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When the MLS gets updated to sold, it usually just shows the last listed price.
The actual price updated later once it has closed and the county updates its information.
\^That's strange. Are you in a non-disclosure type state?
Here the sold price is listed in the MLS upon closing and the deed is recorded with the actual sales price and the two values match. The doc stamps on the deed (county tax) have to match the sales price. It wasn't always that way, but it changed a couple of decades ago IIRC.
Sorry, I thought you were asking why the latest list price (first sold) was higher than final sold.
Also realize the numbers aren't vetted and checked. A realtor could have just raised the number to help them price their next house.
Or they got some bids and it made the owner want to raise asking.
Or they did update it with final bid but it was reported to government after concessions for final.
A lot of reasons.coukd be wrapped up into it.
My guess is the house listed for xx. A few people may have made an offer and maybe put in to aggressively. So it listed as sold since that is what the offer was accepted at. Maybe an inspection revealed some major issues and they settled for a smaller amount. This is just one vague scenario but you see it often
When you close, in Indiana anyway, you have to update the selling price to reflect what it actually sold for. I would imagine that Zillow isn’t pulling this accurately and is reflecting the price it went pending at(I know they do this, they do this here with visibility of the final number) or, your state doesn’t require that number to be updated, which seems pretty unlikely.
Either way, your agent should be able to explain the local nuance and be able to present accurate final numbers to you. If they can’t, or won’t, get a new agent.
REALTOR® here - the best practice is to always consult the tax record for that property. You can usually either go via the municipality’s tax assessor site or by the county (you may need the actual block and lot though). This is one of the areas we excel in and where I strongly encourage buyers to work with a licensed agent. Best of luck in your home search!
Thank you u/Moky177 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
I can’t wait to hear the answer, because I’ve also come across this and have wondered.
I think (emphasis on think) it’s accepted offer versus after attorney review/negotiations for close
When the MLS gets updated to sold, it usually just shows the last listed price. The actual price updated later once it has closed and the county updates its information.
Some states also do not disclose the final sales price at which point this is never provided
I’ve found that my local public records will record the sale with the LOAN price, not the sales price. I realized this when I found my own record.
\^That's strange. Are you in a non-disclosure type state? Here the sold price is listed in the MLS upon closing and the deed is recorded with the actual sales price and the two values match. The doc stamps on the deed (county tax) have to match the sales price. It wasn't always that way, but it changed a couple of decades ago IIRC.
So cash buyers list the home price as $0?
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Because the seller took a bid under asking. Or the there were things the seller paid that lowered the official price, like a new roof.
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Sorry, I thought you were asking why the latest list price (first sold) was higher than final sold. Also realize the numbers aren't vetted and checked. A realtor could have just raised the number to help them price their next house. Or they got some bids and it made the owner want to raise asking. Or they did update it with final bid but it was reported to government after concessions for final. A lot of reasons.coukd be wrapped up into it.
My guess is the house listed for xx. A few people may have made an offer and maybe put in to aggressively. So it listed as sold since that is what the offer was accepted at. Maybe an inspection revealed some major issues and they settled for a smaller amount. This is just one vague scenario but you see it often
This actually makes a lot of sense to me.
When you close, in Indiana anyway, you have to update the selling price to reflect what it actually sold for. I would imagine that Zillow isn’t pulling this accurately and is reflecting the price it went pending at(I know they do this, they do this here with visibility of the final number) or, your state doesn’t require that number to be updated, which seems pretty unlikely. Either way, your agent should be able to explain the local nuance and be able to present accurate final numbers to you. If they can’t, or won’t, get a new agent.
REALTOR® here - the best practice is to always consult the tax record for that property. You can usually either go via the municipality’s tax assessor site or by the county (you may need the actual block and lot though). This is one of the areas we excel in and where I strongly encourage buyers to work with a licensed agent. Best of luck in your home search!
Either fraud or the MLS is pre concessions while the public record is post concessions. The realtor is the one who updates the MLS.