Sold prices of non-MLS listed properties - Posted by Joseph-CA

Posted by M.Osterman on August 09, 2007 at 14:10:46:

Kristine,
I think that they’re the best way. If I’m a buying a house ( in a down market)I would want to know what has sold and what my neighbors are wanting ( especially REO’s ). If my solds are higher than one listed I need to take that into consideration.

Mike

Sold prices of non-MLS listed properties - Posted by Joseph-CA

Posted by Joseph-CA on August 07, 2007 at 23:57:56:

Hi

It is fairly easy to find the fianl sale prices of MLS-listed properties. However, there are FSBO and other properties that are listed by discount brokers like assist-2-sale etc that aren’t in MLS. How does one find the sale prices of these properties? Because these can also be used as comparables for your subject property? Thank you…

Joseph-Ca

Re: Sold prices of non-MLS listed properties - Posted by Kristine-CA

Posted by Kristine-CA on August 08, 2007 at 10:08:52:

I use comparables from title companies combined with comps from the
paid data service I use. I can’t imagine using just MLS comps as the
MLS is only a partial picture of what’s going on. And appraisers
certainly don’t rely on just MLS comps.

Many free online comp services pull their info from recorded docs.
Trouble with that in CA is that it is possible to record a deed without
indicating the transfer tax on the deed doc. It’s that transfer tax that
translates to purchase price. Many investors and those concerned
about privacy make sure that the transfer tax is not printed on the
deed. (However, the transfer tax info is still public and available at the
recorder’s office.) So with online services you will see lots of purchase
prices as zeros where there was no tranfer tax on the deed.

The title company comps will usually include sales prices for even
those properties where the transfer tax was not included on the face of
the doc.

Call your title company, ask for customer service and ask for a
property profile or comps for a particular property. There are also lots
of subscription services to the title company available online that may
be of value to you. Realquest, etc…

California properties? - Posted by Jimmy

Posted by Jimmy on August 08, 2007 at 06:34:46:

if you’re talking Caifornia, its easy. the deed cannot be recorded for a sale until a Preliminary Change in Ownership form is filed. That PCOR records the sals price, which sets the new property value for purposes of property tax assessment. and that info is public. in larger counties, you can get in online.

if you’re talking about another state…

Re: Sold prices of non-MLS listed properties - Posted by brandoncbsre

Posted by brandoncbsre on August 08, 2007 at 01:28:25:

The county courthouse has all the info. Start with the recorder’s office.

Re: Sold prices of non-MLS listed properties - Posted by Joseph-Ca

Posted by Joseph-Ca on August 08, 2007 at 12:16:22:

Kristine

Yes, I agree with you using multiple comp sources. Right now I have 2 accounts with title companies (Stewart Title, and Niteowlplus from Commonwealth Title). The problem with Niteowlplus is that it gives sales comparables that dont show the distance to subject property nor the recorded sale date. I think both of these parameters are crucial to accurately determing fair market value of the subject property…Do you mind sharing insight on which title company comparables do you use that are very helpful?

RealQuest is great and has very helpful info on comp. I will eventually sign up with FirstAm. It is all worth it despite the fact that they require annual commitment and a set-up fee…Do you use other paid comp service provider that is as good as realquest?

Thanks…Joseph

Re: California properties? - Posted by Kristine-CA

Posted by Kristine-CA on August 08, 2007 at 09:53:25:

The PCOR is not a public document (and it’s not required, btw. It’s $20
to record a transfer doc without the PCOR). However, the the assessed
value is public information. Using the assessed value would not be a
good way to get comparables. 1) comparables need to be current and
it takes time for the tax assessor to change the assessed valued and
get the information posted, and 2) the assessor does not have to use
the sales price for value.

Re: California properties? - Posted by Joseph-Ca

Posted by Joseph-Ca on August 08, 2007 at 06:50:17:

Thanks for your reply…Yes, it is in southern california…

Some paid data providers only has comp info on sold MLS-listed properties, not on FSBO or other non-MLS listings. In order to get a complete list of similar COMP properties, I also want to include the FSBO and others. If I know a particular sold FSBO property, I can do what you suggested. But what about if I want to pull up all sold FSBO and other non-MLS listed properties without knowing in advance the property is FSBO? Is there a way to get that info? Thank you…

Re: Sold prices of non-MLS listed properties - Posted by M. Osterman

Posted by M. Osterman on August 08, 2007 at 18:26:13:

Listed property is much more vauable to me than what has sold. I drive the neighborhood and use Dataquick to help me out.

Mike

Re: Sold prices of non-MLS listed properties - Posted by Ken-Orlando

Posted by Ken-Orlando on August 08, 2007 at 15:37:17:

Sorry that website is: http://realestatecenter.bankofamerica.com/REPORTAL/homepage.aspx

Look under “Sellers Tools”

Re: Sold prices of non-MLS listed properties - Posted by Ken-Orlando

Posted by Ken-Orlando on August 08, 2007 at 15:29:31:

Bank of America’s website, I believe BOA.com has free comps and the data is populated by FirstAM

Re: Sold prices of non-MLS listed properties - Posted by Kristine-CA

Posted by Kristine-CA on August 08, 2007 at 14:27:34:

Try homeprofile.com. It’s a First American company as well. There is a
function that searches per set distances from the subject property. I
suggest doing comps for the same property on realquest to see if there is
a difference–and what that difference is. Hope this helps. Kristine

??? - Posted by Kristine-CA

Posted by Kristine-CA on August 09, 2007 at 08:15:47:

Mike: how could listed properties be useful as true comparables? No
appraiser or lender is going to use listed props as comps. How are listed
properties useful in determining current value? Kristine

Re: Sold prices of non-MLS listed properties - Posted by Joseph-CA

Posted by Joseph-CA on August 08, 2007 at 15:32:24:

Thanks, Kristine…