Corelogic Comps Program good or bad?

Question

I was thinking of signing up for corelogics subscription. I spoke to a rep yesterday. He explained that I can do comps anywhere in the country. How acurate is it? I sometimes get leads for deals in other states. what do you BP think?

Daniel Fisher · Answer

The properties used in the comps are generally off court records, so there is a time lapse on available sold properties. And you aren't able to see seller concessions that you would have access to on the MLS. And you can't see what shape the properties were in.
But, they do have great filtering tools.
I'd prefer the MLS and recommend that you try to find a way to get access to it. I'm sure you could find someone that would let you use their access for less than the cost of Core-Logic.
However, if you intend to buy mailing lists, then IMO Core-Logic is a better deal, since they are included in their package deal.
Daniel

Andy Chu · Answer

Core-Logic has an AVM (automated Valuation Model) which is not all that great. Its equivalent to Zillow or Eppraisial. However, if you are looking at their BPO services, those are extremely accurate and extremely annoying for a broker to do. I stopped accepting assignments for BPOs from Core-Logic but I would not mind utilitizing their BPO services.

Mike Denham · Answer

I'm no longer an iPhone guy but when I had mine I had a CoreLogic app that did AVMs. In our market (Baton Rouge) it was scary how accurate they were. In every market data is different, as is what access they have to that data. Like in any case though, I can imagine that in situations with little or no sales, when a traditional appraisal is difficult, that any AVM software would have issues.

Jeff S. · Answer

Had a corelogic appraisal done by Onpoint Credit Union when I was applying for a credit line. They used the values off a 1200 sf building on my 2000 sf and didn't adjust for size. Needless to say it was low.

It is what it is. Take with a grain of salt. Actual human inspections will produce more accuracy.