Home › Forums › General › EHTrust/EHT Topics and Creative Real Estate Financing › Finding Comp Values–Free or Pay Services
February 28, 2008 at 10:22 pm #4520
Does anyone have a service that they recommend for getting comp values? I realize that in theory we can get the info from NARS, but so far, on 8 out of 8 properties that I have asked for comps I have gotten the response “sorry, but there is no information available for that address”.
I have also tried several of the online sites: Zillow, eppraisal, cyberhomes, realtytrac, realtor.com, REabc–but these sites tend to vary drastically and 75% of the time they have no info at all.
Is there any place to get quick, consistent comps?–without spending an arm and a leg?February 28, 2008 at 11:02 pm #24759
title companyFebruary 29, 2008 at 12:15 pm #24760
justin d. tuffnellMember
You may also use Real Quest which is a branch of First American Title Company. Cyberhomes.com. and Zillow. I wouldn’t trust Zillow if your in California. When I was living in CA. I used a title company called Investors Title Co. http://www.investorstitle.com/. They gave me a free account and I was able to look up preliminary CMA reports. Give them a call. It isn’t the best service but its free.February 29, 2008 at 1:40 pm #24761
mtnwizard49MemberFebruary 29, 2008 at 2:49 pm #24762
If you really want to do some business then ask your local favorite or soon to be favorite Realtor to run comps or a good CMA (Comparitive Market Analisys) for you. If you establish a good relationship with a Realtor and they can see where they may benefit from your relationship, they will do them for free.
I have paid as high as $100 for what really amounts to the same comps that would be used for a good apraisal. However, most of time Realtors will charge you very little, if anything at all.
I can’t emphisize the importance of developing good relationships with Realtors and Lenders. One of our local members just made an offer to a Realtor and tried to “Explain” too much instead of letting the offer do the talking. The Realtor immediately told her that she was breaking the law and practicing RE without a license and was going to “turn her in”. They even had the nutz to tell her that Trusts are illegal.
Just goes to show you how important following the NARS System is. Even if “they” don’t get it and want to keep a thick skull about it, YOU are still right and “they” can’t change that.February 29, 2008 at 7:12 pm #24763
I use Dataquick. You can get all the comps availabe for a specific property and you set your own parameters such as distance from the subject, size of houses to include, etc. You can also get a propety profile, ownership history and other info. I pay $99/mo for up to 250 searches. they have smaller and larger plans as well. They also have all kinds of other information available such as lists of owner carry back notes, etc., etc.
Larry GoudieMarch 6, 2008 at 12:13 am #24764
does anyone use RealQuest.com? and if so, how reliable are the results?March 6, 2008 at 1:20 am #24765
I use RealQuest on every deal. Their info is right out of the county records plus. The transaction report is very valuable because it shows the last recorded sale price and the date. That is, to me, the best comp. The price the house sold for is the true value at the time of sale. I just take the sale date and bring it current (example: if the house sold for $300k on 2/20/06 then the sale price on 2/20/06 was the value at that time) now the house is for sale today. What is the value? Well, if it was worth $300k on 2/20/06 and appreciation over those 2 years was 8% for that zip code, then the house should be worth $355,378 today. $300k (pv) for 24 months (n) at 8% (i) = $355,378 (fv). To me that’s about the best comp I can get. I also have a RE broker who will do them for me for free, but it takes him about an hour to do a real good comp so I pay him $50 if I get the deal. I don’t like to take advantage of our friendship and I want him to feel good about doing them for me.
In SLC our local paper publishes the appreciation rates quarterly by zip codes and it’s on their web site and goes back for 5 years so it’s not too hard to figure the appreciation average.
RealQuest is expensive so if you don’t have a connection you probably need to look elsewhere for sales info. It’s on the county record so with a little effort you can get the info fairly easy. I used to go to our county recorders office before I got connected to RealQuest. They also have a web site and it costs about $50 to use it.
I also used Bank America and found them to be fairly reliable. I found most of my address and the comps were a little high, but reliable.
DavidBMarch 6, 2008 at 2:44 am #24766
thanks david, that really helps–and realquest is not all that expensive–altho you do have to front load your account for $300, then it is a pay by report system at about $2-4 per report (deducted from your $300 start up–and then billed monthly once that runs out)March 6, 2008 at 1:13 pm #24767
That’s why I like Yahoo. It’s free, and it does list the sale date and amount.March 6, 2008 at 8:10 pm #24768
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