Can’t find comps on property?

Question

Hi there! Has anyone ever had trouble finding comps on a property? If so what should I do? Should I just move on to another property? Is there somewhere else to look for comps? Anyone have any info? Thanks!

David Lee Hall, III · Answer

I run into this in coal camp towns all the time. No one is improving homes there but there are sales. Honestly in these cases 70% of ARV minus repairs is pointless. Look at what people are buying properties for - $20k/$30k/whatever. If you plan on wholesaling know you need to get the contract for $5-$10k to move the house.

Now if there isn’t a single sale in the last 5 years to reference - I wouldn’t offer cash, only seller financing with terms based on rent rolls for the area.

Patrick Drury · Answer

@Jacob CuellarYou should reach out to your agent and ask for sales comps.

Curtis Boardman · Answer

You can try Realtor.com to view pending and listed properties of similar square footage, bedrooms etc...for a ball park comp. Obviously, these haven't closed so you won't know the exact price. Consulting an agent may be the best way to go. If your realtor weakens your negotiation, you have the wrong realtor. Most realtors have access to RPR which can comp a property just about anywhere in the nation.

Jacob Cuellar · Answer

I have heard some realtors will provide comps, but does this weaken my negotiation? I’m worried if I don’t have any comps to show or compare I weaken my hand. Is this true? Or just me getting in my head?

Dwayne Poster · Answer

This is where a Realtor comes in very handy.

Jacob Cuellar · Answer

I’ve been using Zillow, Redfin, and Propstream, but for some properties I’ve tried looking into there are no flipped/better condition properties listed or any listed at all.

Curtis Boardman · Answer

What sites have you used to find the comp?