NO Comps to be found

[D Mack]

I know this may sound like a silly question. But what do I do when I can't find any comps for a particular property. Ive went sales in the past 6 months. Then i stretched it out to sales in the past year. I had a realtor comp it. She couldn't get any good comps. Is this just a bad property in a bad area. What should i do here guys?

[Nathan Gesner]

There are a lot of variables that you haven't shared with us, but it's very rare that you won't have any comparables.

Say your house is a 3bed/2bath and you can only find 2bed/1bath houses that sold in the past year. Your agent can still run a price per square foot on what has sold and then value your home as a price per square foot. They can break it down by price per bedroom, price per bath, value of garage, etc.

If your agent can't figure it out, then it may be time to part ways. I guarantee the appraisers are able to come up with a valuation for the bank, so maybe you need to pay for a formal appraisal.