How do I get comps from off-market deals not on MLS?

Question

I need to pull comps soon in order to increase the odds of meeting appraisals. I know of several properties in the same area where I'm trying to close a deal, where a house closed and transferred ownership. However, nothing shows up on the MLS as being closed (yet - it's been over a month) because it was an off-market deal (FSBO) and nothing shows up yet on the tax records (that takes 3-6 months I would say). Any ideas how I can pull comps to show an appraiser that these houses DID indeed close and the prices are bonafide?

Account Closed · Answer

As an agent, I can say (with appraisers locally) the likelihood of an appraiser using an off market comp is minimal. If you point out the comp to them that could increase the odds, but unfortunately the MLS provides most of the comp information (not tax records) so the appraiser wouldn't have much information to include in his report.

They could go the extra mile and attempt to speak with the prior owner if they're up for it. But in my area, appraisers are pressed for time as it is, and I can't see one going that extra mile to complete additional due diligence. This is especially true if there are 3 solds they can include from the MLS.

Appraisers are supposed to verify sales in the county recorder's office. Locally, a recorded sale is available almost immediately.

Peter Tverdov · Answer

Thanks @Christopher Phillips I might try giving one of the buyers a call. I actually spent some time today on the county website and found two recorded Deeds from the sales. (Neither of which showed up on the MLS as a sale because both transactions were done without a real estate agent) The third transaction also did not use an agent. I reached out to my title company to see what they can find. If I can't get it from them, I might just call the buyer directly as you suggested. I think these ideas are the best course of action from researching this site. Hotpads, Zillow, etc doesn't compare for accuracy like the public records do.

Wayne Brooks · Answer

Look at the site where deed are recorded in your county, usually they are within a week, not the appraiser or tax records which can be months behind.

Christopher Phillips · Answer

Yes. You can try to go through the country records, but some places take forever to record things.

You can call if you don't have an agent. If you're working with an agent, the agent can call the owners and request a copy of the contract to pass along to the appraiser. It's done all the time in a hot market when comps aren't closing fast enough to keep up with rising prices.

Peter Tverdov · Answer

Between searching this site and your response. It seems like the best approach is to look in my local county records or use a title company to do it for me. Then gather the deeds and present them to the appraiser. I think I will try this approach.

Christopher Phillips · Answer

You would have to call up the owners and see if you can get a copy of the contracts for your appraisal.

John Thedford · Answer

If the appraiser can't verify a sale how can he use it?  I don't know if he could get the info from a title company or not. Not sure what other source he might be able to use.

How do I get comps from off-market deals not on MLS?

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