Your proposal should also include a comparative market analysis also known as “comps.” This report or other similar market analysis will indicate current property sales, property values, and “days on market” statistics in the subject property area. This information is used to support the seller’s allegation that the property cannot sell for the loan amount owed and that conditions for a full price sale are unfavorable. A real estate agent can prepare a CMA for you showing pending sales and the number of properties sold in the past six months. This is all helpful when making your case to the lender.
Posted on: Fri, 03/19/2010 - 17:26