How does Shark Bait determine the value of the property?
After you enter sales comps SharkBait creates a database of all previous sales comps in your area, sorting them by their geographic area, e.g. the subdivision, adjacent subdivision, and zip code or a map code. It then uses these databases to compute the approximate value of any new foreclosure records (when you import them into Shark Bait) based on an average values per square foot for previous sales in the same geographic area. Shark Bait first looks to the actual subdivision the subject property is located in. If it can’t find any comps, it radiates outward and looks to the adjacent subdivisions. If it still can’t find any comps, it looks to either a map code (typically 1/4 mile square area), or the zip code the subject foreclosure property is located in. This is basically how appraisers do it. Shark Bait is usually within a few percentage points of the actual current market value.
Related Questions
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- How does Shark Bait determine the value of the property?
