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How many confirm seller concessions?

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John Hassler

Senior Member
Joined
Jul 23, 2002
Professional Status
Certified Residential Appraiser
State
California
Our MLS system requires the Listing Agent to input Yes/No to Seller Concessions when they report a sale however there is no mandatory requirement to report what the concessions was. The majority of the agents put the concession amount in the Selling Comments which is fantastic! For those agents who check off Yes to concessions but don't list what there were, I call.

Well I just called an agent since they reported concessions but didn't list the amount. His response was "oops, there were no concessions, that was a typo". OK, mistakes happen. Here's the kicker, this was a December 2007 sale and he said no other appraisers had called. For six months this property has been reported in MLS as having concessions and no appraiser even bothered to check to see what they were.
 

Smokey Bear

Elite Member
Joined
Dec 8, 2004
Professional Status
Certified Residential Appraiser
State
California
I always confirmed. Skippy didn't. Guess that's why he's working and I'm not. :-(
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
I never fail to call. I even call if the amount is listed to ask what the concession was for because it's not always an adjustable concession or needs to be explained or adjusted for differently ($7,500 roof allowance for bad roof. I would make a negative dollar for dollar adjustment and then, if the subject roof was good, I'd make a upward adjustment of $7,500 for condition). This would also give me good information on market reaction to a bad roof.:)

I spend a lot of time talking to real estate agents.

Dang!!! I just remembered. Some lender called and asked me to do an appraisal in Novato. I don't go south of Cloverdale and I gave him dad's number but I don't think he particularly likes to go to Novato either. I completely forgot about you John. Sorry dude. Next time for sure.
 

Mike Siegfried

Junior Member
Joined
Nov 6, 2005
Professional Status
Certified General Appraiser
State
California
Sorry, but I must be missing something. I demand a fully executed purchase contract including all counters and a certified copy of escrow instructions with every purchase so I can read about the concessions with my own eyes. Am I the only one who does this? I think the area of the new form which concerns concessions requires us to use due diligence, not just read the MLS.

Mike
 

Obsolescent

Senior Member
Joined
Jul 6, 2004
Professional Status
Certified Residential Appraiser
State
Minnesota
Sorry, but I must be missing something. I demand a fully executed purchase contract including all counters and a certified copy of escrow instructions with every purchase so I can read about the concessions with my own eyes. Am I the only one who does this? I think the area of the new form which concerns concessions requires us to use due diligence, not just read the MLS.

Mike

For each of your comps?
 

Smokey Bear

Elite Member
Joined
Dec 8, 2004
Professional Status
Certified Residential Appraiser
State
California
Concessions for the CURRENT contact for the subject wouldn't be reported in the MLS since it's confidential until the sale is closed. Hence, the concessions referred to must be for the comparables, not the subject.....
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
I email the lister on every sale that comes through MLS. Most respond,
a few write me nasty replies and tell me not to contact them. Oh, and
when I ask realtors if they are contact by any of the other 30 appraisers
in my market, they say, "No Elliott, your the only one." Lazy Appraisers.
 

Smokey Bear

Elite Member
Joined
Dec 8, 2004
Professional Status
Certified Residential Appraiser
State
California
And the 24 hour'ers claim that they DO verify!
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Sorry, but I must be missing something. I demand a fully executed purchase contract including all counters and a certified copy of escrow instructions with every purchase so I can read about the concessions with my own eyes. Am I the only one who does this? I think the area of the new form which concerns concessions requires us to use due diligence, not just read the MLS.

Mike

He was writing of concessions in the comps! I always call if the amount is not shown or if it seems unusual.
 
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