Can't Find Any Comps

[John Cantu]

Hello Everyone, 

So I recently started mailing out letters to a smaller town nearby my hometown and primary place to invest (Houston), I've gotten a pretty nice response on calls asking for offers but I can't for the life of me find any comps. I typically use Redfin for a reference point but Redfin doesn't cover that area. My real estate agent friend ran some comps for me to only tell me the same thing, that there isn't anything recently sold in that area. 

My question is, what can I do when I can't find any comps? I've got folks wanting me to make them some offers but I can't determine what type of offer to make. Your help is appreciated!

Thanks

[Kurt A.]

Hi,

This happens more than you think. I've never had this issue in my area, Zillow has been helpful for a starting point. One alternative would be to ask for a professional appraiser to help. Before you write the check, make sure you know how they are going to appraise the property (comps, walkthrough...) and what their experience would be in that area. Ask another real estate agent that would have more experience in that area. And finally, look at the deed book for the county to find some starting value. If you can't value it or are uncomfortable in the appraisal, move on to the next one but keep an eye on the house. 

Goodluck and don't forget to vote.