OfflineOn Dean's latest Blog#127, he mentions Foreclosure Comps, and their importance.
Actual real estate comps are easy to obtain, but how do you find "Foreclosure Comps?"
I know how to find foreclosures, but I'm clueless about this mention of "Foreclosure Comps."
I would appreciate information on this very specific topic. Thanks!
Donnalu
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Hi Donnalu,
When your realtor pulls comps, it will include the retail sales as well as the sales from foreclosed properties. Often, it is obvious what is what just because of the discrepency in sales price, but not always. You have to look at the seller (you can use county records) to see. If it was sold by a bank, corp, or trustee, then it was a foreclosure sale. Also if you go back and read the mls description for when it was for sale, it will give the seller's name and list it as an REO or describe it as a foreclosure in the verbage.
Gena
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Gena.
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Most MLS databases have a checkbox 'REO'.. this specifically looks at all bank foreclosures and they can run comps from that.
"FAITH is being Sure of what we hope for and Certain of what we do not see." -Hebrews 11:1
Thanks for the info!