Finding comps when you DONT have access to MLS? Is it possible?

Question

Hello BP Network!

I'm sure others have had this issue. I am having a hard time finding comps for a property I'd like to make an offer on. I don't have access to MLS and I am not using a realtor. I don't want to low ball this seller but I refuse to pay more than what the comps are showing at the moment. Has anyone had this issue and how did you solve it?

Michael G. · Answer

I use Zillow. I get a ballpark idea when I look at the Nearby Similar Sales section. I sort by distance and also by date so I can get ballpark snapshots of the area sales but its best to use a realtor.

Steve R. · Answer

Take a trip to your local town assessors office, they usually have records of all recent transactions available for free or at a minimal cost. Just takes some time to sort through all the data but it can be a good cheap source of information. I also like to chat them up to get another view on the local market activity from someone who isn't trying to sell me anything.

Sergio B. · Answer

Pay to run the comps? Yeah right....and be out of money really fast with the amount of comps you have to run to get a good deal.

Account Closed · Answer

Pay a realtor to run the comps.

Joe Gore

Kerry Baird · Answer

I was working with pre-foreclosures and not using the MLS, so didn't have a Realtor. I obtained access to my county recorder's site and looked up solds in my "farm" area.  This would include FSBO properties that sold without Realtors.  I could also take a look at liens (mechanic's liens, tax liens, second or third mortgages) so that I could determine how encumbered the property I wanted to buy was.

Zillow also shows the last price/date of a purchase, but I could download an entire ZIP code in Excel and use the data.

My strategy was to get houses before they went to auction, which was a three month process where I lived.  So I created marketing mailings from the recorder data when NODs (notice of defaults) were filed, because those showed up at the recorder's site, as well.

Sergio B. · Answer

I am looking for my second deal now, and have developed a relationship with a local Realtor since my first deal that we closed together.

She setup a search with my criteria, that's the only extend i use the MSL for.

I will only contact her to present the offers, if the listing agent does not want to work directly with me .

I see the properties on my own, from the listings from redfin, hubzu , auction.com. or I call the listing agent directly.

After this deal goes trough , I'll ask her about getting and Unlicensed Assistant password, I hinted to her before but I'll push harder this time!

J Scott · Answer

You'll want to either get MLS access or find a great real estate agent to help you.  Unfortunately, there are no good substitutes that don't involve digging through public records.

Travis Daggett · Answer

@Brian Watkins -

@Sergio B. is correct about Redfin-best site w/out MLS access.

However, for the best data, you'll need MLS access. Find a good agent, then ask for access. You can be an Unlicensed Assistant if necessary.

Hope that helps!

Sergio B. · Answer

Create an account on REDFIN, you can create comps there very close to the real thing!

Finding comps when you DONT have access to MLS? Is it possible?

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