moh malekpour
Elite Member
- Joined
- May 25, 2002
- Professional Status
- Certified Residential Appraiser
- State
- California
The property was REO sale, listed in MLS for $519000, sold for $415000 after 165 days but the county record shows the sales price at $436000. The agent says the sold price was $415000 but the property sold at auction and they added 5% auction fee to the sold price. So, the property after 165 days of market exposure gets and accepts an offer for $415000 but since it was under auction term, they added 5% auction fee to the sales price and recorded the sale price at $436000.
The listing agent tells me the negotiated sales price was $415000 and that is why he puts that amount in MLS but the price that the buyer paid was $436000.
Which one consider the actual sales price, $415000 or $436000?
It seems that since the property was under agency contract, they let the agents solicit the buyer and when they secured a willing and able buyer, they sold the property in auction becaue the property was also under auction term and since it was an auction sale, they added the auction fee to the negotiated sales price. This sounds a little confusing and odd to me. Has anyone seen this kind of transactions? I am thinking to by pass this comp although I like to use it.
The listing agent tells me the negotiated sales price was $415000 and that is why he puts that amount in MLS but the price that the buyer paid was $436000.
Which one consider the actual sales price, $415000 or $436000?
It seems that since the property was under agency contract, they let the agents solicit the buyer and when they secured a willing and able buyer, they sold the property in auction becaue the property was also under auction term and since it was an auction sale, they added the auction fee to the negotiated sales price. This sounds a little confusing and odd to me. Has anyone seen this kind of transactions? I am thinking to by pass this comp although I like to use it.