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We bought our house in 2006 from a guy that used a discount broker who listed the property on MLS for a flat fee. We used the same discount broker to list it late last summer but noticed there was no record of the price we paid for the home in 2006. I checked the county records and it said it sold for "$1 plus other considerations".
We live in an outlying rural area near a 150k population town in Oregon.
Question is: Does not having an accurate last sold price have any effect in getting what the property is worth? The compatibles are scattered all over the county. (Oregon is notorious for not having homogeneous neighborhoods. I.E. $150k mfg home next to $700k stick built.)
Also, is not updating the MLS at the time of the sale with the sale price a typical thing with discount broker/FSBO sales?
We recently de-listed the house. If we re-list it with a full service broker in the Spring, can the broker update the price we paid for the house 11 years ago on the MLS? If so, is that a good thing to do?
We bought our house in 2006 from a guy that used a discount broker who listed the property on MLS for a flat fee. We used the same discount broker to list it late last summer but noticed there was no record of the price we paid for the home in 2006. I checked the county records and it said it sold for "$1 plus other considerations".
We live in an outlying rural area near a 150k population town in Oregon.
Question is: Does not having an accurate last sold price have any effect in getting what the property is worth? The compatibles are scattered all over the county. (Oregon is notorious for not having homogeneous neighborhoods. I.E. $150k mfg home next to $700k stick built.)
Also, is not updating the MLS at the time of the sale with the sale price a typical thing with discount broker/FSBO sales?
We recently de-listed the house. If we re-list it with a full service broker in the Spring, can the broker update the price we paid for the house 11 years ago on the MLS? If so, is that a good thing to do?
Thanks In Advance,
Dave K.
What something, anything sold for in 2006 has zero relevance today. Don't worry about it. What the property is worth today is the only thing that matters.
I bought a foreclosure in 2008. According to any of the real estate websites, this transaction never happened. It is missing.
I wouldn't worry too much about it. I'm sure the county has it recorded correctly.
I do sometimes look at what a person paid for the property, however, I use the municipality's website since that is the only place for accurate information.
Normally I would tell you not to worry about it, but there is a group of home buyers that look at what you paid for a home and decide if you are being too greedy, regardless if the sales price is current market value.
If the county says $1 plus other considerations as the sales price and that isn't accurate, I would change it. I do think it will hurt your ability to get current market value because people will think you bought the house for $1.
Since you are Eugene area, that would be RMLS and your agent can request a data correction since they were the listing agent at the time. It is required to submit the data change at the time of the sale, BUT if the seller didn't notify the limited rep agent of the contract/sale and give them the information, they would have no way of knowing about it.
I actually think $1+ is great. This leaves a buyer clueless. I prefer my buyers to determine their offers based on their own assessment of the market vs. trying to calculate what I "deserve" in profit based on their opinions.
Not having comparables can bite you in the butt if your eventual buyer is using a government backed loan, like VA, UDSA, or HUD. If the appraisal comes in much lower than your asking price, you a stuck with that price for 6 months, as the appraisal is used for 180 days by that agency. I know a couple that missed out on a fantastic home because of a lack of comparables, the house appraised for 25k below the asking price. That home still has not sold.
This is common in non disclosure states. Your broker should be able to gather comps from a variety of sources. If the MLS is their only source they aren't full service, they are lazy.
What something, anything sold for in 2006 has zero relevance today. Don't worry about it. What the property is worth today is the only thing that matters.
Exactly right! That was 11 years ago first of all and no one is going to think you actually bought it for $1! But I do think you'll need to find comp's. That's when a realtor will work better than listing it by owner.
Normally I would tell you not to worry about it, but there is a group of home buyers that look at what you paid for a home and decide if you are being too greedy, regardless if the sales price is current market value.
If the county says $1 plus other considerations as the sales price and that isn't accurate, I would change it. I do think it will hurt your ability to get current market value because people will think you bought the house for $1.
Since you are Eugene area, that would be RMLS and your agent can request a data correction since they were the listing agent at the time. It is required to submit the data change at the time of the sale, BUT if the seller didn't notify the limited rep agent of the contract/sale and give them the information, they would have no way of knowing about it.
Sorry but those buyers would be ignored by me. Those are the types who have the "it's unfair" mentality. What I paid for a home has absolutely no bearing in what I'm asking for it at sale time.
It's no different than a FSBO and the buyer feels that some of the money that would normally be allotted for the commission should be "theirs" because they are not using a agent.
I wonder if those buyers would offer more money of someone underpriced their house?
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