How accurate is sales price data for appraisals?

In a recent national column, writer Kenneth Harney cited a study from Florida which found a 7% discrepancy rate between the sales price listed on bank closing documents and the closed price entered in the local MLS. The study, which sampled 400 transactions from two banks, noted that some difference could be due to clerical error, but that some may also be due to seller concessions not being entered into the MLS record.

Puget Sound brokers should be aware of NWMLS rule #122 – Notification Sale Closed – which states: The listing member must give notice that the sale has closed to NWMLS in writing on NWMLS’s standard status report form on listings input by NWMLS. The notice must be input on listings input by a member. The notice must include the closing price. The notice must be delivered to NWMLS’ office or be input not later than 5:00 PM of the third business day following receipt of notice of closing of the sale.

When the property listing is marked sold/closed, there is a prompt for Seller’s Concession. If marked Yes, then a comment box appears for entry of the concession.