The concessions field assists 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?
- 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 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.