All Forum Posts by: Jei Mercado

@William Haynes Very well said and makes a lot of sense. I like that "what is easier to put a value on" I didn't think about it that way and given the amount of properties these folks probably do they'd probably take the most convenient route. Thank you!

@Jordan Ray thanks for the offer! if I find something again i'll let you know. I noticed these deals move so fast its hard to do these calcs quickly to make a decision.

@William Haynes thanks for the response! from your experience do you know if appraisers would choose closer comps but adjust a different search criteria such as a lower br/ba criteria and adjust the arv by 5-10k on a lower lower room or bathroom count or would they prefer a property further out just to match that criteria. this is probably a case by case basis.

@Allie McAlister thank you for the detailed response! yeah that was exactly my concern too with regards properties sold around that 3 year time frame. i'll definitely reach out and let you know.

Hi Jonathan, thanks for the quick reply. I'm looking at SFH in the Memphis, TN area (38128). I don't believe anything too crazy. I've only filtered by sold 0-2 years and br/ba which is why i'm surprised. If I changed the filter to around 3-5 years then I can see 1 or 2 properties but i'm not sure if that is enough for an appraiser to use.

I'm fairly new to real estate so if there is any feedback on what I can get a better idea than that would be awesome. There are some areas I can see a good value so my question was more related what about areas that don't have with in a 1 mile radius or haven't sold anything nearby since 5 years ago.

New investor here trying to see what everyones experience has been like. I often run into situations where I can't see nearby comps for a deal i'm working on that are within a 0-3 year window of being sold. Would an appraiser consider a similar property that was sold awhile back or something that is further but within a more recent time? 

Would yall also have any recommended free and paid services to get nearby comps easily? I'm using a combination of MLS comps provided by realtor, redfin, and backflip analysis tool.
 

Thanks in advance for your input!