After our previous post, we wanted to clarify that if the sale price / deed price was ADJUSTED for appraisal or inspection issues, then typically you don’t have to report anything in the concession field because the deed value reflects the actual value / condition at the time of sale. You MAY note it in the concessions field to be helpful for appraisers and future CMAs, but make it known “price was already adjusted for XX repair/appraisal costs”, if you wanted to go above and beyond. Thanks for the great questions!
Original Post Information: The concessions field assists appraisers when they’re investigating transaction details and REALTORS when doing CMA’s. Here is a simple reminder so that all sales are recorded and noted in the same way so they can be compared the same as well:
- Sale price = Deed transfer price as recorded by the Registry
- Concessions = Anything that impacts the Sale Price as Recorded in the Registry
Example: Purchase and Sale agreement was fully negotiated with an offer price of $200,000. After inspection, there was cash back to the buyer to repair a foundation in the amount of $10,000. The full $200,000 should be entered into the Sold Price and $10,000 recorded in the Concession field, as follows:
Consistency is key to good, solid, reliable data in the MLS. Please, if you have any questions about this procedure, give staff a shout.