Posted by osirus on March 06, 2000 at 22:05:58:
“That means, you do NOT consider the Foreclosure, Bank Owner, REO, or other types of handyman homes in your FMV; you consider, if possible, only homes in the same subdivision (where I live, 5 blocks could be the difference between $300K homes and a trailer park); and you consider size and number of rooms/bathrooms.”
I normally use free online sources for comps. These services give the date of sale, address of property, and price. It does not give type of seller, number of bedrooms, bathrooms, and square footage. I look up bedrooms, bathrooms and square footage separately for each property and “‘weed out’ any ‘weird’ comps”, as you put it, as I go along. Until now I have been confident in using this method. However, I usually have know way of knowing if the seller for a comp was a foreclosure, bank owner, REO or handyman unless I take a time consuming trip to the courthouse to look up the last owner. The only clues are usually a low selling price.
My target house is a 5 bedroom/ 3 bath. It is unlikley that I will find a home in this neighborhood with the same number bedrooms and bathrooms. Is it ok to compare it with 3 bedroom 2 bath houses?
“If your target house is the same size, etc. as the comps you looked at, that’s a good indication of what yours would go for, somewhat adjusted for things you can’t change - such as location (a cul-de-sac or lake-front lot is more desirable than a main-street location, etc.) or won’t change (adding siding, etc. to make it “equal” to the others).”
I understand what you are saying. However, things you mention that can affect saling price such as type of siding and the property being located in a cul-de-sac are things I can only know if I visit the property. This is something I want to avoid since it is time consuming.
How do I make adjustments for things like this? Is there a standard dollar values assigned to various features of house.