Any ideas on how to get a long distance realtor to give me solid comps or at least ideas of housing values in an area even though I haven’t worked with them at all? Any feedback is much appreciated
Thanks!
Darius Studdard (no relation to Ruben) 
if you want to have a realtor drive by the comps… just offer to pay them some $.
thanks for the site Arie…I’m guessing you’ve found it to be pretty accurate?
Thanks!
Darius Studdard (no relation to Ruben)
Hey,
If you have been reading the threads here and relevant magazines elsewhere, zillow has been noted to be spotty as far as accuracy. If you don’t know the area money spent on a realtor’s comps might be money well spent.
Peace,
Richard
My bad,
Newbie here just trying to help. I think I’ll just keep reading and keep my replies to a minimum.
My wife is a real estate agent. She provides free comps for investors. In return they allow her to represent them as their buyers agent if they purchase something that is listed on the MLS.
Excellent…I guess there are agents like that all over. Where are you guys located wellallen?
We live in Maryville, Tn. It is about ten miles south of Knoxville.
I would get in good with an appraiser and a Realtor get them both to pull comps… If you are doing business with them there should be no charge. There are web sites you can go to as well I always trust the county web site it will show you sold comps first hand and sold comps are the only ones that count anyway… Hope that helped! Robb
Another corner of the world heard from! How are ya, Robb?
Keith
Down to 14 rentals… Paid my house off and live in the most awesome little mountain town in Colorado… Go fishing everyday and watch the Elk come down in the mountain almost every morning while drinking my Coffee and spending time with the family!!
I AM GREAT AND YOU???
Not bad…plugging along…-- you know the drill – LOL!
Keith
Hey,
Geez, and just when I thought I had it bad. There but for the grace of God go I. Way to go.
Peace,
Richard
“If you have been reading the threads here and relevant magazines elsewhere, zillow has been noted to be spotty as far as accuracy.”
We’ve checked two of our homes on Zillow recently. One was overpriced by some $30,000, and missed a full bath, off by nearly 300 SF GLA, and couldn’t possibly tell we’ve some functional obsolescence. The other was underpriced by some $40,000.
Zillow, and some of the other sites mentioned are nothing more than Automated Value Models (AVM’s). Here’s what Fitch Ratings (one of the major risk assement firms for the global bond market thinks of AVM’s):
Fitch is imposing a devaluation, of the homes backing mortgages in bond pools if they’ve been performed by “AVM’s,” Broker Price Opinions (BPO’s), desk reviews, tax assessments or drive-bys.
AVM’s are proving to be highly inaccurate–returning valuations which have proved to be 15-30% inaccurate even in so called “cookie cutter” neighborhoods. Therefore…I’ve grown to like them. At first I found them annoying in my professional life when some eggspurt suddenly thought they knew more about property valuation than I did. Often times these AVM’s price homes too high, but every once in awhile…they underprice a home (thus the silver lining for a would-be investor). A novice abruptly thinks they know more about the market than a valuation expert…they just might NOT find out otherwise. 
“…sold comps are the only ones that count anyway…”
WRONG-A-MUNDO!
Valueing a subject property by strictly considering “sold comps” is like driving down the Freeway while looking in the review mirror.
Of equal importance (sometimes more important in a hot market) are Active Listings, Sold Subject To Inspection, Pending Sales, and even Expired Listings.
You’ve got to know what your competition is listed at to price a home competitively! In a hot market w/out a lot of true comparables…you could be leaving ten’s of thousands of $'s on the table (I’ve seen it happen many times).
Our website offers people the ability to search active listings in 9 west coast states, Hawaii & British Columbia.
-Infowell
“…sold comps are the only ones that count anyway…”
WRONG-A-MUNDO!
YEAH they really are!!
There are houses all over that are over priced. When your appraiser goes out and gets comps for the bank THEY ARE ALL SOLD COMPS… Active listings are O.K. but if a house is on the market for 400k and it is only worth 250k it will never sell… Then again you could get a Realtor to tell you it will then drop the price every 30 days. But hey if I was making 3% to tell someone that then I would say look at the active listings!!
The only thing I look at is SOLD COMPS… Active are great for a rookie Realtor to show his client to help him get the sell…
Expired listings I guess would be great to show everyone as well (NOT)!!
