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 Laura, Real Estate Pro in Austin, TX

How can I find comparable sales data in my zip code for the purpose of refinancing my house?

Asked by Laura, Austin, TX Fri Nov 14, 2008

Need to go back to the lender with sales data to help them get a more accurate view of what properties have sold for in my neighborhood...

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Dear Laura,
Your bank should have an appraiser to pull comps for the re-financed value. You should not be responsible for giving them the information. However if you want to get an idea of what they will come up with I would be happy to do a Comparative Market analysis for your home for free. You really should be comparing similar homes in the same neighborhood. As the zip code can have a wide variety of home prices. Ideally you want to compare homes that are: the same age, neighborhood, # bedrooms, # bathrooms, similar square footage, similar lot size, same # of garages, same number of stories. Call me and i can do this for you in a matter of minutes. My phone number is on my website below.
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Please feel free to contact me for assistance in getting comparable sales data. Go to my web site for contact information.
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Yes you can contact a local real estate agent who can run comps for you. The bank will also have info. for amount you can refi for.
Web Reference:
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You can also ask a local Realtor. They can do a CMA at no cost that will be nearly the same as an appraisal. This is just for your info only and will not replace the banks appraisal.
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Your bank will do an appraisal to determine the value of your house and what they want to lend on it. The appraisal should be based on actual sales data, but they could also use if there were 3 sales in the neighborhood all exactly like your house and #1 in May was 10,000, #2 in June was $9000, #3 in July was $8000, they may take that into consideration and not give you an appraisal for $9000. The appraiser typically has access to the MLS and can see sales data. You may want to see the appraisal they used and ensure the homes they used were comparable. The appraisers generally are pretty good, but often a homeowner may know more about the neighborhood than any appraiser or realtor. We haven't always gone in the homes that we are using for sales data, buy you might have. You could ask why didn't you use X or Y home, etc.

Abesent that you might ask them to suggest a realtor in your neighborhood who could print a quick CMA for you.
Web Reference:
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Bruce Lynn, Real Estate Pro in Coppell, TX
Laura, I am not a loan officer, but the refi amounts will depend upon the appraisal. If you disagree with the appraisal, then you may need more information. Be sure the appraisal done is not a "drive by".

San Juanita Schafer, Realtor, e-PRO, GRI
You may also register at my website for a Market Snapshot for your property. I won't bug you, unless you ask. : ))
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