How to look up comparable properties that have sold?

Question

Michael Seeker · Answer

If a realtor is presenting property to you, then they ought to be able to send you a list of sold comps.  Researching those "comps" in more detail is a great way to learn the market and get a better understanding of why houses sell what they sell for.  Keep in mind, some agents may cherry-pick comps to make a property look rosier than it actually is, so you want to do your due diligence and make sure the comps you're provided are actually comparable and make any adjustments as needed (similar to an appraisal).

If you can't get comps from the realtor, move on to another realtor.

John Moore · Answer

I Google, check zillow and trulia for recently sold properties.  I also ask my realtor go give me comps as well and between all of this I get a good handle on what has happened.  Then all you have to do is pray that the appraiser agrees with you and uses the same comps when you go to sell it or apply for a mortgage.

Paul Timmins · Answer

@Bonnie Sierra

Congrats for stepping forward. Time to build the legacy.

Get independent verification for anything stated by the owner or broker.

You might consider getting an agent on your team as an advisory resource.

You might consider Niche or Specialized Housing like student housing or vacation rentals. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Paul

Franklin Romine · Answer

fidelitypassport.com

Steve Babiak · Answer

Try further reading:

http://www.biggerpockets.com/forums/48/topics/77999-finding-comps---faq

Tyrus Shivers · Answer

@Bonnie Sierra

You have received good advice from the top. I would suggest stick with realtors as the information from MLS is the most accurate. Also, if the comps are for ARV of a distressed property make sure the comps are those of rehabbed properties. You should make sure that square footage, layout, lot size, age, beds/baths are close as possible to your subject house.

I had the experience of learning that all comps are not good comps for a specific property even when an agent pulls them.

How to look up comparable properties that have sold?

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