RP Data

[Ketut]

Hi,
I am interested in making ann offer on a particular property and would like to use RPdata as my guide (I have never used RPdata before). When I went to the website and enter address of the property, it gives me option of property reports:
Detailed property report Price: $39.95 Provides an estimated value and full property sale and listing history.

Title document
A legal document that records the current ownership of a parcel of land.


Want to see an instant RP Estimate of the property value? Estimated value report Price: $24.95


I know the median suburb price, and the latest sale info in the area; but which report is best to guide me with my 'offer"?
Do I need to buy both property report and estimated value?
How do they different from data in 'onthehouse' value guide and recent sales?
Thanks.

 

[Peter_Tersteeg]

Send me an email with the property address (my email address is below) and I'll send you a $65 full Residex report for free. It's a very similar report to RP Data.

There is a lot of difference between the full price reports and the basic freebies.

That said, you should not base your offer soley on the information in a report. These types of reports are useful to assist your due dilligence, but only a small component.

 

[Ketut]

Thanks PT_Bear,
I will PM you shortly.

Send me an email with the property address (my email address is below) and I'll send you a $65 full Residex report for free. It's a very similar report to RP Data.

There is a lot of difference between the full price reports and the basic freebies.

That said, you should not base your offer soley on the information in a report. These types of reports are useful to assist your due dilligence, but only a small component.

 

[Jtkumnick]

The title document will tell you if there are easements & encumberances (mortgages, caveats etc) and the owners details.

The RP estimate of the value will be a statistical equation based on recent sales with the same property features, however i dont know if this would be worth the money as the features on rp data are very hard to get 100% correct and this puts errors in any autovaluation program.

The $39 report will give you a list of sales on the property and probably a smidgen of suburb data as well.

If you know someone with RP data, the best way to do it is to get a sales history on the property and the street so you can compare values. I would do it for you if the property was in QLD, but i cant get NSW.....

 

[Ketut]

I will only use data (RP or others) as a guide. I have emailed PT_Bear for his Residex data; and hoping it will help me to make the next move.

The prooerty was traded in 2007 for $298K; the current median price in the area is $321K; The house is average 3 BR, 1 bathroom 1 garage; (not yet advertised); hardi plank, tile roof, wood floor with tiled kitchen/bathroom. Structure looks good (will get B&P inspection); but tiles inside the house are cracking in many places due (probably loose floor board??)
Sink made of (fake??)corian-and extensively scratches.

They want offer $>365; but I only want to pay $345K max. I want to offer $330 to start with; but if I have RP data, it will be another support to my offer.

Ketut

The title document will tell you if there are easements & encumberances (mortgages, caveats etc) and the owners details.

The RP estimate of the value will be a statistical equation based on recent sales with the same property features, however i dont know if this would be worth the money as the features on rp data are very hard to get 100% correct and this puts errors in any autovaluation program.

The $39 report will give you a list of sales on the property and probably a smidgen of suburb data as well.

If you know someone with RP data, the best way to do it is to get a sales history on the property and the street so you can compare values. I would do it for you if the property was in QLD, but i cant get NSW.....

 

[boomtown]

How about you get a real valuation done by a reputable valuer and use that to support your offer. No one is going to take an automated valuation seriously. At least not anyone with any brains.

 

[CharlesNSW]

Is the residex report worth the premium over the rpdata property report?

 

[Peter_Tersteeg]

Is the residex report worth the premium over the rpdata property report?

I don't know if there is a premium on the Residex reports. I've had a few clients bring in their own reports from Residex and the consumer reports seem to have less information than the broker subscription reports. Comparing what I and other brokers offer to what most consumers purchase may not be a fair comparison.

In this case the point is moot because we don't charge clients for these reports.

As to which is the better report and more accurate, it's not easy to say. My observation is it can come down to the market cycle and the location. Some areas will be more accurate with Residex, and others more accurate with RPData. We have considered it, but the cost of having a subscription with both services does get a bit prohibitive.

 

[MKP]

I have made the offer based on many figures (including onthehouse, domain, info from PT_Bear, and my own observation during inspection (subjective value?). I am happy with the the 'offer' I made and it is now up to the vendor/agent to respond.

As for valuer, in the area most used 2 qualified valuers and both are also members of local REA.
I think they opinion will also around the figures from nay sources above (there is no one correct value!).

Thanks
MKP

How about you get a real valuation done by a reputable valuer and use that to support your offer. No one is going to take an automated valuation seriously. At least not anyone with any brains.