Comps for distressed property when there is none

[Maryann L.]

We are talking with a homeowner right now. He owns a condex in a very nice town. There is no other distressd property on the market like it (no distressed property has even sold in the last two years in this town) and the FMV condex's are in a 55+ neighborhood and newly built.

His home WAS listed for $420,000 for about 6 months. NO OFFER. That was the lowest comp on the market.

Can I go outside this town to surrounding towns to find actual comps? Distressed condexes or even SFH if I can't find a condex to match. It's a HUGE condex with a 2 car garage and workshop above it. NOTHING is like this that we can find in the community it's in.

Now, considering WE are having issues, what would be the best approach with a BPO agent visiting the property. We are looking at LIQUIDATION value for the property...not FMV as it's way out of the ball park. The FMV 55+ condexes are selling for $500,000. This thing was up for 6 months at $420,000 with no offers.

Short sale. How can we explain why to a BPO agent why we pulled comps outside this town? property has an auction scheduled.