HEY EVERYONE LOOK WHAT THIS HOUSE DID NOT SELL FOR!! I BET YOURS WOULD NOT SELL FOR THAT EITHER BUT HEY I WOULD BUY IT!!! NOT NOT NOT
Sold pending inspection!! Which also means it is pending an appraiser getting out there to get the bank SOLD COMPS!!!
P.S. THE BUYER PAYS THE REALTOR!!!
P.S. THE BUYER PAYS THE REALTOR!!!
Why you %$!@…I outta *&^!$…you ricka…facta…manibly monga!!!
Comparable sales are historical data
Active Listings, Subject To Inspection, and Pending Sales are a good indicator of what’s currently transpiring in the marketplace. Current…up to date…data.
Expired listings represent the upper limit of the marketplace.
But what do I know? 15 years experience…Some 4500 valuations…dual licenses…highest ranking in my states 4 largest counties for accuracy based on the marketplace…everything from Beaver Ponds & Manufactured Homes to Multi-Million Dollar Waterfront Properties.
By-the-way…how’s the Hot Dog Stand & surgery to become a Firetruck going??? ???
-Infowell
Why you %$!@…I outta *&^!$…you ricka…facta…manibly monga!!!
Nice to see we feel the same way about something! LOL
Here is the real deal. Infowell has truth to what he is saying if you are wondering if something is a deal get all the comps you can… On the other hand if you know something is a deal GET SOLD COMPS!!
There is no reason to look at things that might be deals when chances are there is a real deal right around the corner from that house!!
CASE AND POINT… I just bought my new house for 50% L.T.V. (loan to value) the sold comps are right at $175.00 P.S.F. (per square foot) I bought mine from a motivated seller for $87.43…
Does anyone here think for one minute I lookes at what was on the market… NO
Do you think I had my realtors pull comps?? NO
Does anyone think I payed a Realtor 3% to do basic paperwork? NO
IF YOU ARE LOOKING AT BORDER LINE DEALS LOOK AT BORDER LINE COMPS!!!
If you are buying at 70-80% Save your Realtor and Appriaser some time and look at SOLD COMPS!!
If there are no Sold comps for that area. DIG DEEPER!
By-the-way…how’s the Hot Dog Stand & surgery to become a Firetruck going???
Hot dogs are going great I have two carts in front of outdoors stores that net $1,500 per weekend after paying people to run them!!
as for the Firetruck SLOW!!! but you said it yourself Reality is for those with no imagination!!!
And if someone wants to be a Firetruck bad enough they can find a way (maybe)!!
look at it like this there are people that are Realtors with only basic knowledge of Real estate!!!
“And if someone wants to be a Firetruck bad enough they can find a way (maybe)!!!”
You’d have to drink a lot of beer!!! 
“look at it like this there are people that are Realtors with only basic knowledge of Real estate!!!”
And there are people who’re Realtors whose knowledge is extensive enough to have made them independently wealthy (pretty much describes the crowd I run with…some are millionaires). (NOTE: Being a Realtor simply means an Agent belongs to an Association…not all Agents are Realtors–though some [uninformed individuals] tend use the term to describe all Agents).
It breaks down to this; there are enumerous methods with which to invest. Some embark on a quest for “motivated” seller’s willing to give their property away for pennies on the dollar.
I–on the other hand–am in the business…have been in the business for years…and will continue in this business for decades to come. I quite simply don’t have the time (or the inclination) to look strictly for distressed properties (which are relatively few in number), and I don’t desire to rehab (to me it’s too much work). My method is to identify emerging markets, and buy underpriced properties in average-above average condition in the path of short term future growth. I have access to the kind of data not available to the general public, and I possess an uncommon knowledge & understanding of the marketplace–that’s what gives me my competitive edge.
My method’s not for everybody, but it sure works for us. I’d rather do relatively little work & ride the equity elevator. I’d rather use OP’s money & let other’s do the work for me. It works! I make more money annually–investing in real estate–than most average household incomes (they work full time for that…I don’t).
However, if you can’t get past who pays the Agents commission…you’re probably better off buying hot dog stands.
-Infowell