Boonies, PA · Member since 2008 · 333 posts · 15 votes
does anyone know of a good site either free or a pay site to find comps around a home your purchaseing? usually comps are made to be like your home not the neighbors house that is 200,000 more than yours would be worth.just thought i would throw that in. i'm going to the auction soon and i want to know what that home sold for in the past or other homes in the area.
Boonies, PA · Member since 2008 · 333 posts · 15 votes
20y
BIGGERPRO thanks but those sites don't cover my area. zip 15714 any other ideas. I'm going to sheriffs sale and there are about 30 homes most won't make it to the sale so i don't want to waste my time on homes that would sell after repairs for only $40,000.
Inspector · Dallas/Fort Worth, TX · Member since 2008 · 82 posts · 38 votes
20y
As a realtor and a licensed home inspector, I get my comps through the MLS system. If you find an agent in your area, they can run comps for you. I run comps for many of my clients here in the Dallas/Fort Worth area. You can also try places like mycastle.com. However, I have heard way too much begative information about false comps from zillow, so be leary.
Boonies, PA · Member since 2008 · 333 posts · 15 votes
20y
CMACONE thanks the yahoo site will do just fine. its not exactly what i'm looking for i think the best way would be to use the INSPECTORs way and contact my realitor. I just don't like bothering him because about 90% of my offer from him get rejected and to ask for comps on a fsbo i don't think that would be good for our relationship. i'm located in the pa boones and most data bases are not here plus the homes can range from $15,000 to $400,000 I don't realy want to spend all day at the court house finding this information. thanks everyone.
Lee is right. the best comps come from a local realtor. Maybe he can give you some ideas to help keep the realtor happy.
But I see your point also. Do you throw some work to your realtor? Does he have some type of incentive to continue to give you good comps? How is your relationship with him?
Since I also live in Dallas, I do not have much trouble finding realtors. One that understands what an investor needs can be a challenge.
Inspector · Dallas/Fort Worth, TX · Member since 2008 · 82 posts · 38 votes
20y
I work primarily with investors, but I know a ton of agents that say that. many agents will say that they are good at anything if it could mean them getting business. I work with a property management company that manages about 250 properties. I prefer to represent buyers as far as the real estate side goes. I find that it works better for the investor with my inspection background. When looking at a prospective property for a buyer, I not only look at it as an investment, but also with an inspector's eye. Though I can't be the inspector and the agent for the same property, I feel that since my duty is to serve my client's best interest, I am going to look at the property through an inspector's eyes to see if there are some things there that will cause rahab costs to be higher than expected. The again, some investors that I know just utilize my services as an inspecto because they know that I give discounts for investors on my inspections.
From the seller's side, I have a couple of investors that have me list their properties for them on a flat fee listing. I will go out to the property, take pictures and measurements, list it on the MLS, put my sign out front, and put the investor's contact information in the MLS listing. If prospective buyers call me about the property, I answer any questions that I can but ultimately refer them directly to the owner for the negotiations. This works out for the seller because they don't have to pay the full 6% for the listing. They may still pay 3% if the buyer has an agent, but it still saves them the 3% on the front side. My flat fee listings run $300. From my side, the investor is doing the majority of the work including showings, negotiations, and the paperwork of it all, so there's no reason for my commission to be higher in that respect.
It's all about finding a realtor that is looking for the win-win for everyone involved. Especially in dealing with investors, if you treat them right and do your best for them, then they will give you their business in the future along with referrals to other investors. Agents that "have" to have their 6% and aren't willing to compromise won't last with investors very long at all.
Hope this helps.
Boonies, PA · Member since 2008 · 333 posts · 15 votes
20y
every thing helps. I"m new to investing and i have purchased both my rentals with the same realtor. somtimes i wonder if he really understands what i'm looking for. Right now i'm looking for a house that i can repair and flip so i can buy another rental for bigger cash flow. he told me that if a property like that comes up then another realtor would buy it first including himself. i want to find a realtor that is looking for the win win with investors. meaning if i did buy the property from him he gets a % then i rehab it and relist it with him. i've talked to alot of realtors and they don't seem to want to get involved. when i ask if they could give a verbal offer that is very low on a home they tell me they need 500 down and a contract written. i would love to find a realtor that is not affraid to make a verbel offer of $27,500 on a property that is listed for $39,900. i could make about 10 offers a day but only get 1 a month accepted so i could see why they won't do that. some realtors tell me they work with investor i wonder what type of investors they work with.
Lee may have a better answer than myself. But, since your area is a small town, maybe try to contact realtors in a larger city that will work with you and the way you invest.
I cannot throw a rock here in Dallas without hitting a realtor. They fight for your business here because there is so much competition.
Residential Lender · GA · Member since 2008 · 92 posts · 3 votes
20y
Generally speaking your local MLS is usually one of the best places to pull comps. However if you don't what to run to a Realtor everytime you need comps, then I recommend a combination of the local county tax records and a service like RealQuest.com (paid service, however covers most of the country and is very accurate, in my experience.) Generally I say be leary of the free sites (Zillow and Homeradar, to name a few) as a lot of these are giving inaccurate comp information or are using AVM's, which are usually sketchy at best.
Of course, once you have reliable comp information, you need to know how to read it and put it into prospective. For this I recommend going down to your local real estate school and take a basic course in the Sales Comparision Appraisal Method. I believe this is a must for any real estate investor. Also check the General forum here. I'll post an article I wrote a few months ago on this subject. Look for post entitled "Understanding Sales Comparasion".