InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Comps and confusion... Posted by 2nd Fred on April 14, 2003 at 12:58 AM Hi Ward, My question is how can we find the most accurate fair market value of a home? I've been using airdport.com, dataquick.com, domania.com, MSN House & Home, Chigago title and a local real estate broker and what seems to be the norm is nothing is the same. Plus, these services don't say, "this house is worth this much", just what other properties sold for in the area. What's the trick to taking a list of 25 comps from these sources and coming up with a figure that represents the FMV of a home. Do you average all the comps and get a price based on square footage? Do you try to look at the ones closest to the property and see what they sold for? (Then what to do if the comps sold more than a year ago?) Give me the math that I need to do to figure this stuff out, please. I even went so far as to use Shark Bait and did a comparison with the other services and they were off too. To me, this is the most important part of this whole industry. If you don't know, within a few thousand dollars, what the FMV of a piece of property is you're dead in the water. Thanks, Fred Follow Ups: Re: Comps and confusion... SeanW 6:17 PM, 04/14/03 (0) Determining the FMV of a fixed up foreclosure.. Ward-CA- 6:03 PM, 04/14/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi Ward, : My question is how can we find the most accurate fair market value of a home? : I've been using airdport.com, dataquick.com, domania.com, MSN House & Home, Chigago title and a local real estate broker and what seems to be the norm is nothing is the same. Plus, these services don't say, "this house is worth this much", just what other properties sold for in the area. : What's the trick to taking a list of 25 comps from these sources and coming up with a figure that represents the FMV of a home. Do you average all the comps and get a price based on square footage? Do you try to look at the ones closest to the property and see what they sold for? (Then what to do if the comps sold more than a year ago?) : Give me the math that I need to do to figure this stuff out, please. I even went so far as to use Shark Bait and did a comparison with the other services and they were off too. : To me, this is the most important part of this whole industry. If you don't know, within a few thousand dollars, what the FMV of a piece of property is you're dead in the water. : Thanks, : Fred Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455