NO MORE $1 SALES!

By
Real Estate Agent with LAR Notary and Closing Services

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. 

 

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Rainmaker
270,270
Mike Mitchell
Real Living Kee Realty - Saint Clair Shores, MI
REALTOR (R)
Hi Terry, I read that too, I think it's good, it will help get accurate values of homes.
Dec 07, 2007 03:36 PM #1
Rainmaker
1,072,241
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!
Hi Terry, wished they would do that here.  It is a big pain.  Nice update Terry.
Dec 15, 2007 05:59 PM #2
Ambassador
2,034,618
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

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

Mar 31, 2008 01:50 AM #3
Rainer
136,319
Terry Lynch
LAR Notary and Closing Services - Saint Clair Shores, MI

Todd

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

Apr 01, 2008 08:50 PM #4
Rainer
430,676
Maureen Francis & Dmitry Koublitsky
SKBK Sotheby's International Realty - Birmingham, MI
SKBK Sothebynulls - Metro Detroit
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.  
Apr 27, 2008 02:09 PM #5
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Rainer
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Terry Lynch

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