anyway to get instant data information on a property?

[startingnow]

Hey guys, we are looking at a house we are happy with to purchase, but its become a bit of a bidding war between us and i assume another 2 buyers. Trying to get some instant imformation on an estimated land value, as its quite an odd house.

ive done some google searches, and the sites i have found that give an approximate value, are telling me that it will take atleast 24 hours to get the imformation after making payment?

We had a mortgage broker who was over a week or so ago, which got an instant approx value on our place through one of his programs he had, as soon as he typed in our address.

Can anyone point me in the right direction.

thanks in advance

 

[Xenia]

Most agents use a comparative market analysis to price properties. That is comparing similar properties sold within 6 months in a radius around the property using RP data sales figures, properties on sale now on realestate.com.au and other sales websites and recent sales (not yet on RP data) provided by RE institutes.

I'm not sure if there is anything that can give you an instant price except the above research and your own discretion.

It's probably not what you wanted to hear but that's how properties are priced by those of us who come up with the figures to put them on the market at.

 

[startingnow]

thanks for the fast reply xenia. Thats what i have been doing for the last couple of weeks, there just hasnt been many sales in the last 12-24 months.

Ah well, it was worth a try. Hoping there was an instant approx price before we put in offers any higher. I think it still seems like its going for a bargain, but very hard to compare with not many sales in the direct area.

 

[Roachy]

onthehouse.com.au will give you past sales figures, it may help.

 

[Xenia]

ahhh love those unique properties with no sales data.

that's when you have to get creative and look far into distant areas and make assumptions and extrapolations and get many different opinions from other people. Lot's of fun.

Hope your offer get's accepted. all the best

 

[Lil Skater]

Simple, the "value" of a property is what YOU think it's worth, what price you put on it and what price YOU are willing to pay.

There's nothing to give you an exact price - this is due diligence.

You can easily get an estimated market value by doing your own research on RP Data and even RE.com with sold prices or talking to agents.

But as I said, the value of the property is what you put on it. Don't pay more than you believe it's worth and don't get emotionally attached to the property, or you may well end up paying way too much.

 

[luckyone]

One of the mortgage brokers on here might be able to send you a Residex report which will give you more of an idea on the price.

 

[startingnow]

ah, thanks luckyone. Well if there is everyone here who is a mortgage broker here, or anyone that has access to that program you talk about, it would GREATLY be appreciated if i could PM you the address. Looks like its nearly sale time, and im getting a little nervous that we may think its worth allot more than we are thinking of offering.

 

[artlez]

This is probably going to seem like advertising since I'm now posting it twice lol but I honestly thought this was worth trying even if you cancel it the day after. It's called PDS live and it's a similar service to rpdata or residex I think but you can try it for 3 days and cancel it afterwards. That's what I did and I've had no problems. It gives you comparable sales within the area and give you an estimate price. It estimated a house price a few thousand more than rpdata but overall you have nothing to lose if you have a credit card on hand and remember to cancel it before the 3 days are up (you have to call)

 

[jaycee]

One of the mortgage brokers on here might be able to send you a Residex report which will give you more of an idea on the price.

I may be using my recently recceived reidex report very shortly to make an offer

 

[startingnow]

where did you get a residex report from jaycee?

 

[cadence]

combank's new iPone application ... apparently you just point your iPhone at the property and it'll give you heaps of info - its all free....... wish I have an iPhone

 

[Jamie M]

Hey Startingnow,

PM me the address and I'll get one sent to you.

Cheers,

Jamie

 

[Gentle_Chief]

combank's new iPone application ... apparently you just point your iPhone at the property and it'll give you heaps of info - its all free....... wish I have an iPhone

But do you have to physically be at the location?

 

[geoffw]

But do you have to physically be at the location?

No- you can enter an address anywhere to get a summary of RPData.

 

[jaycee]

Geoff,

cheif was referring to the i-phone application

Not RP Data in general

 

[geoffw]

Geoff,

cheif was referring to the i-phone application

Not RP Data in general

And so was I.

The Commonwealth "Property Guide" app draws on RPData, and allows sales history to be displayed for any suburbs which you may choose to enter.

I hadn't even realised that a property next door had been sold until I viewed the app- it had been DHA until the sale, and there was never any advertising posted at the house.

(The "Reality Search" whcih was referred to at the start does not work for iPhone 3G, just 3GS and 4- so other search criteria are the only way it can be used).

 

[jaycee]

Pretty cool I guess..

Now how do I access the same on my laptop ?!

 

[luckyone]

where did you get a residex report from jaycee?

PT Bear will send you one for free if you send him an email

Thanks PT Bear