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Instructions for collecting comps (comparable properties):
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- Obtain detailed printout on subject property.
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Get detailed printouts from 5 to 10 similar properties that have sold in the same neighborhood
within the past 18 months (these are known as "comps", and they must have recently sold. Currently
available properties will not suffice.) The Realtor® who sold you your home should be able
to provide this information to you very easily. If you can't get in touch with your past
Realtor® and wish to have a Realtor® affiliated with Automated Homefinder gather some comps
for you, click here.
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From those properties, select the 3 or 4 properties that are most similar.
(Try to find homes that are not more than 20% larger or smaller (not
including basement), have similar features such as views, bedrooms, bathrooms,
lot size, etc. Exact same floorplans are optimal, but dissimilar floorplans will
do as long as above grade square footage is similar.)
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If you can't find enough comps in the same neighborhood, try to find properties
within a 1 mile radius of subject property, and use them, but try to include as
many properties from the same neighborhood as possible.
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Once you have collected the 3 or 4 properties that are most similar to the
subject property, you are ready to begin the questionnaire below.
- Please note that making educated guesses about the attributes of the comps you use is acceptable.
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First we need some information about the subject property.
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Neighborhood Description:
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Overall Condition:
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Views:
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Backs to, Adjacent to, or on Busy Street:
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