What is the best way of actually getting the correct ARV on a home. I like going to cyberhomes.com and matching the REO’s with what the website says is fair market value. Should I contact a broker? If so, can I simply pick one out of the pages? Do seasoned investors inspect every home they move in on, or do they just have contigencies in their residential offers to purchase that specify major factors must be up to par, i.e., the basement is caveing in.
Thanks for help :bobble
The only way to get true and accurate comps is from a realtor who can give you the local market comps. Just call up a few agents and let them know what you are doing.
It might take you a while to find an agent who will work with you.
The only way to get an accurate ARV is to get an appraisal. RE agent will give you a market analysis which is basically what homes are selling for in the market.
MLS access or a realtor is the way to go. Appraisals vary and aren’t ARV.
For a general idea including comparable sales, you might try:
http://realestate.yahoo.com/homevalues/
Good luck.
Still another source is “SiteX” from Fidelity. They don’t cover all areas but if you’re in a large metro area, chances are they have the data base you’re looking for.