How do I find comps?
How do I find comps?
Can I find house comps in my area without the MLS?
- Public property records: If you want to find the sale price of a specific comparable, the county usually keeps those records.
- Zillow: Search on Zillow using the Recently Sold filter.
- Zillow pricing tool: Try this pricing tool to find comps in your area.
How far back should comps go?
When an appraiser is looking for comparable properties to determine a price, they are supposed to only look at sales within the last 90 days. Now, if there aren’t enough sales a lender might go back six to 12 months. But the ideal is 90 days.
What happens if an appraiser Cannot find comps?
A lack of comps is no excuse for not doing an accurate appraisal, Wagar says. Even in states with no MLS and no disclosure, or even if the property is a geodesic dome rather than a conventional house, any property can be appraised. If you can’t find sufficient comps, the cost approach will usually work.
What is considered a comparable home?
“Comps,” or comparable sales, is a term anyone on either side of a real estate transaction should know well. It refers to homes located in the same area and very similar in size, condition and features as the home you are trying to buy or sell.
Do appraisers use active listings?
In short, it is a myth in real estate to believe appraisers cannot use current listings in a valuation. That’s simply not true.
What criteria do appraisers use?
A qualified appraiser creates a report based on a visual inspection, using recent sales of similar properties, current market trends, and aspects of the home (e.g., amenities, floor plan, square footage) to determine the property’s appraisal value.
What happens if the appraised value is lower than the agreed upon contract price?
Appraisal is lower than the offer: If the home appraises for less than the agreed-upon sale price, the lender won’t approve the loan. In this situation, buyers and sellers need to come to a mutually beneficial solution that will hold the deal together — more on that later.
