Sales or Financing Concession Amount

[woodburyowner]

I recently got an appraisal done on my property and noticed that the comps had this section filled in with information.  Do agents fill this information after the sale of a property?  I find it odd that this information would be entered.  For example, I see $17,000 listed in one of my comps and as a result, lowers the comp by this value.

 

[irvinerealtor]

I recently got an appraisal done on my property and noticed that the comps had this section filled in with information.  Do agents fill this information after the sale of a property?  I find it odd that this information would be entered.  For example, I see $17,000 listed in one of my comps and as a result, lowers the comp by this value.

A recent change (sometime last year?) in reporting on our board's MLS now requires brokers to fill this in as the property is moved into "sold" status. This helps appraisers make sense of what other parts of the deal were worked on, as they would not otherwise be recorded.
This still depends upon the reliability of the agent entering the info.
Some report everything, some don't report anything, and some report inaccurate info. It is still better than nothing, and a step in the right direction...
-IR2

 

[woodburyowner]

Thanks for the response.  The problem with this section is that the opposite would probably not be included.  For instance, on many short sales, there are deals where the buyer has to pay the seller to make the transaction happen.  For example, purchasing an appliance/used furniture for 10k or doing a lease back for a very low amount, etc.

 

[irvinerealtor]

Agreed, but if a lender is involved in either of those cases, that constitutes fraud. Someone that's willing to commit fraud is not going to worry much about what gets reported on the MLS... like I said, it's not perfect, but it's better than nothing.

Thanks for the response.  The problem with this section is that the opposite would probably not be included.  For instance, on many short sales, there are deals where the buyer has to pay the seller to make the transaction happen.  For example, purchasing an appliance/used furniture for 10k or doing a lease back for a very low amount, etc.

 

[usctrojancpa]

A little off topic but somewhat relevant.  I had an appraisal call me today and asked me about how much I thought it would take to get an REO that my buyer bought to get to "average" move-in ready condition.  I hope him flooring and paint would be all that's needed and that I was not a contractor.