Home Buying in Mundelein>Question Details

Lisa Gentile, Home Buyer in Lakemoor, IL

I am looking at listings of homes sold in my area to gather information on comparables. Is there another way?

Asked by Lisa Gentile, Lakemoor, IL Sat Jun 14, 2008

to get more compelete listings. Some of the criteria I am searchin for is DOM, Lot size, lot type. Some listings I find don't even have bedroooms listed. My reason for searching is to help cash investors find properties in my area.

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Lisa Gentile,

I read your post and wondered whether you were a licensed agent or not, but was confused since you listed yourself as a "Home Buyer" with Trulia. If you are licensed there would be great advantages for you in joining your local board of realtors and signing up with the local MLS, it will have all of this information and more for you to help your investors out.

If you aren't licensed, I would be very careful what you undertake to help the investors. In Minnesota the law reads to assist "for a fee and for another" in a real estate transaction you would need a license. I would check out the website at:

http://www.idfpr.com/dpr/RE/REALEST.asp

and contact someone there just to make sure that what you are working on doesn't require a license. I would hate to see you wind up in trouble for someone that you weren't aware of. I hope that helps.
Web Reference: http://www.campiper.com
1 vote Thank Flag Link Sat Jun 14, 2008
Once you gather the information, it helps to review things like busy roads, near tracks or cell towers, etc. If you are working with an investor, it is critical that you micro search the comps., i.e., if that investor throws 100K into the home, will he or she have maxed out the area, or do homes sell well above that price with the investment added, and do the homes that sell for more look the same? Eg, a ranch may sell for 500K in Basking Ridge, while a center hall colonial may sell in the 800 - 900K range. Therefore, buying a ranch for 500K is market value, not a buy relatively speaking. If all the other homes in the neighborhood sell for 500 - 700K and you are pouring 200K in, it's not a deal. If however, homes in the area sell for 800K when all done, then it is.
1 vote Thank Flag Link Sat Jun 14, 2008
DOM? Days on Market right? If your looking for days on market I would hire a Realtor to pull that info from the MLS. But expect days on market to be longer than years before.
Good Luck!!!!
1 vote Thank Flag Link Sat Jun 14, 2008
Your methodology is flawed. Looking at properties listed for sale will provide a perspective on the competition in an area, but will not provide a good perspective on value. You need to be able to pull up sold properties to do a CMA. Your investors should know that their interests would be served best by using the services of an agent who has this info available to them.
1 vote Thank Flag Link Sat Jun 14, 2008
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