Comparables: REO, Standard or Both?

[paramount]

When running comps in a standard sale, should REO’s be considered as part of the comps assuming similar condition, sq. footage and proximity?

[SD Realtor]

Good question. For the most part, the condition of the comparable property when evaluating comps is what is most important. It doesn’t matter if the comparable is a short sale, reo, or any form of distress. Now I am a realtor not an appraiser and your question is better suited for an appraiser.

With that said however, there can be an argument made that the distress sales were sold below market value simply due to a more motivated seller. From your aspect as a buyer though, I would try to play the card that unless the property had some damage to it or was in poor condition, then comps are equal. Getting a seller to see that is more then a little challenging in this still somewhat delusional market.

[SD Realtor]

Good question. For the most part, the condition of the comparable property when evaluating comps is what is most important. It doesn’t matter if the comparable is a short sale, reo, or any form of distress. Now I am a realtor not an appraiser and your question is better suited for an appraiser.

With that said however, there can be an argument made that the distress sales were sold below market value simply due to a more motivated seller. From your aspect as a buyer though, I would try to play the card that unless the property had some damage to it or was in poor condition, then comps are equal. Getting a seller to see that is more then a little challenging in this still somewhat delusional market.

[SD Realtor]

Good question. For the most part, the condition of the comparable property when evaluating comps is what is most important. It doesn’t matter if the comparable is a short sale, reo, or any form of distress. Now I am a realtor not an appraiser and your question is better suited for an appraiser.

With that said however, there can be an argument made that the distress sales were sold below market value simply due to a more motivated seller. From your aspect as a buyer though, I would try to play the card that unless the property had some damage to it or was in poor condition, then comps are equal. Getting a seller to see that is more then a little challenging in this still somewhat delusional market.

[SD Realtor]

Good question. For the most part, the condition of the comparable property when evaluating comps is what is most important. It doesn’t matter if the comparable is a short sale, reo, or any form of distress. Now I am a realtor not an appraiser and your question is better suited for an appraiser.

With that said however, there can be an argument made that the distress sales were sold below market value simply due to a more motivated seller. From your aspect as a buyer though, I would try to play the card that unless the property had some damage to it or was in poor condition, then comps are equal. Getting a seller to see that is more then a little challenging in this still somewhat delusional market.

[SD Realtor]

Good question. For the most part, the condition of the comparable property when evaluating comps is what is most important. It doesn’t matter if the comparable is a short sale, reo, or any form of distress. Now I am a realtor not an appraiser and your question is better suited for an appraiser.

With that said however, there can be an argument made that the distress sales were sold below market value simply due to a more motivated seller. From your aspect as a buyer though, I would try to play the card that unless the property had some damage to it or was in poor condition, then comps are equal. Getting a seller to see that is more then a little challenging in this still somewhat delusional market.

[paramount]

Thanks SDR – the sellers are basically stating if they have to go any lower they would be in a short sale status. They bought the house June 2010.

The house needs carpet, the garage door is damaged as well as a few other misc (minor) items.

My realtor is telling me I’m getting a great deal ($109/sq ft) based on the comps even with the carpet issues, garage door etc..

The problem is, I was only shown standard sales as comps, this is a standard sale as well.

[paramount]

Thanks SDR – the sellers are basically stating if they have to go any lower they would be in a short sale status. They bought the house June 2010.

The house needs carpet, the garage door is damaged as well as a few other misc (minor) items.

My realtor is telling me I’m getting a great deal ($109/sq ft) based on the comps even with the carpet issues, garage door etc..

The problem is, I was only shown standard sales as comps, this is a standard sale as well.

[paramount]

Thanks SDR – the sellers are basically stating if they have to go any lower they would be in a short sale status. They bought the house June 2010.

The house needs carpet, the garage door is damaged as well as a few other misc (minor) items.

My realtor is telling me I’m getting a great deal ($109/sq ft) based on the comps even with the carpet issues, garage door etc..

The problem is, I was only shown standard sales as comps, this is a standard sale as well.

[paramount]

Thanks SDR – the sellers are basically stating if they have to go any lower they would be in a short sale status. They bought the house June 2010.

The house needs carpet, the garage door is damaged as well as a few other misc (minor) items.

My realtor is telling me I’m getting a great deal ($109/sq ft) based on the comps even with the carpet issues, garage door etc..

The problem is, I was only shown standard sales as comps, this is a standard sale as well.

[paramount]

Thanks SDR – the sellers are basically stating if they have to go any lower they would be in a short sale status. They bought the house June 2010.

The house needs carpet, the garage door is damaged as well as a few other misc (minor) items.

My realtor is telling me I’m getting a great deal ($109/sq ft) based on the comps even with the carpet issues, garage door etc..

The problem is, I was only shown standard sales as comps, this is a standard sale as well.

[SD Realtor]

Gotcha… I guess you can try to put the screws to your realtor and come up with some comps that they didn’t send you and then tell them to come clean with a complete set of comps.

[SD Realtor]

Gotcha… I guess you can try to put the screws to your realtor and come up with some comps that they didn’t send you and then tell them to come clean with a complete set of comps.

[SD Realtor]

Gotcha… I guess you can try to put the screws to your realtor and come up with some comps that they didn’t send you and then tell them to come clean with a complete set of comps.

[SD Realtor]

Gotcha… I guess you can try to put the screws to your realtor and come up with some comps that they didn’t send you and then tell them to come clean with a complete set of comps.

[Author]

Posts