NO MORE $1 SALES!

As of Dec 1, 2007 MiRealsource, one of the 2 MLS services I belong to, will no longer allow agents to report sale prices at $1.

Sometimes called "Dollar deeds", buyers or sellers would sign a form and their sale price could be listed at the county as $1. This has always been a pain for agents and appraisers trying to place a value on subsequent comparable sales. This policy change doesn't mean the price will be available at the county, but now, at least in MiRealsource this is no longer allowed. As agents we will have to make our clients aware of this, especially in the higher price ranges where this happens more often.

I have to applaud MiRealsource for listening to it's membership and making this change. 

 

 
Posted by Terry Lynch on 12/07/2007 01:10 PM   Comments (5)    
Post is included in group: Realtors®
Post is included in group: Michigan Realtors
Post is included in group: Realtor Notaries
Post is included in group: Michigan Real Estate
Post is included in group: Detroit Investing

5 Comments on NO MORE $1 SALES!

Hi Terry, I read that too, I think it's good, it will help get accurate values of homes.

12/07/2007 03:36 PM by Mike Mitchell - REALTOR® - St. Clair Shores, MI (GMAC Real Estate The Kee Group)

Hi Terry, wished they would do that here.  It is a big pain.  Nice update Terry.

12/15/2007 05:59 PM by Gary White~ Grand Rapids Real Estate, FLexIt Realty, a call or click away! (Flexit Realty~Serving West Michigan)

OK, I've never heard of this, can you tell me why they do this and what they have to gain from it?

03/31/2008 01:50 AM by Todd Clark (Realtor), GRI (Washington Co, Beaverton, Oregon) (Kastings & Associates, Oregon)

Todd

I never could understand why, I guess they just don't want their neighbors to know what they actually paid. 

04/01/2008 08:50 PM by Terry Lynch (GMAC The Kee Group)

Wow.  In some segments of the Birmingham Bloomfield Market, about 20% of the sales are reported as $1.  It is a bit of a pain for comps, but I have almost never encountered another agent who would not share the actual sales price with me if I needed it for a comp.  

04/27/2008 02:09 PM by Maureen Francis & Dmitry Koublitsky, SKBK Sotheby's - Metro Detroit (SKBK Sotheby's International Realty)

Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Real Estate Agent: Terry Lynch (GMAC The Kee Group)
Terry Lynch
Saint Clair Shores, MI
More about me…
GMAC The Kee Group

Office Phone: (586) 771-2434
Cell Phone: (586) 630-2464
Email Me
Plain talk about the Macomb, Oakland and Wayne County Real Estate market.

Links

Tags (Tag Cloud)

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find MI real estate agents and Saint Clair Shores real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved