Concessions Amount Not Reported by Realtors in MLS

[Terrel L. Shields]

I'm guessing rare to never....

You might be guessing wrong.

Text the agent and if no response, call the agent's broker. I bet you get an answer most times. We had issues here with the lawyer for the Board telling them that they should not disclose as "private" information ... which defeats the purpose of the MLS. If I see the sale price higher than the list price I will suspect a concession, not so much a bidding war... especially if the property has been on the market for more than a couple weeks.

 

[ucbruin]

You might be guessing wrong.

Maybe....

 

[Terrel L. Shields]

Maybe....

Arkansas is up 2.2% because of NW Arkansas - Little Rock? Right at zero
Ft. Smith? So few sales that the data is erratic so up "5%" after month median prices fall by 5%

 

[Cob]

Seems to be a trend now with Realtors. Concessions in the MLS indicate YES or NO. Of course, we call the Realtor to ask what the concessions amount was for a particular sale. But, if they don't return our call,, how do you all handle this?

"None Reported" And move on.

 

[Mile High Trout]

Colorado has contract standards which clearly indicate who paid the commission. The MLS requires agents report commissions in the listing once it's entered as closed. And it states both the buyer agent and listing agent or all co agents if present.

The problem is a state by state problem due to insufficient rules. Get with your state agency to force mandatory realty contracts which clearly disclose everything if they're not present. Get with your AMC to set more comprehensive rules that require sales agents to abide certain standards for updating listings, disclosing concessions, etc. One of the more interesting things I've learned from the forum and blogs over the years is that issues which plague appraisers to no end in some locations are not a big deal or a non issue for appraisers elsewhere. Then came the mandatory ANSI standard, talk about central planners dropping the ball big time.

Seeing $10k to $20k concessions all the time here, $10k is the new standard it seems. Thankfully most agents are not flexing the new rule and I have not once seen a situation where the buyer is paying their own agent out of pocket.

 

[Fritz in NY]

In my FlexMls for 12 counties surrounding Albany, NY we have NO real DATA online...In our MLS will have a "Box" to check for Realtors if there is a $ concession, but also has a field for the amount, Guess What, it is 85% Blank. I guess the Realtors are too busy cashing the closing/commission check they FORGOT to enter the amount. We are the ones holding up the cash train for them and the lender/brokers

 

[Dublin ohio]

In my FlexMls for 12 counties surrounding Albany, NY we have NO real DATA online...In our MLS will have a "Box" to check for Realtors if there is a $ concession, but also has a field for the amount, Guess What, it is 85% Blank. I guess the Realtors are too busy cashing the closing/commission check they FORGOT to enter the amount. We are the ones holding up the cash train for them and the lender/brokers

Same system here and same results. Have had a few agents consider the commission as a concession.

 

[Dale Floyd]

If you really want to correct this issue then bring it up with your local MLS. Your MLS should have the ability to make fields mandatory so ask that when a “yes” for concessions is marked that it be mandatory the concession be reported. Be prepared to go in front of the board or, even better, get yourself on one of their committees.

I’m speaking from experience.

Been there - Done that. Was told there is no requirement for that information to be shown, and realtors have said often they’ve been advised not to reveal that information due to confidentiality concerns. We tried.

 

[Dale Floyd]

Same system here and same results. Have had a few agents consider the commission as a concession.

We are seeing contracts stating clearly that “the seller is paying 3% towards the buyers agent expense as a concession” - or - “the seller is conceding an additional 3% towards the buyers for the buyers agent commission expenses”.

They’ve got this figured out regardless of the new rules.