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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Determining the FMV of a fixed up foreclosure.. Posted by Ward-CA- on April 14, 2003 at 6:03 PM In Reply to: 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 =•=•=•=•=•=•=•=•=•=•=•= Fred, Getting an exact, precise value for a typical house doesn’t really happen, nor does it have to. Determining the approximate value of a house is all you need in this game. You will get close enough if you take an average of three recent sales prices of like property (comparable in size, age and amenities) in the same area (Thomas Bros. Map coordinates). In a fast, busy market like the one we’ve experienced here in So. CA in these last few years we have tightened up on the time frame of our comps to mean within the last 60 days. To insure we get at least three decent comps we use three different databases from three different services (AIRD, MLS and DataQuick). The data from AIRD comes from local appraisers, while the data from MLS comes from local real estate agents, and the data from DataQuick comes from the assessor’s office. Hope this helps. Follow Ups: 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 : =•=•=•=•=•=•=•=•=•=•=•= : Fred, : Getting an exact, precise value for a typical house doesn’t really happen, nor does it have to. Determining the approximate value of a house is all you need in this game. You will get close enough if you take an average of three recent sales prices of like property (comparable in size, age and amenities) in the same area (Thomas Bros. Map coordinates). : In a fast, busy market like the one we’ve experienced here in So. CA in these last few years we have tightened up on the time frame of our comps to mean within the last 60 days. : To insure we get at least three decent comps we use three different databases from three different services (AIRD, MLS and DataQuick). The data from AIRD comes from local appraisers, while the data from MLS comes from local real estate agents, and the data from DataQuick comes from the assessor’s office. : Hope this helps. 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

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