Can I use MLS listing withdrawn from the market?

[hvn2006]

Hi,

in the appraisal report it says to provide two sources one from the MLS listing and one from the public records doc#. Some of my comparables have listings that were withdrawn from the market due to a private sale or for sale by owner then recorded into the public record with doc numbers.

So is it ok to use the withdrawn MLS listings as another source even though it didn't show a sold price?

 

[AnonApprsr]

You just can't use it as a source for the Sale Price, and Date. You'll need other sources for that. But for data on the actual home? Yes, you can use an expired or past listing as a source. I do all the time. Make a note in your appraisal.

Also, contact the broker! They may be ****ed about losing the listing, but if they're professional they will tell you what happened. You'll be able to gain valuable info on what the conditions of the actual sale, not through MLS, was.

I just appraised a home that is exactly as you stated; A canceled listing, with the sale going through on public record a month later. I called up the broker, the sale was from a few years ago, but she still took the time to look up the file. Apparently she had found a buyer the day she was planning on listing the property. So she listed it as "under agreement" but MLS themselves (7 days later) said no, you can't do that. So the listing looks weird, it has a DOM of -0-, and a Cancel date 7 days after the listing. Call the broker, you'll feel better about using the sales.

 

[ZZGAMAZZ]

I just completed a report with 5 sold comparables and 4 expired listings, in the sales comparison analysis. Rather than use active listings, I figure the expired listings, with sufficient market exposure, depict a more concise upper limit on value than the active listings, per the principle of substitution. not sure why I never did this before...guess i was bored last week-end...

 

[Michigan CG]

It is not popular to agree with ANONAPPRSR but he (she) is exactly correct.

 

[Pilgrum]

You should be looking at the actual deed(s) from those sales as you might find that they are not sales but foreclosures. Not all municipalities make it readily apparent what type of transfer you are looking at. You have to dig a bit.

 

[Functional Obs]

Withdrawn, expired, and temporarily-off-the-market listings provide a great source of information. They often demonstrate what's just beyond the high end of the range (what a typical buyer will NOT pay for a similar property).

So as long as you know why you are using them, yes.

 

[Terrel L. Shields]

confirm with the Realtor

 

[DMZwerg]

It is not popular to agree with ANONAPPRSR but he (she) is exactly correct.

And I have to agree with Michigan CG and Anon, but with one additional point ... the marketing time, etc, would need to be addressed, probably in giving it somewhat less weight.