Reporting a Sale with Concessions in the MLS

We’ve heard from you that there are some questions in the field about how to properly report the sale of property that involves concessions.  The concessions field was added a few years ago because it assist appraisers when they’re doing a work-up on a listing…they need to know if there was cash back, and why.  So, what’s the way to report the sale?  See below.

Example:  Purchase and Sale agreement was fully negotiated with an offer price of $200,000.  After inspection, there was cash back to the seller to repair a foundation in the amount of $10,000.  The full $200,000 should be entered into the Sold Price and $10,000 plus the remark 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.