Comps for REO's

Your agents should get REO comps for you. Sounds to me like you have a lazy agent and might need to find another one. I don't see how could you tell what kind of property sold REO or FSBO on any website. Agents has access to the MLS and there you can tell is it was a REO and what it sold for.

Your agent should be able to get you comps. It only takes five minutes (I am an agent).

Regarding REO comps, All you should be interested in is ARV. It is hard to gauge REO's because some will sell at full market value and some will be deeply discounted. It depends on the condition of the property. Even then, some of the REO agents price them too high.

The banks know the market is better now, so they are not discounting their properties nearly as much as they did a couple of years ago. In the area I work, I haven't seen a really good deal in months and the couple that did come on the market, there has been as many as 30 offers on them the first day.

I would just price the one you are looking at and break down the rehab costs, profit margin, closing costs... and make your offer from this.

Good luck,
Jim

Thanks to both of you, Reynold and Jim for taking the time to reply.

I was asking about the comp's for REO's because of something Matt Larson said about obtaining them so you know where the bottom of the market is in any particular area.

I appreciate the info. Thanks so much!

warmest regards,
Lisa Richardson

Finding comps on REOs is a subject brought up by Lisa R. My take on it is that depending on the are where property is located, they vary in percentages. You may want to check on Zillow and Trulia to get some kind of idea of comps per area based on properties SOLD prices. You should be able to get this info from a realtor as well. Its o.k. to be in contact more than one realtor at once, 'cause no one KNOWS IT ALL. Best wishes to you & Continued Success To All.