Should I cold call all motivated sellers? or.........

Question

Should I cherry pick only the ones that have good enough information about the home to make a deal such as having good comps? I have a ton of motivated sellers but some of them don't have enough comps for their homes. Should I stay away from these types of properties?

Dan Barli · Answer

They should be as close as possible to the subject property, but one mile is probably tough to get accurate comps. Have the realtor expand the search a little to get you what you need @Tony Marcelle

Tony Marcelle · Answer

@Dan Barli You say they don't HAVE to be within 1 mile. Shouldn't that matter to me if that is what matters to the end buyer I am selling the house to? I want to get the comps right if that is what matters to my cash buyer. It needs to matter if my cash buyer is going to buy a house based on comps within 1 mile and sold in the last six months.

Dan Barli · Answer

@Tony Marcelle they don't HAVE to be within 1 mile. As @Jordan Decuir said it's about choosing properties that are really comparable to the one you are looking at. Of course, the closer it physically is the better. And the sooner it has sold to the present, the more accurate it will be. An experienced realtor will be able to provide better answers and comp the property for you.

Tony Marcelle · Answer

Jordan Decuir I have always heard homes have to be close in proximity to the subject home. The listed comps I see are more than 1 mile and last sold longer than 3 months. What if the square feet from the sold listed comps are more or less than the subject property? I am looking at MLS comps and trying to get a match as close as possible which is hard to do.

Tony Marcelle · Answer

Dan Barli @Jordan Decuir @Nathan G. Does the listed comps still have to be within 1 mile of the nonlisted property and sold within 6 months? I can get sold comps in a specific zip code, but they won't be close to the unlisted home.

Nathan Gesner · Answer

A good REALTOR can get comps that are fairly accurate even if the home is not listed. You can make an offer based on the comp and then you can always adjust it up or down once you actually inspect the house.

Dan Barli · Answer

Of course they can @Tony Marcelle. That's how they start their CMA process with a potential seller. The target house is unlisted, but they get comps to run their analysis so they can price it accordingly. I would suggest you contact some other realtors to find the ones that can help you.

Tony Marcelle · Answer

@Dan Barli I have not spoken to realtors. Can realtors get comps on houses that are not listed? I once had a realtor tell me they could not get comps on nonlisted homes.