Comps
I am wondering what the best way to get comps on properties are. When you get a property appraised is the appraisal pretty close to FMV? I'm having problems finding the comps. Do I need to hire someone? A realtor?
Thanks!
Go to www.homeradar.com.
I would not hire an appraiser until the house is in escrow, depending on where you are getting your money from.
I'm planning on doing a L/O. This will be my first deal so any advice would be great!
Thanks!
You can use a realtor to provide a comp as if you were going to list the property.
If you are trying to acquire the property on an L/O you can still ask for a comp. If the numbers are really good you could selling rather than leasing.
John
Who do I request the comp from? The current owner or am I responsible for this?
Thanks
Some title companies have web sites on which you can look up comps, property profiles, et. cetra. Also, your county recorder office may have a web site that does the same thing. It's all public info. I'm in the Los Angeles area and there are a lot of web sites offering this info without charge. If you know a Realtor, ask them, they will know where to look. If, you still come up empty, call a couple of the larger title companies and ask if they have a web site for online info. Good luck.
The real value of anything is the price it "sells" for not the price it is listed at.
YOu should be doing your comps on homes that have sold in the area that are similar in size, lot size, etc. This comed from MLS listings or private data companies that use the MLS. I did comps this week on a neighborhood where there is no MLS. I went to the courthouse and found out what the last several houses sold for and when.
Good Luck!
Hey stockpro, what are these "private" sources you speak of? And where might I find them?
Thanks
If you are working with a realtor have them pull up the comps. You may be able to get this information from the local realtors association web site or the county tax assessors web site if the records are online. Title companies may be able to give you this information.
I have looked on the county's website and unfortunately all they list is the TAX value. I will try to go to the records office but I'm not really sure who to ask and how to explain what I'm looking for. I'm guessing that the people there will know more than me! Thanks for all your replies! Keep 'em coming!
I usually call my appraiser and ask him to do a comp search on the property.
The appraised value is the fair market value of the house.
Lori
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real estate investor since 1988. I like to find creative solutions for my real estate headaches before they become problems. Most importantly, MOVEMENT DOES NOT EQUAL PRODUCTIVITY[ Edited by tinman1755 on Date 03/10/2004 ]
I have a Broker who is willing to work with me locally. It helps to get these folks working with you so you can call on them when you need help.
Good luck
Just have a Realtor do it for free for you, it will be free and you wouldn't have to do any work and if they don't want to. There are soooo many Realtors out there.
Lance
It is usually possible to get comps from the county assessor's office. Appraisers go to school some to learn what to do with comps once they have them. In Colorado it will probably cost you about 6 weeks of night classes and about a thousand dollars.
Search the web for a real estate school near you.
Jonna
I have a contact there in your area that does comps for a small fee. If you want private message me I'd be happy to get you her email.
You should take some time and find yourself a realtor and an appraiser you can work with these guys/gals will be happy to get you comps.
These realationships can take a while to build or you can get fortunate on occasion and hit it off right away. Dallas realtors are not very investor friendly and "grr" some are downright obnoxious and insulting when they find out what you do. But there are a few out there.
I stick would with the smaller R/E agencys they seem to have friendlier and more flexible people.
Some tax values in our state are pretty close and my appraisers have just told me that the state due to continuous complaints have several counties being audited this sease due to the over estimating of taxes and gouging of homeowners. Mostly the counties surround the bigger metro areas.
You will probably not find good info via the net on house comps as TX is a non-disclosure state and there are advantages as well as disadvantages to this as an investor.
If you work the Dallas county area you can get a CD from the county clerks office for a pricey fee but it will give you sales on homes, probate info, foreclosure les pendis notices ect...... and is worth the price if you seriously work the info. I can't recommend or not recommend it but it is an option.
I hope I have provided you with some info that will assist you in your ventures.
Good Investing to you.
Dreamin
knowx "dot" com has realestate property listings for texas. (and 45 other states) Don't have deed info, but do have appraisals. Not sure if it includes sales price.
there might be other sites that have this info. just google it.
( I didn't type the web site address, since as a new user, I don't have permission to. just convert the "dot" to a "."
btw, I am not a shill for knowx. Just found it a couple minutes ago...
I have a question,
If I go to realtor site, like remaxx, prudential gardner and others alike, I see there are several properties that are for sale that have informations, address, sq footage, bedrooms, bathrooms and also including the price. Could I use that as a comps or that would be a mistake?
could someone explain.
thanks
Those are wishes!! Comps are Sales comparables which is from the actual close of sales. I keep track of sales comps by the $/sq ft. vs $/sq ft. for properties for sale. This is very general, but if property for sale shows a big variance it is definitely hightlighted. You still have to do your due deligence, but it is a start.
Taiyo,
where did you get yours?