Someone just recommended this to me. Is it true?
A title company can do the closing in some states, but I dont know about comps. The MLS in my state can only be accessed by a licensed realtor.
When I was looking for title co’s, all the co’s I contacted for comps/preforeclosure leads (in TX) said I need to contact a realtor and they don’t provide. Your state might be different, because in TX they don’t allow title co’s to provide certain information.
I talked to My Co. Owner she said that some of the really big title companies do. But her’s didn’t.
Apparently the way it is possible for Title Companies to have MLS access is some title companies are affiliates of their local Board Of Realtors.
They arent MLS comps they are public record comps… Actually much better…
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Comps are the particulars of other comparable properties within an acceptable radius. The purpose of this is to show what other like properties are listed for and have sold for. This indicates what the value of the subject property is in comparison to the other active properties in the area. By analyzing this information it can be determined what the FMV of the property might be. Although these are the foundation number so to speak, there are other number that will affect the FMV of the property, such as rehab expenses and back taxes.
The most common place to obtain these numbers is from Realtors because they have access to all of the sold and listed properties via the MLS. Title companies may get access to the sold properties, but without MLS access they can not provide proper listing comps.
If all else fails and you need comps, spend the $75 to $125 Realtors charge for BPO’s. It can be worth it.
GooD LucK! :beer