JP,
You get the comps from the market sales JP. Bugs could answer this better than I, but I doubt loan modifications are going to be used for deciding any purchase or refinance comps . Under normal conditions we wouldn’t use them for a listing or a suggestion of what a buyer might offer.
I would still hope that loan modifications “comps” are higher than arm’s length transactions. Transparency would help with that one. I might be disappointed on that on though.
I have been wondering about the recordation, or lack of, for loan modifications, especially with any debt reduction. Not from a point of understanding the value of comps but from this transparency angle. I am sure some people would like to know, for instance, if the land lord gets a loan modification with debt reduction, when it is supposed to be for owner occupied. I am sure some people would like to blow the whistle on that.
So far I haven’t gone to the trouble to research this.In casual searching of property histories I have not seen evidence of debt reduction modifications, or any modifications for that matter. I haven’t been in the investigative mindset regarding this topic so I may have missed something. Next time I log into the MLS I’ll see if there are any clues in the tax research area of Tempo. Has anyone else seen it? Lazy on the issue,I keep expecting a full discussion to pop up on a housing blog :).
