourself.

Analyzing data IS NOT easy. I’ve seen arrogant people–who thought they knew how to value real estate–make MAJOR mistakes on more occasions than I can count.

-Infowell