Comp use only

[Fernando]

Not!

Zillow probably hits more buyers directly in the first 24 to 48 hours than any MLS. The MLS is directed towards it’s members initially, who then share it with their clients. Plus many buyers believe they can get a better deal when there is no commission and many sellers believe they will receive more net proceeds without having to pay a commission.

I don't know your area but here, almost all sales are listed in MLS before hitting Zillow. I see comps sold not in MLS and usually lower than market. Can't use them.

 

[Dublin ohio]

For 'comp purposes only' sales often haven't been exposed to the market

The same could be said for builder sales.

 

[Fernando]

The same could be said for builder sales.

That's why some buyers get good deals. I wanted to buy first phase but some buyers beat me to it. I'm not willing to camp out before sales office open.

 

[ZZGAMAZZ]

Not!

Zillow probably hits more buyers directly in the first 24 to 48 hours than any MLS. The MLS is directed towards it’s members initially, who then share it with their clients. Plus many buyers believe they can get a better deal when there is no commission and many sellers believe they will receive more net proceeds without having to pay a commission.

Even though I've used the SoCal MLS systems on-&-off for years, it seems that some areas, but not all, have access to a "public" MLS portal that includes active listings only, but I'm not familiar with the details.

 

[Terrel L. Shields]

Zillow probably hits more buyers directly

I generally find that Zillow also provides DOM. They have almost, if not, everything the MLS listing does. All I have to do then is go to the public record mortgage and find out if it is FHA, FNMA, or a commercial loan. No mortgage then cash it is.

 

[andrew81]

I've asked agents about "comp use only" and what I've been told is they are when the property was marketed by an agent outside of the local MLS or fsbo. The buyers agent inputs the sale in the local MLS for "comp use only"

 

[Fernando]

I've asked agents about "comp use only" and what I've been told is they are when the property was marketed by an agent outside of the local MLS or fsbo. The buyers agent inputs the sale in the local MLS for "comp use only"

Usually I find listing broker and selling broker are the same in comps only sales. Broker wants to keep all the commission and thus not exposed to MLS market to share commission.

 

[sputnam]

Sorry guys... but at least one state board has said... 'not a good idea'. In this area, a lot of custom builds get reported in the MLS. Those properties were never exposed to the market. Ultimately, only the appraiser can decide which sales are appropriate for use as comparables in an appraisal. It's your license.

 

[CGinMN]

Sorry guys... but at least one state board has said... 'not a good idea'. In this area, a lot of custom builds get reported in the MLS. Those properties were never exposed to the market. Ultimately, only the appraiser can decide which sales are appropriate for use as comparables in an appraisal. It's your license.

Can you provide a citation to the complaint? I’m not disputing you, but if that’s a board’s interpretation, I’d like to read more about it.

 

[shrubberyvaluation]

Sorry guys... but at least one state board has said... 'not a good idea'. In this area, a lot of custom builds get reported in the MLS. Those properties were never exposed to the market. Ultimately, only the appraiser can decide which sales are appropriate for use as comparables in an appraisal. It's your license.

Not in MLS does not mean it was not exposed to the market, but it could. It is for the appraiser to decide if the conditions were there for it to be a good indicator of market value.