Specifics on running comps? - Posted by Edie

Posted by chris on March 14, 2000 at 04:08:59:

When you do an address search click on the link to decide on a state and county to see if it covers your area.

Specifics on running comps? - Posted by Edie

Posted by Edie on March 13, 2000 at 13:22:26:

I have read the articles pertaining to how to run comps (specifically JP Vaughn’s) but have run into a little problem or two.

First, title companies in my area don’t offer the service of property profiles including comps.

Second, if I contact a Realtor I have never used before (I have never used any) re. a FSBO I am looking at, what incentive do they have to run comps for me? How should I realistically approach this request when there is no commission involved for them in a FSBO deal if I don’t intend to sell through them on that house?

Third, I have been told to go to the tax rolls to determine comps. I have NO IDEA what this means nor how to do this. Step by step, what does this process entail? I have no idea how to do this, but it sounds like the most viable option for running comps on my own.

Thanks for any help available.

Re: Specifics on running comps? - Posted by GIO

Posted by GIO on March 14, 2000 at 21:39:29:

MONEY TALKS

1)pay an appraiser 20 bucks (i do) just for the computer printout, or 2)pay the sales agent without giving her the address just the house specs - 3)join a re office and (as in my state) get the mls thru your own pc ( in NY about $300/yr)

Re: Specifics on running comps? - Posted by glen NY

Posted by glen NY on March 13, 2000 at 18:08:45:

If you can find a good agent that you can work with, do that. I have an agent that keeps a book of listings from all sales in the local area, sorted by price. Much better than the MLS book, and since I have gotten him several commissions in the past year and plan on getting him more this year, he lets me study the book as much as I want. Never underestimate the power of a good relationship with a good realtor.

Your Choice Becomes Clear - Posted by Bill K. (AZ)

Posted by Bill K. (AZ) on March 13, 2000 at 16:19:00:

Edie,

If you read JP’s article closely, you probably remember reading that using the tax rolls is NOT a good way to get comps. And, based on my experience, I have to agree. The tax assessor numbers can sit stagnant for years, and then, out of the blue, the current assessor decides to apply a multiplier to the entire county in order to “update” the tax rolls to the “true” value of the homes. Right!

Assuming that the data you need is not available at OCTitle, or from some other online service, then your choices become rather obvious. You need to establish a relationship with an agent. If you are an investor, explain to the agent that you’ll be using them periodically for comps AND that you’ll be working with them on listed opportunities. That way, they can at least see the potential for some paydays down stream.

Finally, you can also offer them a small fee for running comps on any properties that you purchase. I pay mine $100 for each property that I buy. She’s quite happy with that, and she’s already made a commission on a property that I purchased from the MLS.

I hope this helps.

Bill K. (AZ)

More Specifics on running comps? - Posted by Bert G

Posted by Bert G on March 13, 2000 at 14:19:08:

All of the above, plus–

Fourth: My State is NOT listed on Octitle or any other online service.

Bert G

Try This - Posted by Jim LaVerdi

Posted by Jim LaVerdi on March 13, 2000 at 13:35:37:

www.octitle.com

You can basicly do your own comps… Try it and let us know what you think

Re: Specifics on running comps? - Posted by Anna

Posted by Anna on March 16, 2000 at 21:04:15:

How do I join a re office?

Tax Rolls - Posted by ChrisFL

Posted by ChrisFL on March 14, 2000 at 24:22:49:

Bill’s right, you cant go by assessed value, but sometimes the property appraiser will also have sales data for your county. My county has downloadable files on the internet for sales going back about 10 years. Also, some counties are setting up their web sites to do free comps (orange and seminole counties in Florida already have this.)

Call your property appraisers office and ask them if they have sales data available. Before my county got on the internet, they used to sell it on floppies for the cost of the disk.

Good Luck,
ChrisFL

Finally got through OCTitle… - Posted by Edie

Posted by Edie on March 14, 2000 at 12:09:08:

and found AL, but none of the properties I am looking at have profiles available. I tried looking up a number of different properties, actually, and “No records found” kept coming up. I’ve bookmarked the site, though, and will keep trying. In the meantime, it looks like I need to make friends with a Realtor.
Edie

Re: Try This - Posted by Edie

Posted by Edie on March 13, 2000 at 21:10:53:

I have tried that site before and can’t seem to find a service for my state. I’m in AL. Am I missing something?

Re: Specifics on running comps? - Posted by GIO

Posted by GIO on March 17, 2000 at 19:12:19:

just go to sev’l re offices and tell them your interested in becoming a sales agent . some offices have very good training programs that will teach you alot, dont tell them that you are interrested in only doing creative financing, tehy may even pay for your school to get the license if you want it, to sell the conventional way you must have it, since you are beginning you can learn alot (since you are required to follow certain rules when you have a license you may not want to get it) even if you take the test and pass doesnt mean you have the license until you send in the + score to the dept of state, you have until then to decide if you want to get the lecense, by then you should learn how to use the mls system and make contacts and absorb, DONT GET SUCKED INTO THEIR METHODS OF SELLING, but some agents are good and they know how to sell and market props., keep learning ,
dont take the first re agency you see - good luck

Re: Finally got through OCTitle… - Posted by chris

Posted by chris on March 14, 2000 at 20:47:38:

FARES might me a solution for you-but it’s not FREE.