I can help you with this... Ive been in the same situation with properties in the past... tell me a little more about the property itself... Is it raw land? Does it have a structure? Are you the buyer or seller etc.... There is a formula for this....
Depends on the company that ordered the bpo. Most that I deal with want comps within 1 mile in urban. 5 miles for rural. I frequently have to go further for rural areas because rural houses have more individuality than cookie cutter houses on suburban lots.
Distance is usually the first thing to be extended if there are no similar size, age, condition and sold within however many days back the order is for - most are 180 days. But lately we are seeing more and more 90 day requests. And some are asking us to put more empahsis on the currently active units as they will be competing with them.
They would rather see you expand the distance than the date because of the dynamics of the current market.
General advice would be to build a business plan. Have it reviewed by potential business partners including an attorney, a CPA, a title company, a real estatebroker, and a financier.
Foreclosed properties are marketed through real estate agents. the purchase agreement you use will be a standard contract form approved by your local board or realtors.
In addition, the bank will have its own addenda forms that must be included in your offer. The real estate agent that is listing the property will have all the forms you need.
I can help you with this... Ive been in the same situation with properties in the past... tell me a little more about the property itself... Is it raw land? Does it have a structure? Are you the buyer or seller etc.... There is a formula for this....
Depends on the company that ordered the bpo. Most that I deal with want comps within 1 mile in urban. 5 miles for rural. I frequently have to go further for rural areas because rural houses have more individuality than cookie cutter houses on suburban lots.
Distance is usually the first thing to be extended if there are no similar size, age, condition and sold within however many days back the order is for - most are 180 days. But lately we are seeing more and more 90 day requests. And some are asking us to put more empahsis on the currently active units as they will be competing with them.
They would rather see you expand the distance than the date because of the dynamics of the current market.
Jim
Why not post a specific question?
General advice would be to build a business plan. Have it reviewed by potential business partners including an attorney, a CPA, a title company, a real estate broker, and a financier.
Foreclosed properties are marketed through real estate agents. the purchase agreement you use will be a standard contract form approved by your local board or realtors.
In addition, the bank will have its own addenda forms that must be included in your offer. The real estate agent that is listing the property will have all the forms you need.