Small Town Comps? Texas and nationwide - Please help (several thoughts/questions)

Small Town Comps? Texas and nationwide - Please help (several thoughts/questions)

Real Estate Agent · Weatherford, TX · Member since 2011 · 726 posts · 284 votes

Joshua, if this is in the wrong area I apologize. Please feel free to move it.

Firstly, I absolutely plan on acquiring my real estate license to have full MLS access (if that's what I really need to do)...but until then...

I have posted a few times on here about finding comps other ways than through an agent. I see many folks on here who are buying using yellow letters, etc...who have "MLS access" to determine their as-is FMV and ARV comps. But not many that I have found really explained how they get/got it. One thought I've heard on here is "hire" an agent to pull comps and data for you. on a per pull, hourly, or whatever fee structure. Then in the same thread, another poster says in their state that just paying an agent for that work is illegal. Can I do this in Texas?

I also understand (maybe incorrectly) that agents are not allowed to just "give out" the information or access either, but many do to trusted investors they may have done deals with?

All the agents in my area that I've talked to so far, all want POF (which I'm still working on) to even pull one comp, much less a CMA, because they don't think I'm serious. It has come to my attention that there are many investor "tire-kickers" bugging the agents in town so they screen pretty heavily. Until I have my POF, this is a serious road block...But I understand their reluctance...why do free work???

So I tried Investway, and I just started playing with Redfin. Both are GREAT sources of RE and MLS info in the DFW area. But both have problems very specific to my area of focus...south/west of the DFW area. Largest town is 25000. Lots of rural property (house on an acre,etc).

According to Redfin, Dallas MLS does not allow them to post the actual sold price, only the last list price. This is helpful in some situations, but not all...

And on Investway, I am not able to pull "all solds" around a certain property without dinking with qualifiers for hours, hoping to get the right combination of filters that will ALLOW a sold or two to show up on the report. The wider the net you cast in your search on Investway, the LESS sold comps they send you. For just a basic radius search around a property, even at 1/4 mile, you see no solds. Only for sale and expired/cancelled. If you add in some qualifiers...it will start showing the solds. They mention the "limitation" in their terms of use, but I didn't expect it to be so bad. Not sure why their system works that way but I digress.

Now then...enough complaining...the questions:

How can I get real, true "MLS access" with all the data, without a POF to give to an agent?

Or...how can I figure accurate ARV comps without an agent, especially on the rural (house on .5-5 acres) properties that don't sell often or quickly?

I know it's alot to read. Thank you in advance for all your help.

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  • Karen MargraveBusiness Member
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    Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
    15y

    Obviously you know that your best bet is with an agent that belongs to MLS. It seems to me that the time you are wasting not wanting to pay an agent, is money down the drain. I assume you don't do your work for free, therefore; you should understand agents don't either. Do you have any idea how many people there are out there, that have suddenly decided to become "investors"? If agents work with every one that calls wanting free information, they would never have time in this competitive market to work the hours they need to eek out a living.

    If you want to get "free" info, look on zillow or similar sites. Go down to the county recorders office and look up properties that sold. Yes, it takes WORK. Contact your local title company and talk to the people in the title plant, explain what your needs are, and ask how they might help you. Again, you may need to pay a fee for their research, etc.

  • Real Estate Agent · Weatherford, TX · Member since 2011 · 726 posts · 284 votes
    15y

    Thank you for your thoughts. Maybe I mis-stated part of my comment. i have absolutely no problem paying a realtor for the work. Additionally I have no problem paying title company for any assistance they may be. And as far as the work goes, I've already been doing it. My concern with oaying a realtor to do the work is that I keep reading that it is illegal in some states. I don't know abojt TX specifically.

    Regarding county offices, unless I'm mistaken, in TX, the sales price is not required to be recorded onthe deed. You see a lot of "$1000 and other concerns" or something similar. Believe me, I'd already have a list of all solds in last 2 years if that were possible through the counties.

    I'm not afraid of work, just need some more guidance while I work on funding.

    Thanks again for your thoughts. I hope this clarifies some.

  • Realtor · Houston, TX · Member since 2011 · 916 posts · 296 votes
    15y

    I use Bank of America's apprasial website. Google Bank of America apprasial and it will take you to a home values page. I use that and the past sales from Zillow. Hope that helps.

  • Real Estate Agent · Weatherford, TX · Member since 2011 · 726 posts · 284 votes
    15y

    Thanks for the tip on B of A. I'll look at that. I use Zillow as a ballpark only. In my area, not many Zillow solds show up, and some areas won't even show a Zestimate for a given property because of the lack of data. It may have something to do with that rule that I heard about from the Dallas MLS not allowing sites to show sold price.

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