Comparable or COMP
Real Estate Investors need property comparables or COMPS to determine the after repair value ARV of an investment property. The ARV number will be used to calculate Maximum Allowable Offer MAO.
Real Estate Agents have a nice tool for getting COMPS or Comparables for properties because they have access to the Multiple Listing Service MLS. Investors need to find comparables using other resources.
FREE COMP Tools
Luckily, the internet has provided FREE COMP Tools for Real Estate Investors. Below are several services that can help investors determine property comparables:
- Bank of America Property COMP Trend Report.
- Trulia Real Estate Comparables for Local Markets.
- Zillow Real Estate Comparables by Zip Code.
FREE COMP Tool from Miami-Dade County, Florida
I found a "FREE" comparable or COMP tool provided by Miami-Dade County, Florida. It provides all the closed sales recorded by the county within a specified area, time period and radius. It isn't very dynamic but it gives you an idea of what is happening in a particular neighborhood you are thinking of investing in.
The video below specifies how to use the particular tools discussed in this posting. See below:
If you want to access the Miami-Dade's Real Estate Comparables go to: Miami Dade County Closed Sales Database.
Remember! Look for the link "My Neighborhood".
Related Links, Blog Postings, Presentations or Articles:
|Written by Bob Burns.|
|COMPS Baby, COMPS!
Real Estate Investor
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