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Consissions

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Ray Miller

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Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Have a subject I am doing a review on. The subject listed for 209,000 and sold for $216,000. The MLS says ptspd/slrcr 6000. Net cash to seller of only $209,000 should this have been discuss in the report. Would you show the selling price as $209,000
 

Obsolescent

Senior Member
Joined
Jul 6, 2004
Professional Status
Certified Residential Appraiser
State
Minnesota
I would have showed the contract price of $216,000 and would clearly explain the seller pd clsing costs of $6,000 and that the subject has an effective sales price of $209k. I would have included comments in the contract section (if it indicated the seller pd clsing costs) and also in the financial assitance section.
 
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larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
How many days was it on the market? The sale price is still $216,000 but the value may be $209,000 based on your analysis. BTW, what happened to the other $1,000. List price of $209,000 plus $6,000 to ptspd/slrcr (whatever that stands for) equals $215,000. BTW, what does ptspd/slrcr stand for?
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Commissions are not an element that are considered in the price of a house.

They are a sellers cost.

Never, never, never worry about the sellers net. It has nothing to do with the sales price. Use the sales price and if there are concessions, make the appropriate adjustment in the grid.
 

Obsolescent

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Joined
Jul 6, 2004
Professional Status
Certified Residential Appraiser
State
Minnesota
How many days was it on the market? The sale price is still $216,000 but the value may be $209,000 based on your analysis. BTW, what happened to the other $1,000. List price of $209,000 plus $6,000 to ptspd/slrcr (whatever that stands for) equals $215,000. BTW, what does ptspd/slrcr stand for?

I took ptspd / slrcr to mean points paid (by seller) and seller credit (at closing)
 

Rudy Canoza

Senior Member
Joined
Sep 27, 2003
Professional Status
Certified Residential Appraiser
State
California
Consissions

Is that a combination of 'commissions' and 'concessions'?

/I never adjust for Consissions...
 

PLCG

Member
Joined
Jul 12, 2006
Professional Status
Certified General Appraiser
State
Pennsylvania
I would show the sales price as $216,000 because that is what will be reported to the court house records.

You then make your adjustment as a sellers concession - We usually deduct 100% of the amount. You do this in the contract section and again on the sales grid as a sellers concession.
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
Good job Judy, I think you're right. I just viewed it as a concession.
 

blackswamp

Freshman Member
Joined
Mar 22, 2005
Professional Status
Certified Residential Appraiser
State
Ohio
Is that a combination of 'commissions' and 'concessions'?

/I never adjust for Consissions...

Me neither. I clicked on this thinking it might be something I never heard of before. I guess I was right.
 
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