CoreLogic's Homestandings tool, a grading report that helps real estate agents assess the overall purchase quality of a foreclosed property, is now available for Re/Max members who use its Mainstreet website.
Homestandings combines property, neighborhood and market characteristics to provide a complete understanding of a home's value, marketability and rent potential. Additional data that are looked at in the report includes area pricing, surrounding market conditions, crime rates, schools, estimated market rent and investment opportunities.
“Homebuyers and sellers are always anxious to understand the true value of their home, and increasing numbers of investors will appreciate this information in analyzing the specifics of their real estate investments,” said Mike Ryan, executive vice president of global communications and branding at Denver-based Re/Max.
The report also includes a profitability grade that helps agents quickly identify potentially lucrative foreclosed properties that are eligible for resale. When reviewing 115,000 nationwide properties that were sold as foreclosures and then resold six months later, the Santa Ana, Calif.-based business provider said homes that received an “A” grade in the Homestandings report had a resale profit that averaged $81,000 more than “D” and “F” scores.
With Homestandings, CoreLogic said agents can offer more value for the home to a future buyer, seller and investor by helping to manage risk, deciding whether to sell or rent properties and performing due diligence before purchasing distressed assets.
“While limited information is available on consumer websites, stakeholders with real dollars on the line rely upon the information brought together by CoreLogic,” said H. Harper Thorpe, vice president of real estate solutions at CoreLogic.