GREAT COMP SITE FOR YOU !!

Rehabbing, Fix and Flip, Rental Properties
1

THIS IS THE SITE THAT REAL ESTATE AGENTS USE TO PULL THEIR COMPS AND REPORTS. YOU CAN PAY PER REPORT OR PAY THE MONTHLY UNLIMITED FEE (300).

http://www.firstamres.com

When you get on the site sign up for realist.com not realquest.Good luck :smiley:

2

That’s not the only place we get them hon. Cause I don’t know about the other agents… but I’d never seen the site before. Thanks for the resource!

3

This is what century21 and other companies use in south Florida.I also saw it being used in N.Carolina.What site do you recomend?

4

I signed up for the evaluation of their RealQuest product. Their numbers were way off in San Antonio, TX. For one property, it showed the comps to be around $154k. When I asked my realtor for a CMA for that same property, the CMA was $129k. The same houses listed in MLS were much less than on their RealQuest product. One was actually sold by my realtor for $118k yet showed up as $125k on RealQuest and when I looked closer, it stated that the sales prices are ESTIMATES.

I was basing my offer on RealQuest and my offer was accepted. I backed out of the deal once I got the real numbers through my realtor. What I thought was 25% ARV turned out to be 8%.

5

hey everyone,

I have had good luck with bankofamerica.com then find the property evaluation link. At least in my area it is very very close

6

Bank of America uses First American’s to come up with the comps.

7

And of course there is the wildly popular “zillow.com” right now. Though, I have witnessed the same complaints, i.e. comps are off more or less depending on your area.

The best bet? Use two or more systems and know something about the market in which you are investing. You should be able to very closely guage the market price of a property as soon as you see it. If you are relying on one of these websites as your only, or primary, determinant of value then I think you will have a hard time getting any good REI deals. If you don’t know the values of property in your area, start going to a bunch of open houses and give the realtor’s your email address and tell them what you’re looking for. Many will put you on a distribution list of theirs that will automatically feed you streams of 2bdrm/2ba condos on the water" or whatever you’re looking for. Use the combination of those two for a month straight and you’ll know right away when you walk in if this particular 2bdrm/2ba condo is about right, way over, or way under.

8

I said to use the realist option of the site not the realquest. I don’t know much about their realquest program. I think all these site could be good depending on the area you live in. Realist said my house was 93k-118k and the appraisal came in at 110k. it is the closest I have found for my area. My area varies hugely by street because I live in an area with houses 50 years plus and they are nocking them down for new homes. I am always open for new sites.

Thanks,
Hopper

9

The site all the realtors I know around here use is the MLS site itself. But the ABOR and HAR are both VERY proprietary on their MLS info. That includes the recently sold’s.

10

Me, a Realtor…all I use is MLS. nothing better out there.

Lots of imitations but nothing even close to the real thing.
(Sounds like a Coke Commercial LOL) :stuck_out_tongue:

11

But what about us that aren’t realtors? We can’t use the MLS like you can.We need a good alternative.

12

How about a good loyal realtor who will work with you and for you!

I do. I have 7 different investors I work with in addition to my personal investments. I do all the homework for them. My pay is when they buy, I get commission, when they sell, I get the listing and the commission that comes with that. It’s a win win.

Go find a realtor!

13

I have a realtor friend who will pull comps but I don’t often need her to sell or buy.It is unethical for her to help me on the side? Would she be allowed to since she works for Century21?

Hopper

14

Everything I do for myself and my investor clients goes through my brokerage. Your friend would not be able to represent you as an agent unless any deals you did together ran through her office. She can help you all she wants but when compensation enters the picture it has to be done through her brokerage.

15

I do the same for my friends and although I know of a few of them probably have any intention of using me now, I still pull comps for them if they’re curious about a particular area in the hopes that they will send me some referrals. With that in mind, even if you don’t intend to use her to buy or sell, at least send her a referral once in a while, that’s what friends are for. She can help you by pulling comps as much as she likes without it being unethical. She’s just not getting paid for her efforts and it’s her money that pays for local MLS access. Any buying or selling would have to go through the brokerage though.

Also while I understand that some people won’t have a problem selling a house on their own, if you’re buying and the house is listed with the local MLS, there aren’t that many drawbacks to using a realtor. The main one that people think they have is that they can cut down on the commission. Most people don’t know that the seller signs a contract that says the realtor gets paid if the house sells. As the contract is already signed, they don’t have to do anything with the commission, it’s as stated. Some large firms will rather lose a deal than negotiate their commission on the theory that once you start to offer discounts to people, then everyone else you deal with will also want them.

16

Most of the houses around here are sold as is and under cash or Hard money purchase only and that is why I usually don’t need her. I have sent her some referrals. I will ask her about pulling comps for a kick back.

Thanks,
Hopper