I am very new to REI, I have a 3 houses I’m looking at.
I have a couple questions…
-How do I get comps for a house?
-What information does a “hard money” lender need to consider a loan?
I am very new to REI, I have a 3 houses I’m looking at.
I have a couple questions…
-How do I get comps for a house?
-What information does a “hard money” lender need to consider a loan?
Hi nixadm, we get our comps from our appraisor and real estate agent. We have found that for our area which is Southern Alabama the appraisor’s is more accurate. Hope that helps.
I tend to look at what similar houses are going for on the same street or a block or two over (with the same specs… 3 bedroom, 1.5 bath, 1600 square feet, 1/4 acre) on a site such as realtor.com , although you have to remember that will give you the list price not the price that properties have sold for. My local paper shows past sales as well as the Chicago Tribune.
You can probably find online sites such as homegain or homevalues that may help as well.
If you are working with a realtor, just ask them for the comps. They will be (or should be) more than happy to provide you with the comps.