OfflineHow does one run their own foreclosure comparable? We are trying to run comps on foreclosures in our area,but how would we find out if a house that is sold was a foreclosure or not? Where do you get the data from?
Also, on different websites about running comps,they didn't mention style of house as something that needs to be factored in. How important is the style of house when running comps? Thanks very much!
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I really don't run comps on foreclosures. The reason why is I wholesale or do the fix and flip myself. My only concern is the ARV. Same with my buyers. What the property will sell for after the fix up. Banks are so inconsistent in the way they price and sell REOs, getting accurate "foreclosure comps" seems like a waste of time. The market will reflect the effect of foreclosures by what the ARVs are. We base our offers on ARV minus selling costs, rehab/remodel costs and what we and/or our buyer need to make. 99% of the time that offer is much less that the banks are asking anyway!
Side note: Fill out your BIO.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Thanks, Michael. The reason I asked for foreclosure comps is they were specifically mentioned at one of Dean's videos that we ordered. We thought the same thing; that REO comps would vary like crazy due so many different factors. As for the Bio, I didn't even know I could fill one out. I did a basic one since I am very short on time today.