Mls Access
As I read posts, several users have mentioned that you need to get access to the MLS network. Right now I have access to a couple web sites of title companies. As I understand, those can give accurate comparable sales information.
My question is this… Why do I need access to the MLS?
The MLS often provides more detail to a property like comments/remarks by the Realtor (condition, features, motivation, etc) than you can get by looking at data in the public records. MLS also offers a history of the property like how many days it took to sell, type of sale, how many times the prop was on the market, withdrawn from market, different listing prices - The MLS is a valuable tool - maybe what you need is a Realtor rather than just access to the MLS. If you select a Realtor that is not encumbered by franchise rules (i.e. select an independent), then most likely that Realtor is able to adjust services & fees to fit YOUR needs.
I appreciate that toobizee, thank you.
I wanted to know why before I could ask a Realtor. Now I know.
In a fast appreciating market, you need listings and pendings, not just solds.
Brenda good advice....
I would caution everyone to not base their purchase price solely on pended pricing and definitely don’t base it ONLY on for sale listings....
In a highly appreciable market you must not base your purchase price on an anticipated value....
Another word of warning.... When looking at pended pricing for comps which are over 20 days old call the agents who have them listed and ask them if their appraisal is coming in at the offer price?
The key here is that the listing agent can not disclose to you the accepted contract price just in case the sale falls out of escrow and the owner has to offer it for sale again.. Disclosing the accepted price prior to close could harm the seller.
The Listing agent may not like talking to you so you may want to trick them into believing that you want to use them in the sale of a home in the same area...
My rule of thumb when you run comps is to only use a house that is within 5 years of age 1/2 mile radius and with in 200 square feet larger or smaller... As well as like beds and baths...
Good Luck
[addsig]
Jim......I can guess......
I forget I am a Realtor at times....
Although there has been lengthy discussions regarding the use of an Agent....
I will say that if you are uncertain as to what price a property will bring in a market, especially one that is appreciating rapidly, you may want to consider the use of a VERY good real estate agent....
Okay I said it….. can I go out and play now?
[addsig]
This is why I like this site. You all are very helpful. Thank You. Who needs an REI boot camp….
Nik
Brenda , Michael, and Jim…
In addition to Listed, Pending, and Sold, do you also look at Expired listings? If so, how do you treat them in your analysis?
I know I’m a bit paranoid when it comes to comps, and sometimes buy in markets that aren’t moving as fast as here. But when I see Expired listings, I’m always trying to compare them to the others to see if I can figure out why they didn’t sell.
Just curious how everyone else treats them.
Thanks!
I dont use expired to run comps at all....
As an agent comps are good for dissuading sellers to offer their houses at a price point but that is all....
Expired listings in a hot market are a sign of one of two things in my limited opinion...
1) a weak agent
2) a stupid seller
[addsig]
Thanks Michael,
I appreciate your insight.
As I mentioned, I’m always a bit paranoid and overly cautious. But I don’t have near the expertise that a lot of you do.
jimandlacy
There is no cloumn in the MLS STATISTICS REALTORS USE for fired sellers. Just might be why it is actually an expired listing. The term of listing was cut short, hence EXPIRED. Just my opinion , as you know a REALTOR.
Jim Your MLS system doesnt indicate that the listing was either withdrawn or cancelled?
[addsig]
Getit..,
I was WRONG! Don’t ya hate when that happens.
It seems our new internet mls data supplier (GE Supra) does do it right. I just hadn’t rechecked since it started a year ago. It’s our fourth one in eight years. My Bad.
Mike, we use withdrawn for short times off the market (holidays, repairs, illness, etc.).
Thanks for taking an interest guys.
Jim
Ibuyhousesinc.....
Do you ever deal with the Fresno market?
About 5 yrs. ago there was a 21unit apt. building in downtown Fresno selling for 99K.
It was a fsbo that I had found in the LA times.
It had previously appraised at 350K but had suffered some fire damage.
I found a lender who would have lended me the cost to buy and fix, but I chickened out.
Always wondered what that might be worth today...
Bump.
My favorite is the San Diego Creative Investors Association (SDCIA). I believe their website ends in .com
Thanks for the heads up
Try the Real Estate Investors Club Of Los Angeles.
http://www.goclubexe.com/clubportal/mboards/index.cfm?clubID=185&pubmenuoptID=1835
I hope this helps.
Darryle-Ca
I am also looking for a group that I can get in touch with.
I live in Chino, San Bernardino co.