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Post Statistics: 790 Views, 2 Replies
Latest Post: Tue, Aug 11 2009 7:03 PM by Kelcey Morange
  • Sun, Aug 9 2009 4:38 PM
    Wrong Sale Price mentioned online after Closing

    Hi, This is not directly related to mortgages but I am hoping putting it in the Misc Questions forum will get me some replies.

    I am in San Diego CA and we recently closed escrow on a home last Thursday. I was curiously browsing through some of the local real estate listing sites (www.sdlookup.com is a popular one which has all the updated listing information) and I noticed that the site has the intial Purchase Price 'X' K that we had agreed to. Subsequently, the sale price came down by 5K to "X-5" Kafter appraisal and inspections. 

    1)  Is it the MLS that feeds all the other websites like SDlookup and redfin and if so, is it the listing agent who supplies them the information about the final purchase price?

    2) Is it normal to have the original sale price (before appraisal/inspections) mentioned as the sale price in the public domain? Wont that be incorrect information and therefore unethical?

    How can I get this information corrected?

  • Sun, Aug 9 2009 8:48 PM

    I wouldn't worry about it----County records will/should reflect price that home closed at, and Congratulations!

     - View My Profile
    Broker
    Finance One Mortgage
    financeone@juno.com
    (530) 644-5395
  • Tue, Aug 11 2009 7:03 PM

    As Bob said, these sites draw from all sorts of (sometimes errant) places, most the MLS, but the only place that appraisers, assessors, and other folks that matter will get their info will be the registry. THe registry has the correct info if it was correct on your paperwork.

    One thought . . . is it possible that you had a concession on your purchase, such as the seller paying closing costs or the like? In some data fields in MLS and other data sites, this amount is deducted from the price to reflect the "true" price of the home. Depending on how this info was entered, this may account for the discrepancy. This is important info for area appraisers, and will appear in subsequent appraisals that utilize the sale of your home as a "comparable". Otherwise, someone may just have made an error. . . . one that will fall off eventually, with the correct info staying on record at the registry. So long as your paperwork reflects the correct price and loan amount, you are all set.

    If it is really, really bugging you, you could email the agent - they can give you a quick answer as to how they reflected the information. . . . but as Bob said, I wouldn't worry about it.

     - View My Profile
    Mortgage Consultant
    Mortgage Master, Inc.
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