You’ve got a potential buyer wondering whether or not a property is a good value. A client is interested in making an offer on a Short Sale or REO and you want to convince a bank to accept the offer. Or you have a client looking to sell who needs assurance as to how to price the property.
The range of search criteria in PropertyRadar enables real estate professionals to develop an accurate list of comparables to convince buyers of a good value, persuade lenders that an offer is sensible or permit sellers to price appropriately. Foreclosure Comps are also an indispensable tool for investors in their financial analysis and appraisal of potential investment properties.
Foreclosure Comps are powerful and easy to develop, following these few simple guidelines and steps.
Search. Search broadly. Using the PropertyRadar radius or map search functions, generate a range of potential comparables. Conduct your initial search with a limited number of criteria. It’s better to have too many properties to select from than too few.
Select. Narrow your list of properties by selecting criteria that meet your specific property requirements. You’ve narrowed the search area, now refine the search by beds and baths, square footage, estimated values, and other features.
Print. Print your selected properties, with maps, showing areas and values to:
Convince uncertain buyers
Determine the best the best place to buy
Negotiate the best
Convince lenders to an accept an offer
Using Foreclosure Comps
Remove the fear, uncertainty and doubt of home buying by incorporating Foreclosure Comps into your opportunities analysis. With a clear picture of potential REO listings for the next 6 to 9 months, you can get listings priced to sell, buyers off the fence, and your bank offers approved.
Get sellers priced to sell. Want to move a listing quickly? See what banks are accepting for discounts on properties at auction. Generate reports on competing properties not yet listed but could significantly impact price.
Coupled with comparables from pending, listed and sold properties from an MLS, Foreclosure Comps provide the necessary insight into a market so your listings are priced appropriately.
Get buyers off the fence. The fear of declining home values is stifling. Assure your clients of the value they are looking for and calm their fears. Understanding the foreclosure market and providing clients with insight will motivate buyers and eliminate the uncertainly of the market. If they’re certain they’re getting a good deal, by seeing comparable properties (in a similar price-range) not yet on the market, they’ll be more likely to make an offer.
Get bank offers approved. It’s all in the numbers for the bank. If you can show them that your offer is sensible and that the pending foreclosures in an area are sure to impact the price of a house on their books, or recently in default, they’ll be more inclined to accept an offer. Banks aren’t in the business of selling property. Educate and inform, get the facts, make the case and get those bank offers approved with Foreclosure Comps.