Hey guys, so we are working on a deal and need some advise. We have been working on a REO (double closing) deal, we received comps from our realtor and ran a few of our own, ran the numbers and submitted the offer. It got Accepted, YAY!! As we were prepping the email to blast this to our buyers we realized that the comps we used were mostly about a year back, with only one recent sale...we are worried that if we market the property to our buyers with the comps we used they might not see the profit and in turn might not think we know what we are doing (want the #'s to make sense.) Can someone give us some insight? Should we just back out of the contract?
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Quick advice
I'm not an expert here and I am new here to this site. Have you thought about looking at similar sold properties in like neighborhoods as close to the subject property as possible. Just a thought. The other thing you could do is find out what the percentage of increase or decrease in properties values sold a year ago vs today. Again, you might have to look at similar neighborhoods as close to subject property as possible. I hope this helps and that I'm not overstepping my grounds.