CMAs How Much Is That Foreclosure Worth?
The Short Sale Pro Is an Intellectual with more knowledge and wisdom than North Carolina has mountains. Read his articles and posts. I love them more than a fat kid loves cake. Ask my wife. After I read "Blown Away By Their CMA?" I was walking around the house saying, with emphasis,"Bloooown Awaaaay By Their CMAAAA." It just has a ring to it.
I needed 9 comps for my short sale with Countrywide. 3 Listings, 3 Solds and 3 expired listings. I read "Blown Away By Their CMA?" I decided to do my own comps. The problem was I am not a realtor. You have to be a realtor in wisconsin to use the MLS. It costs a broker $45/month to use the MLS.
I went to a local realtors website and found 3 listings in the same neighborhood as my foreclosure deal. I recorded the info onto my CMA Sheet.
I still needed 3 solds. I called an independant broker that I met once and asked her,"How much would you charge me for 3 sold comps?" She said,"nothing." Out of the spirit of negotiating I asked her if she would throw in 3 expired listings as well and she agreed. She emailed them to me later that day, and I had my 9 comps.
Now, out of the spirit of utilitarianism, I gave her the phone number of a friend who owns a restaurant and is selling his lakefront home. I called him and asked him to list his property with her as a favor to me. He did just that . You think she'll help me again? Maybe she'll even list a deal for me for 3% instead of 6%.
The comps I did myself helped me speed up the short sale process, moreover, it helped me see what the property was worth.
Rob Paddock
[ Edited by robpaddock on Date 02/17/2004 ]
The check is in the mail.
I'm a newbie, sorry. What the heck is CMA?
Comparable Market Analysis
Basically it shows you recent sells of similar pieces of property in the area so you can estimate the Fair Market Value of the property you are looking to work with.
Edit: Typo[ Edited by mwinburn on Date 02/20/2004 ]
You're wise beyond your years because of 2 facts. The first is recognizing the skill and generosity of Short Sale Pro. Secondly, you seem to understand that this is a Quid Pro Quo world . The Realtor did you a small service. She was well rewarded when you got her a listing. She will help you many times now.. If you want to survive with Reators, you have to throw them a bone every once in a while.