Foreclosure in 10003>Question Details

Jporter828, Home Buyer in 10003

How do i find comps for specific areas when looking to buy a property in pre foreclosure?

Asked by Jporter828, 10003 Thu Jul 14, 2011

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You can look for all those magazine in the trashy news-stands, you can Google to your hearts content, you can stop at every FSBO sign you see, you can buy every newspaper in the area, you can drop by the County recorder and see what they have on file, you can subscribe to every webs site that deals with Foreclosures,
and you can knock on a thousand door and ask them if they are in Financial distress.

Or you can contact a Realtor and have him do the work for you.

Your choice

Good luck and may God bless
2 votes Thank Flag Link Thu Jul 14, 2011
Work with an agent of your own, he/she can provide comps, among other information, so that an educated and informed decision can be made...
1 vote Thank Flag Link Thu Jul 14, 2011
its best to work with an agent who has experience with REOs in the area you are searching in. 9 times out of 10 you will not have to pay for their services since agents are normally paid by the seller
0 votes Thank Flag Link Sat Jul 16, 2011
Work with a Realtor that your feel comfortable with and like their knowledge base. You will need one to submit your offer on a pre-foreclosure anyway.
0 votes Thank Flag Link Thu Jul 14, 2011
Hi, The most accurate way is through an area MLS. I know NYC has some sort of MLS through REBNY. Of course you can always use sights like Trulia and Zillow but they aren't always accurate unfortunateky. You want to focus on sold comps because active listings don't mean anything until they sell. As for contract or pending properties you typically don't find out what those selling prices are until they have sold as well. Unless an agent is willing to share the information with you.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
0 votes Thank Flag Link Thu Jul 14, 2011
Yes, you can search here on Trulia or similar site for comparables. An agent can also help you greatly and a good one will be able to plow through the data and help a great deal.

You mention buying a pre-foreclosure - there can be confusion about the availability of properties in this status. My suggestion focus on listed properties, "pre-foreclosure" listed properties are called short sales. If they have been foreclosed upon then they are bank owned and will be listed as well. Chasing after properties that hit the pre-foreclosure lists is chasing something that isn't yet available to buy - and may or may not every be, because the condition could be cured.

There are 320 active listings that require lender approval right now in Somerset County. No need to chase something that isn't even available - focus on what is.

Good luck to you!
Jeanne Feenick
Unwavering Commitment to Service
Web Reference:
0 votes Thank Flag Link Thu Jul 14, 2011
First home sin preforeclosure may not even be for sale, most home owners who are in the foreclsoure process, owe more than their houses are worth and cant sell it, so unless it is listed as a short sale, you dont have much of a ahcnce to buy it unless it does get foreclosed on.

As far as comps, the highest quaility comps are from the MLS, any agent you choose to work with can simply pull sold comps for you to assist in assessing what the house is worth.…

please see my blog with tips and advice on buying home sin pre-foreclsoure
Web Reference:
0 votes Thank Flag Link Thu Jul 14, 2011
If you go online to a website like this, see what compares to the property you are looking at, this will comp what is on the market now, pick three very similar homes to what you are looking at, then go onto your county's property appraiser's site and see what has sold recently that is similar, again pick three, take each group of numbers and divide by 3, then add the for sale average with the sold average, then divide by two and this is a some what good idea of what the home would comp out to!
0 votes Thank Flag Link Thu Jul 14, 2011
Hi - there are two sets of comps that you need, "in-contract" and sold. There are no systems that make it very easy for the consumer as it is critical that you have a similar home in sf, renovations, location, type of ammenities etc. The "in-contract' properties are the properties that are in-contract and have not yets sold, which will give you a price that most will get offers for, and then solds to understand what the price that you are paying. Appraisers will use the most recent solds (past 90 days, and past 6mo) so it is critical that you use the time your bank allows you to close they will probably be using the in-contracts that have become sold prices....I am doing a short sale now in Manhattan hat is quite a horrendous excercise with the bank having folks who are doing BPO's who don't understand the neighborhood, coming back with pricing that is 2x what it realistic. I would either use a real estate agent on this deal (you don't pay for it anyway), or pay a real estate agent a few hundred dollars to give you a proper BOP appraisal. Get ready, you are in for a ride.
0 votes Thank Flag Link Thu Jul 14, 2011
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