ACRIS Wrong?
Hi I’m trying to verify/value the price of unit in Park Slope. Both ACRIS and the prop mgr say it was sold for price X. The owner says they Z. Is it possible the price paid is incorrect on ACRIS? Or is the owner just lying to get us to bid up? Thanks!
Hi
I’m trying to verify/value the price of unit in Park Slope. Both ACRIS and the prop mgr say it was sold for price X. The owner says they Z. Is it possible the price paid is incorrect on ACRIS?
Or is the owner just lying to get us to bid up?
Thanks!
Tikoloshe, in NYC the buyer never pays the broker. The seller is going to have to eat that as well as the transfer taxes. What the seller wants is the most money they can get for their apartment. Period.
ACRIS definitely inflates sponsor sales in coops. They’ve explained it, something about the transfer of shares and the underlying mortgage impacting transfer taxes. But that inflates the price.
You can look at the seller’s mortgage documents on ACRIS, sometimes those are more specific.
Honestly, though, what the seller paid doesn’t matter two twigs. If they paid it in ’06 or ’07 they bought at the top of the market anyhow.
Hi
Just a thought: Is it possible the price the owner is quoting includes the price he paid to the broker when he bought it? City tax/document records include the sale price but not broker commissions so I’m guessing the owner wants us to cover the broker fee he paid previously.
Anyone agree/disagree?
Thanks so much!
The accuracy in Acris can’t be guaranteed, however it is most likely correct. The most accurate you can get is to have someone go down and physically check the register at the county clerk. If a transaction is not recorded than its like it didn’t happen. So if the seller had some unrecorded cash side deal, he really might be sol. I would be confident in the numbers on acris. Also keep in mind it might be malpractice for a.title search to be done on acris and not in person
good luck
FWIW, I know of an apartment that has a higher price listed in ACRIS than what was paid. No concessions or anything. Initially ACRIS was showing a correct price, but at some point it changed. The owner has no idea how, when or why.
tell him propertyshark shows X, and that’s all that your appraisers will credit for unless he can provide proof.
some people paid in cash on the side who knows.
at the end of the day, in this market i’ve found it doesn’t matter what they paid. some people get a deal, some people pay too much (especially some at peak). Regardless, I would not be doubting ACRIS at this point in your process.
if someone is trying to justify a high price in a certain building, look to comps i the building and consider their reasoning as to the difference. i’ve never bought into the “i overpaid, so that should prove you’re OK”.
calculate price / square foot in that building and buildings nearby with similar amenities to the extent possible (and similar story-level) . consider similar units with similar sq ft, # bathrooms. if there’s nothing too recent, adjust for any change in the time frame based on what the miller samuel charts say (has the market gone up or down since then and how much). that’s a start.
there are a lot of people who don’t do the homework and overpay, looking at listing discount and buyer’s purchase price. that’s how the over-payers get out of their predicament! (note that it works sometimes)
The owner is probably lying if he is quoting a higher price. Go with the public record and use it as a bargaining tool. I will say that ACRIS can be “wrong” in the sense that it may reflect a HIGHER price than that paid actually paid for the home if the seller got concessions. ACRIS shows that I paid a higher purchase price than I did for my home because I got a seller’s concession that was added to the mortgage. I don’t know how this affects comps since at that end of the day, public record only shows the contract price, and doesn’t specify what part was the actual offer for the home and what part was a concession. Either way, I can’t imagine ACRIS quoting a lower figure. If you can only see the mortgage price, however, it is possible that the previous paid some out of pocket.