I am doing a BPO on a condo, and there is only 1 active in the complex. Is it better to use Pending sales as actives, or am i better off going outside of the complex to get actives?

thanks!

You want one active inside at least...and one sold if possible. (By the way, I have a company now that will not let me do a BPO on a condo without at least 1 sold in the complex... just lost a job cause it was an 8 unit complex, damn, but they gave me a trip fee)

After you've got one, it really is a question whether or not the ones from other complexes are that comparable or not. Unless the complex is real unique I like to have at least one from somewhere else.

As for using a pending for a listing comp, no problem... we all know that it ain't over till the fat lady sings. Pending=Active

thanks for the reply, Gary. I just did a search and came across a few threads on it. (Sorry gang, should've done that in the 1st place.)

I use pending listings for my active comps all the time. If it's not sold, it's active to me.

Ditto Gary and Ohio Agent. I just note that the sale is pending and how long it took so DOM is accurate.

How do you do comps on lots/land? I'm having a hard time find anything w/i the last 2 years and the bpo is asking for comps w/i 6 months. Are bpo companies usually more lenient on lot/land bpos with timeframes? Thanks for the help

Go further out if necessary. Sometimes have to check different counties and make adjustments. Some land listings in Sacramento county have been sold via option or directly to buyer and not on MLS. Try pulling comparables via title company website. Here I can use Title Advantage. Anytime I have to go back further in time I just make lots of notes. I think 2 years back is pushing it.

I've used pending before if I don't have enough actie only. We have active, active under contract, and pending sale. None of those are guaranteed sale, so are still on the market, IMO.

I use pendings all of the time and I indicate that the property is pending. If the specs of the property are similar, it should not matter. As far as finding comparable land, I would go further out before I would go back 2 years. Eldorado, I have had to cross zips/counties several times and then I note that by doing so does not affect the marketability/saleability of the subject. (of course you would only want to say this if it were true/accurate).

Allen Team, Yes I guess I should have been more specific about the adjustments but for example, being a former valley dweller myself, I sold 13 acres ag land in ElK Grove for $3Million. The same 13 acres on Grantline in Sacramento would get under a Mil. You have to take into account development nearby etc.