I can't remember the exact amounts but in my downloaded list a property had a Market Price of like $5K and an Offer Price of $1250.
I was about to send out an offer at this Offer Price but I decided to run a Comp Report.
Well, the Comp Report gave a Market Price of like $22K and an Offer Price of like $5.5K.
So, now I don't know what Offer to make.
If I make an offer of $1250 and the property is really worth $22K, I might insult the Seller because it would be 6% of Market Value.
But if I offer $5.5K and the property is only worth $5K, I lose $500 plus the cost of selling it.
That's why I'm wondering what to do. I'm guessing that the Comp Report should be more accurate but how much more accurate?
Thanks!
UGH! I responded to this a couple of weeks ago and forgot about it, but the system didn't post my response and question.
Then I just tried to repost it five minutes ago and that new response didn't get posted. There's something weird going on.
So, I'll try for the third time and then copy and paste this for saving in case it too doesn't get posted.
Regarding your first point, I did download the initial list with Geo Pricing. And I did not change anything when I tried to run a Comp Report:
Now I have two questions and concerns.
First, which pricing model is more accurate?
If they are both more accurate in certain circumstances, what are those circumstances so that I know when to use one or the other?
Second, is there some way to run a Comp Report with Geo Pricing so that my offer matches the Comp Report? Because right now, it's lowering my confidence in the pricing estimate and my partners then question why there's such a large discrepancy.
Finally, if there's no way to get a Comp Report with Geo Pricing, could you add this feature really soon? Honestly, I don't understand why it's not already a possibility.
Thanks,
Ed
Hi Ed,
It's hard to say without knowing the property information. It's possible that you chose an alternate form of pricing in the initial list (i.e price with only sold comps, adjusting the distribution, adjusting the default county market value, etc). While we enable you to do this during export, the comp report uses our standard pricing configuration. This is usually the culprit when there is a large difference between prices.
If you would like to submit a ticket and provide to us the reference id of your export and the APN of the property in question, we would gladly look into this further to ensure nothing weird is going on!