Forums **Ask A Question** I’m having a hard time finding Comps

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  • #24920
    Brandon Wong
    Post count: 7

    So i’ve already asked the FB community this but I wanted to ask LI. I got my first response on a mailer and he stated that he didn’t want to get less than he put in, $15K. So i decided to do my due diligence, and couldn’t find any comps except for 2 or 3 from 2018 for $24K and $27K. I was wondering how to find current comps when the nearest is 50 min drive away. I was suggested to call a realtor, but I didnt know how to approach it. Do I say that i have a deal going through for this specific property and i was wondering what the area was selling for because i was looking to flip it? You know try to get as much info as possible without listing with them. The only thing about doing this is that I feel you probably would have to trick them for the info, and I would rather not burn that bridge and have them bring me buyers for the property later.

    P.S. I knew i should’ve priced each town in this county differently, but i heard Jacks voice saying “just get the mail out there”

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  • Kevin Farrell
    Post count: 1576

    Brandon – You didn’t say what your offer was but it was probably lower than $15K and appropriate for what we do. I would accept $24K as the comp for this property. That means I would want to sell for about $16K and might need to drop to $12K if it won’t sell quickly. I would not buy this for $15K.

    Don’t try to force this deal. He wants too much for you to make a profit. Move on.

    Kevin Farrell - Moderator
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