Any way to know if comps included sellers credit? (appraiser, 5%, agent)

[grm215]

When looking at recent sales, is there any way to know if the transacted price included a seller's credit? Is there a way for a realtor to know? I'm looking at homes in a neighborhood, and the most recent sale is about 10% higher than other transactions. I suspect a seller's credit is artificially boosting the sales price. Any way to know for sure (short of directly asking the people involved)?

[AZ Manager]

Here it is in the MLS so a realtor would be able to find out.

[LifeIsGood01]

A home has to appraise for the total selling price regardless of credits unless it's a cash sale.

[jdhall1]

There is a fairly neew field on my MLS that says if the sales price includes a concession and if so, the listing agent can enter the amount.

[dblackga]

In our MLS, there's a field that we have to complete called "Seller Concession", which would include closing costs, etc. It shows up prominently next to the final sales price in the closed listings. There's also a column in our comparative market analysis that shows the amount of the concession next to the sales price, so yes, it is very obvious when a concession has been paid.

[1insider]

Originally Posted by dblackga

In our MLS, there's a field that we have to complete called "Seller Concession", which would include closing costs, etc. It shows up prominently next to the final sales price in the closed listings. There's also a column in our comparative market analysis that shows the amount of the concession next to the sales price, so yes, it is very obvious when a concession has been paid.

We've got the same thing in our MLS but it's buried way down in the listing data. I'm aware of several instances of concessions that the listing agent didn't indicate so I don't trust the records. Garbage in, garbage out. It's not uncommon in my market for furniture to be included in a condo sale but that is rarely mentioned in the closed listing.

[Brinson]

Its probably not 10%. Lenders only typically allow 3-6% depending on down payment.

[grm215]

Thanks all. I was being lazy and rounding when I said 10%, 5%-7% would have been more accurate.

[oldtrader]

Credits only show up if they are offered with the listing. The things in the contract are another matter, and are not public record.

[Hockeymom84]

Our apparaisal comps showed seller concessions but our appraiser noted that the value on our house was not effected because the seller concessions are lower than the 5% that is acceptable.