comps when there is no comps to compare too
when trying to run comps and there is no apples to apples do i use the redfin or zillow comps to tun my numbers on the property i am intrested in someone guide me to the right answer pls
Are you working with a local agent? Having a buyers agent is a great way to someone advocate and negotiate for you! That agent will have more data and experience from their local MLS to run comps for you. And with the right buyers agent it could be a long lasting and fruitful relationship that can bring you more deals that are pocket listings or off market! Hope this helps!
Is the property "too rural" or in a less dense population area?
This can be a not uncommon problem at times, especially for lenders. And if it is a problem for them, well ...
Bob
Quote from @Shon Hodges:
when trying to run comps and there is no apples to apples do i use the redfin or zillow comps to tun my numbers on the property i am intrested in someone guide me to the right answer pls
You can use online real estate portals such as Zillow, Trulia, Redfin, or Realtor.com. You can work with a local real estate agent that has more comprehensive MLS access, including to recently sold comps. You can search the county's online public records for sale prices and dates. Use the public records in conjunction with the real estate portals.
Absolutely find an experienced agent whose advice you can rely on. I tried the "DIY" approach as a new investor and made some real bonehead mistakes that could have been easily avoided, particularly as it relates to valuations. I eventually became an agent and now help a lot of people avoid those same mistakes.
Now, assuming this is a flip, if you find that agent and they tell you there are no accurate comps, that's a "walk-away" signal for me. Some clients have a knack for bringing me weird properties they want to buy, and I'm not shy about telling them how uncertain the ARV is and that they would be taking a huge risk to move forward with the project. If it's a rental, not as big of a deal as I would base the numbers more on cash flow.