Help On Comps

General Real Estate Investing
1

Hello All,

I am working on a preforeclosure and in need of comp help.

My property
1728 sqft
2sty semi-detached
brick/stucco
no garage, no basement(large crawl space)
.14 acres

A property 2 blocks away just sold for $167k
1328 sqft
1 sty single
brick
no garage, basement probably
.19 acres

What I need to know is how much more is a single home worth than a semi(if any since it is smaller) and how much more is a basement worth. My guess is this house is worth 20K more since it is a single with a basement. Any experience here would be greatly appreciated.

Thanks,
R.E.C.

2

It is virtually impossible to comp against a single property, especially in an apples-to-oranges comparison. The norm is 3 to 6 “like-kind” properties.

That said, in general I would guess that, because your property is 30% larger but detached and hte other may have a basement that there will be about $15-25K difference…I would have a Realtor pull a few real comps, though.

Keith

3

Thanks, Keith
Everyday is a new learning experience!
R.E.C.

4

As Keith suggested, have an appraiser pull a few comps for you so that you are sure of your price. Most appraisal companies will charge a pretty nominal fee for this service. Not only does it save you some guess work, but then you are assured that the house is priced correctly. Request a min. of 3 comps (industry standard)…