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Answers (5)
- B. May Johnson, Broker, "Haven Realty"
- Contributions:22
Not sure what you mean by "comp" but laws, rules and regulations vary from place to place; here we do CMA's which are (Current Market Analysis) for buyers based on most recent sales. This will give them an idea of what a buyer would be willing to pay for a similar property in that particular area at that particular time. Markets change.
Keep in mind, that if an agent is the listing agent for the seller and you ask for a CMA they can only give you one if it is in the sellers favor or best interest. He or she works for the seller. The listing agent is the sellers voice so to speak. You may wish to seek a buyers agent to represent your interest. It's part of a service I do for my buyers at no charge.
An appraisal is different, can be costly and is for lending purposes. It determines the max a lender will loan. If a buyer gets a loan the lender will order one. In Alabama if the sales price is above the appraised price this will automatically let a potential buyer out of a contract. If the person still wishes to buy they will need to pay any differences.
Hope this helps!
May@Haven-Realty.com
Keep in mind, that if an agent is the listing agent for the seller and you ask for a CMA they can only give you one if it is in the sellers favor or best interest. He or she works for the seller. The listing agent is the sellers voice so to speak. You may wish to seek a buyers agent to represent your interest. It's part of a service I do for my buyers at no charge.
An appraisal is different, can be costly and is for lending purposes. It determines the max a lender will loan. If a buyer gets a loan the lender will order one. In Alabama if the sales price is above the appraised price this will automatically let a potential buyer out of a contract. If the person still wishes to buy they will need to pay any differences.
Hope this helps!
May@Haven-Realty.com
- Randolph Leslie Smith, "RandolphLSmith"
- Contributions:156
Anything you get for free is usually worth what you are paying, nothing.
Quicky free comps take minutes and are pretty worthless.
Comprehensive, research and personal inspection of properties used for comparables takes time and expense, to the value of hundreds of dollars in some cases. However, if it is from a Realtor working for you, it should be included in the agreement and only one of the many services provided to you at no extra charge.
An actual Appraisal is a different animal, and will probably cost hundreds, just call some local appraisers to see what their rates are.
Quicky free comps take minutes and are pretty worthless.
Comprehensive, research and personal inspection of properties used for comparables takes time and expense, to the value of hundreds of dollars in some cases. However, if it is from a Realtor working for you, it should be included in the agreement and only one of the many services provided to you at no extra charge.
An actual Appraisal is a different animal, and will probably cost hundreds, just call some local appraisers to see what their rates are.
- Orin Sherman MBA
- Contributions:53
It is usally a free service provided by local REALTORs
- Connie Wildasinn, "Connie Wildasin"
- Contributions:1178
a comp comes from and agent, NO charge... we do this all the time... of course no agent will want to run your tons of 'comps' without compensation... what are you trying to 'comp' ? or do you really need an appraisal or ?
- Tracy Larkins, "Cobalt Financial"
- Contributions:649
Usually you can get a comp at no charge, it just depends on the appraiser and if it's someone you may have worked for before on previous appraisals. I would call a couple appraisers to request a comp and see if they charge a fee for their comps. Hope this helps!
how much does a comp cost? thanks
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