Like Sherlock Holmes mysteries? Who did it, when, where, how? Another job description for Realtors, being a sleuth. Understanding how the history of the property can bring value to our buyers, understanding to our sellers, and save us a lot of professional time. A simple Archive or History search of a home through MLS can tell a story.
When listing a property what does the MLS history tell us?
- If it had sold in the past few years through MLS you will know what they paid for it.
- When they purchased the home in the past did they have the seller carry closing costs?
- Did they have the home listed and it expired? How much and condition of the home?
- If there is a past sales history who was the Realtor that represented them on the purchase?
When representing a buyer what does the MLS history tell us?
- Any history of the sales price, terms of sale, condition at time of purchase of the seller.
- Days on market, how long, when was last reduction in price?
- If you need to stack on closing costs and need to exceed the list price, has the home been on the market for a long time at the current list price? If so then you more than likely will have a problem with the home appraising over the list price.
- Has the home been reducing in price level on some systematic time table? If so then maybe you can use this to calculate where you are on the schedule.
Seller's loan amount history, how does this assist Realtors?
- Prior to going out on a listing appointment you will know if the seller is upside down on what is owed to market value.
- Buyer's agents will know the seller's equity position in the home and can share that information with their clients to pave an understanding as to the seller's bottom line negotiations.
Just a few minutes of research can unfold critical elements that are key to bringing our service to its top professional level and yes, unfolding the mystery.