Do You Need An Agent To Provide Area "comps"
In evaluating a property for purchase and resell how do investors determine comparables in a neighborhood? Do you need to use real estate agents or is there a way to conduct that research ourselves.
Also, when evaluating a property for purchase how long does it usually take to competently handle due dilligence, comps, estimating repair costs(if rehabber), etc. prior to making an offer, I am assuming that all of this takes place before you can reasonably make an educated offer to purchase.
I usually start with the 2nd part first.
1) look at sale price
2) Have contractor(my partner) evaluate repair cost
3)Then call appraiser for a free comp search with listed repairs done
4)Make offer
5) every closing is different as far as the time period. I would check with whoever would be closing loan for you. They would know about your area.
6) close
7) ffix up
8) sell
Lori
[addsig]
Thanks, that makes sense. So just to make sure I understand you correctly, I can have an appraiser run my comps for free! Thats great! Are comps only necessary when doing rehabs, because I won't actually be doing the rehab, I'll be assigning the contract to an investor who does, but I just want to assure the numbers make sense for both of us to profit before making an offer. Thanks for replying.
There is a web site that gives comps (although there r bugs), but it's worth a try; I have had good results: www.domania.com. It's free. Also www.realtor.com is the National Association of Realtors official MLS listings for the US. It's also free. Depending on u'r state and county, there r othere MLS's . Go to www.Google.com and research it. Best of luck.
Tinman, an appraiser will do a free comp? How do u get them to do that? I never get anything for free. Educate me, please.... I'm new at this, have little or no contacts. U'r knowledge would be greatly appreciated.
Yahoo's real estate site has a place where you can get the last homes sold in the area you are searching. They also offer comparables.
Go to www.bankofamerica.com and follow the links on thier site for comps.
They are usually pretty uptodate and free.
Jim
You can get anyone to help you as long as you are helping them back. I network with Real Estate Agents, Appraisers, contractors, ect.
Here was my Easter weekend, I recently bought a 5 bedroom house that has been vacant for 4 years and had the following in it.
500lb cast iron bath tub, lead wiring, cast iron kitchen sink. gas lights, ect. (you get the picture) Now my real estate agent is also an investor and wanted his wife to come done to the house and watch some of the repair work. (ON EASTER SUNDAY) Well because we arranged our weekend and children's lives around those two, (networking, wife is a principle for high school) I received a call on Tuesday that someone backed out of a 4 unit and would I be interested.
That is how I deal with the people I am involved with. I help them, they help me.
Trust is hard to gain, but is easy to lose.
Lori
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I personaly use a title companies website, a loan officer friend of mine lets me use his account. But access to the site is one of the best things I have for finding just about anything on homes I am interested in. I can find sale prices on any home sold any where with in the last six months, and I can find specific info on homes like size, owner, etc...
So I might suggest talking to some title companies and see if they have a similar service.
Good Luck,
James