There's no value in closing costs?

[Verne Hebert]

We sure have seen alot of closing costs being rolled in in the affordable (can afford) market by one of the loan scum agencies here. Now most realtors are taking their deals there with the rollin. The problem is the skewed sales data. MLS has a field in the closed data for the concessions-but guess what? Normally not noted. And the the appraiser field-oh that is not filled in either. An easy way to demonstrate appreciation.

 

[Ross (CO)]

Verne, There is a line item for entry of concessions within a listing agent's form in the MLS system we access. It is right below the closed selling price. It is always blank....and I mean nearly always...and if I have ever seen an entry in there I could count those times on one, maybe two, fingers ! No one cares to share that info. It was not too long ago an appraiser sub-committee group was to offer suggestions to the MLS board as a new software/access program was being launched. I asked one of its participants recently how it went, and are any suggestions from an appraiser's perspective to be implimented in on-going improvement to the database. He shrugged his shoulders.....you know his reply already.

Tim, No, I don't think you sound like a bitter old man. Bitter, by no means. Old ?, perhaps. Why, if you remember Edison, the Wright brothers, and Teddie Roosevelt, you just may be getting up there !

 

[Elliott]

I just did a FNMA REO.....if I'm right, they'll
buy $15,000 + 24 months of no payments + closing
costs to get it off there books.

Of course the FNMA guy was peved at me, telling
me I didn't properly value the property cause
FNMA knows the marketing time by zip codes....
and since I had used a normal marketing period
of 90-120, and the zip code says its 57 days.
We chose to disagree.

Could be there is a huge industrial building
next to a new single family house, just maybe.
The new 106% buyer never made one single
payment before they kicked them out.

But, hey, what do I know?

elliott