Being in the mortgage industry we see and study the ebbs and flows of the…
A Property Sales Report is a document that details information about a specific property. This includes the current status and estimates as well as historical information about past sales and changes.
Some things that are included in a Property Sales Report are:
- Estimated value: This is the number that most people want to see. The estimated value of the home is based on the current market, as well as facts about the home.
- Information about home: This is where the number of bedrooms and bathrooms are listed. You can also see extra amenities, such as a pool or garage. The square footage is another key piece of information.
- Land size: This is more important in rural and suburban areas, where the land around the home can be a big selling feature. You can often see the lot size and setup in an aerial view.
- Past sale information: Check out when the home last sold as well as how much. You can look back quite far to determine if the home appreciated over time.
- Past foreclosures: If the home ever sold for an unusually low amount, it may have been a foreclosure. You can see if the home ever went into foreclosure, as well as the outcome.
- Neighborhood demographics: Look at what school district the home is zoned for, as well as any notable information about HOAs or other community organizations that the home falls under.
- Comparable properties: It helps to look at this section with an experienced real estate agent who can help you decipher why certain homes nearby are listed as comps and what you can do to make the most of this home’s buying or selling potential to get the best deal.
A property report is not a required part of the home buying and selling process. But it can be a very useful tool to determine what a property is worth.