I am negotiating a Purchase and Sale Agreement. How do I search recent comps to leverage the market

Profile picture for spoffordchris
I am a commercial agent, representing myself.
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October 20 2009 - Lawton Park
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Answers (9)

Profile picture for geordy
Given that the original post was dated October of 2009, I'm sure he figured it out by now.  Please let this old thread rest in peace.
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February 21 2011
Profile picture for NVST in homes
go to the John L. Scott website. You can look at the area where the property is located and see all of the available and sold properties. This should give you a good idea. Also, drive by the "comps" to make sure they are really comps. Where is your agent/broker, by the way?
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February 21 2011
Profile picture for Peter Andres
Check the homes sold in the neighborhood and the sold prices. Also check the days on the market for the current available homes and the sold homes. Make sure you are comparing like homes.
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October 28 2009
Profile picture for nwhome.us
You can't search the NWMLS, because you don't belong, right?  There are a number of CBA members who find that being able to list commercial properties on the NWMLS makes membership pay for itself.  There are a number of commercial listings there.
I think that a lot of us who represent residential buyers tend to do a lot of touring of listings in the neighborhood.  There are some strong arguments in having seen the properties.
Maybe start with your residential appraiser, who will be a NWMLS member.  You may not need to borrow, but if a property doesn't appraise for the listing price the seller needs to know that.
Most of the large company sites, and Zillow, include sold listings; the margin of error on their comps is something like 50% which isn't a very convincing argument.  Look at the listing phots though for more information on the property condition. 
 
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October 28 2009
Profile picture for Tonya Brobeck
Can't you pull recently sold comps out of the MLS?
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October 21 2009
Profile picture for JonnyOrlando
Chris, you need not go it alone.

You can get the help of a local REALTOR who specializes with Buyers (a Buyers' Agent). As you hold a real estate license, you can certainly request a split on the commission they will receive for helping you with the negotiations, contract and closing. And, it is very legal.

In this market, many GOOD agents are willing to take this business opportunity rather than have you work alone on it. You get to learn a bit on the residential side of the business, get some of the commissions, and help another professional by letting them do their job for you and get paid for it by the seller. Everyone wins.
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October 21 2009
Profile picture for spencer
Video here.
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October 21 2009
Profile picture for laurencassill

www.cbbain.com displays sold properties.  You can zoom in on the neighborhood you are interested in.  Just check the "view sold properties" and they will show up on the map.  If you scroll over the icon you will get the basic characteristics of the sold property. 
A real estate agent would also be able to pull comparable sales for you with the corresponding statistics. 

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October 21 2009
Profile picture for daveskow
Zillow  should have some sales data on recents sales in neighborhood you are looking at

other ideas to get  recent sales data  include .....asking title firm...asking appraiser firm...asking  a loan officer  for this data  ( most of this data is realtively easy to provide  at no , or low , cost )
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October 20 2009
 

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