Getting Comps

[Jasmine Claye]

How do you get comps if there are no recent sales in the proximity one should look? Zillow provided sales from 2010-2011, which I know not to use as comps, but is there another site or method to use to obtain RECENT ACTUAL comps?

[Jasmine Claye]

The best I've seen is a yr 1940 home sold for: $100,000 in (07/08/11)
Beds: 3
Baths: 2
Sqft: 1,372

Home I need comps for is a yr 1950 home:
Beds: 3
Baths: 2
Sqft: 1263

These homes are .34 miles in distance

[Jon Holdman]

Sources for comps include: MLS, public records, a title company. Its possible there aren't any good comps.

[Jasmine Claye]

Thanks Jon,

So is it best to stay away from comps as the one above?
Also, if there are no good comps, how do I obtain the ARV? Best guess Value + repairs = Best guess for ARV?

[Jon Holdman]

AFAIK, zillow is populated from public records data. Generally the comps are valid. You need to get an agent to look on the MLS for you and see if there is something more.

If you're buying to rent, ARV doesn't much matter. Pay what works for you.

If you're buying to fix and flip, and can't find comps, move on to another deal. The appraiser won't be able to find comps either and you'll have a hard time selling.

[Mike Jakobczak]

Yea check with a local agent. If the property is located in a remote area, chances are the comps may be harder to come by. Knowing an agent that is familiar in these areas will be key since they will have an idea of what the values are around.