Does everyone use real estate agents?

[tbodley74]

Do all of you use help from a real estate agent to get you comps on properties you are getting under contract? I had an agent that agreed to help get me comps on vacant properties in my area. That was days ago and it is taking a long time to get any results. Do I have to use an agent to help me figure home values? Or can a person still be good at finding comps without using an agent? I am temepted to do this alone seeing it is taking some days for the agent to look over my list to see what the home values are.

[jmd_forest]

My experience has been that nearly all agents are useless ..... sometimes less than useless and actually an impediment to getting a deal done.

[tbodley74]

Are they really that bad? I mean they must be good for something. Right?

My experience has been that nearly all agents are useless ..... sometimes less than useless and actually an impediment to getting a deal done.

[HPM]

They are good for a set of keys (or key combo).
If I could let myself in to view houses on the MLS I wouldn't use an agent.

[tbodley74]

Yeah but what about comps? Can a person be good at getting accurate home values without agents and how so?

They are good for a set of keys (or key combo).
If I could let myself in to view houses on the MLS I wouldn't use an agent.

[jmd_forest]

In my area I use the NJ Association Of County Tax Boards web site for comps. In addition to having sales prices on sales from the MLS, they also list every private sale so you get the whole picture of what the neighborhood is worth. It definitely takes more work than using the MLS and I can see where it might be less useful in certain areas of the country, but it works well for me and in my area.

Also, Zillow is a good source for sales and sold info, just take their "zestimates" with a grain of salt.

[HPM]

Zillow pulls comps too. They facture those into the zestimate (I assume)
I look at the Zillow comps, in addition to the zestimate.  They aren't as good as a realtor's comps.

[tbodley74]

My state needs a website like New Jersey. I was going to use Zillow until I heard all the negative feedback about their home values not being reliable.

In my area I use the NJ Association Of County Tax Boards web site for comps. In addition to having sales prices on sales from the MLS, they also list every private sale so you get the whole picture of what the neighborhood is worth. It definitely takes more work than using the MLS and I can see where it might be less useful in certain areas of the country, but it works well for me and in my area.

Also, Zillow is a good source for sales and sold info, just take their "zestimates" with a grain of salt.

[tbodley74]

I heard the same thing about Zillow. Would it be ok to use Zillow alone to pull comps? Or do I have to use a combination of websites to figure up the home values?

Zillow pulls comps too. They facture those into the zestimate (I assume)
I look at the Zillow comps, in addition to the zestimate.  They aren't as good as a realtor's comps.

[andydallas]

no, do not use Zillow and think you have a good idea of what a property is worth,,if you want to use it as one of many tools in the early stages of your due diligence, then fine, but it will not give you a "solid number", only comps you find (how ever you find them) taking into account age, condition, sq. ft., amenities, etc can give you a true idea.

If you focus on one or two small areas, you get to be the expert on values in those areas by studying every house that is sold, leased, for lease, etc,,,when a house sells you would have probable looked at it, so you know everything about it.

As you buy houses in other areas close by, you learn the values in those areas,,but you can't do this if your just buying any house in any area that is a "good deal"

My hard money guy uses the same appraiser (this is allowed because he isn't selling the loans), I have become friends with the appraisal after he has done a lot of work for me,,if I'm not very confident on what a property is worth, he will look up comps and give me a rough idea without doing an appraisal,,don't try that with an appraiser you just meet or hardly know,,but this guy has done many appraisals for me

[tbodley74]

I just need something that will figure up the ARV on some old junkers I want to wholesale. Why are you the only one saying do not use Zillow? 

no, do not use Zillow and think you have a good idea of what a property is worth,,if you want to use it as one of many tools in the early stages of your due diligence, then fine, but it will not give you a "solid number", only comps you find (how ever you find them) taking into account age, condition, sq. ft., amenities, etc can give you a true idea.

If you focus on one or two small areas, you get to be the expert on values in those areas by studying every house that is sold, leased, for lease, etc,,,when a house sells you would have probable looked at it, so you know everything about it.

As you buy houses in other areas close by, you learn the values in those areas,,but you can't do this if your just buying any house in any area that is a "good deal"

My hard money guy uses the same appraiser (this is allowed because he isn't selling the loans), I have become friends with the appraisal after he has done a lot of work for me,,if I'm not very confident on what a property is worth, he will look up comps and give me a rough idea without doing an appraisal,,don't try that with an appraiser you just meet or hardly know,,but this guy has done many appraisals for me

[nemmert]

Zillow is notoriously inaccurate... as he said, it may not be a bad place to start... but you definitely don't want your wallet on the line based on a zillow number.  Before making an investment that's going to tie up tens of thousands of dollars, you owe it to yourself to be much more thorough in your research.

[andydallas]

here is why you don't use Zillow,,,here are some properties I have bought or refinanced in the last 60 days and have current appraisals on

                zillow             appraisal

house 1   96,000            110,000
house 2    79,200            100,000
house 3    108,000            97,000

two are low, one is high,,, work with an agent and get them to give you comps or tell them you need help establishing value, find a new agent that needs the practice, they will be happy to help if you are a serious buyer and can get financing

[tbodley74]

Looks like Zillow is out of the question for me. What if I can't afford to pay for an appraisal? The agent that was supposed to be helping me is not getting back to me. Not having an accurate ARV is the only thing holding me back from making offers and getting properties under contract. I got to have that. I am a serious buyer looking for a good deal to flip. I can get funds to help me flip the deals in case no one allows assignments on the deals.

here is why you don't use Zillow,,,here are some properties I have bought or refinanced in the last 60 days and have current appraisals on

                zillow             appraisal

house 1   96,000            110,000
house 2    79,200            100,000
house 3    108,000            97,000

two are low, one is high,,, work with an agent and get them to give you comps or tell them you need help establishing value, find a new agent that needs the practice, they will be happy to help if you are a serious buyer and can get financing

[Mdhaas]

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