Comp question

[SaraHillman]

I never thought of owner financing or awards. Thanks for the insight. Sara

 

[SaraHillman]

Or she is trying to hide a profit from the IRS.

Wow, I never thought of that either. Thanks Sara

 

[Ross (CO)]

Might you offer at least the address number and the street name here ? I'd like to also check the county and PPAR databases and see what is given there. Would you like me to call that agent and ask a few pertinent questions ? I'll let you know what I find out. I've been phoning realty agents around here for more than 10 years. I have a way.....of making them talk.

 

[SaraHillman]

This must be Ross from CAREA? I will try and contact you now. Thanks, Sara

 

[Michigan CG]

I was given an alternative comp yesterday. I tried to verify it, but could find nothing to verify it even happened. The comp was from a MB and it was on a different appraisal.

Another reason to always verify the comparables.

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ELLIOT.....................If I am even in Nevada I might have to strangle you. I just smacked my screen twice and then spend 30 seconds trying to figure out how a bug got under my screen......nice avatar....not. :new_2gunsfiring_v1:

 

[PropertyEconomics]

I do not know who the buyer is. Without the other supporting information, and an uncooperative owner/agent/seller, I am at a loss. I agree, owner/agents can have legitimate transactions; this one had too many unanswered questions. Thanks, Elliott. Sara

Never hurts to go knock on the door and ask. You will come closer to finding out the truth that way than any other.

 

[Mike Boyd]

I'm betting its not a sale but a Lease Purchase or some other type of quasi Owner financed deal without a recorded deed or deed of trust. She might have just finished Sheet's tape # 3.

I tend to agree with Rex. Probably a lease purchase or a contract of sale where title was not transferred.

 

[SaraHillman]

Never hurts to go knock on the door and ask. You will come closer to finding out the truth that way than any other.

I know, that would have been my last move. I chose, rather wisely I think, not to use the comp.

 

[SaraHillman]

I tend to agree with Rex. Probably a lease purchase or a contract of sale where title was not transferred.

I think that is the case.....in any event, there were substantial errors on the MLS it warranted contacting PPAR. I had three other comps to work with, so I am ok. Not great, but ok. Thanks.

 

[Charles Witt]

Trend is Error Prone IMO

Uning our Trend MLS system in SE PA, Delaware & So. NJ, one a property goes under contract, a settlement date is placed in the MLS, the price the only item visible to the Listing agent. Trend has what is called an automatic conversion. That is when the date comes along it goes into the settled status, no verification from the agent needed, just automatic. Many times when something does not settle, the agent does not want to get embarassed so does nothing or does not know how to do anything, particularly if the agent loses the listing----so why would he/she care.
Talk aboutr a system that invites errors! Trend is the most error prone (or encouraging errors) MLS system I have seen in my 35 years in real estate and appraising.
We do have to check our comps carefully. I found 12 properties last month that had over-reported prices and about 4 that has under-reported prices. Yes they got turned in for correction, but the burden of proof is usually placed on the reporting party!!!!
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