How many confirm seller concessions?

[train]

In today's market, it is not unusual for the seller to pay all or a portion of the buyers closing costs. We have to be careful. In many cases, it's more of a marketing tool and does not really affect the sale price. I know a lot of appraisers that are making negative adjustments for these concessions when they don't affect the sale price.

 

[Bearslide]

I call or email - and I am stunned by the number of realtors who tell me no one else is calling. It has been good for business - I have gotten a number of assignments when a lender had no particular appraiser in this area and the realtor gave them my name. Skip doesn't call - and besides lying, skip is missing out on good business.

The other advantage I have found - for some reason, realtors don't seem to think that items of personal property included mean anything. More than once I have found out that while there were no cash incentives or seller paid costs, well, um, there was a Kabota tractor included in the sale.....with a 6' brushog..........

 

[Terrel L. Shields]

We have to be careful. In many cases, it's more of a marketing tool and does not really affect the sale price. I know a lot of appraisers that are making negative adjustments for these concessions when they don't affect the sale price.

it just did. The seller gets X dollars less.

no one else is calling

same reaction...less so on the commercial work.

 

[Michigander]

Depending on who the agent is(are) I would either call or email. Some did not return calls or email but I had my way to find out. Most were very professional and did respond. I liked email best simply to have an email chain.

I hear so often that appraisers don't call or write, but I have my suspicions that some agents also suffer from selective memory as well because I know for a fact that I wasn't the only one calling. Although, when I sold my house 10 years ago, I didn't get a single call from a single appraiser asking about squat, period! And I was the listing broker on it, so no excuses. Lazy bashturds.

 

[Smokey Bear]

In today's market, it is not unusual for the seller to pay all or a portion of the buyers closing costs. We have to be careful. In many cases, it's more of a marketing tool and does not really affect the sale price. I know a lot of appraisers that are making negative adjustments for these concessions when they don't affect the sale price.

Often the seller isn't paying the closing costs, the lender is. The seller and buyer up the purchase price to include closing costs, by the amount of the closing costs. Again, you need to ask.

As for them saying no one else ever asks for this info, are these the same agents that get in a huff when you ask for the purchase contract - and say no one else ever asks for it and why do you need it? They really resent having us look at their deals.

 

[debbie graham]

seller concessions

Always, always!!! Sometimes it might appear that it is just a couple grand, then you find out the whole story when you call!!!
When I was in Colorado they started a much needed policy for all realtors to disclose concessions, or they would be fined.
Before that it was soooooooo bad, in 2001,2002,2003 FHA still had "fat" gift funds, and if the appraiser substact these, ........well it was a mess.
The appraisers at that were also fined if they did not subtract the comparables concessions.
Here in Jacksonville, they have now opened a space for the realtors to report them, but I still only see about 2% doing it, so back on the phone!
Deb

 

[Diego Lopez]

Questions, If you are using a comp that's 3 months old, do you really think the realtor remembers the amount of the concession? Also can't the realtor just tell you any number they want, or get the sale confused with another?

I've always really wondered the validity (accuracy) of verifing this, and how many mistakes are actually made. Especially since, realtors in my area (and I assume in other areas as well) could not be bothered to actually look this up for us.

Thank god our MLS has a concessions field with a Y/N and amount.