Our MLS Board of Directors considered a member request to change recording of a property’s sold price in the MLS. In the interest of accuracy that aligns with public records, the Board confirmed our current policy that the Sold Price in the MLS must match the price recorded on the deed and that concessions must be reported to indicate inspection issues that impact the price recorded. We have found inconsistent data entry in the MLS, so would like to remind you:
- Sold Price = deeded Sale Price (Staff added help text right next to the field that reads Sold Price ! The deed transfer price)
- Concessions are required so that appraisers and fellow REALTORS can properly assess the market value of the property.
- If a concession is reflected in the sale price (i.e. sale price $650k, septic repair $50k, deeded sale price $600k) the concession should be shown in the Concession field.
- Reminder! If you are creating a market analysis it is important you are checking for any concessions that may be listed to adjust.
If you are unsure of how you should report a sale, please discuss with your broker and/or contact the Board Office for assistance. We find it helpful when members report to the staff if a sale price is not entered correctly so we can update the data and educate on proper reporting. Thank you! In the market to come,