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Nakamura · Guest

Thank you so much for the reply regarding Site Influence. I obtained several reports onlne from a real estate information provider, for the properties I am interested in.

The reports include some sale price types I am not sure what they mean. Sale Price Type I: Confirmed, Committed, Partial, Land & BLDG..etc.
Sale Price Type I: Multiple, Split

What do these prices mean? For instance, what is committed price? What is a confirmed price and so on?

Thanks for the reply and useful discussion of topics on this forum.

Nakamura

nemmar · Site Admin

Nakamura,

The phrases you mention are custom phrases used by that particular online real estate information provider. They should have a legend online or in their reports clearly identifying what the abbreviations/terms mean in their reports. I will try to take an educated guess at what the terms mean since they are vague and I have no idea what online service you received the report from. Remember these are guesses so you need to clarify this with the online service you paid.

Sales Price Types:
1) Confirmed - Could mean that the sales price is confirmed by the contracts having been signed or the deal has already closed.
2) Committed - Could mean that the buyer and seller for this property have committed to the deal by signing contracts.
3) Partial - Could mean that the buyer obtained partial financing to buy the property or maybe the seller is holding part of the mortgage and the buyer obtained financing for the remaining balance.
4) Land & BLDG. - Could mean that the sales price includes the land plus the building in the deal.
5) Multiple - Could refer to multiple types of financing terms obtained with the deal by the buyer or it could refer to a multi-family building, etc.
6) Split - Could refer to a Split-Level style house or types of financing terms, etc.

Did you use one of the electronic appraisal services? If yes, then you have to be careful not to put too much weight and confidence in their reports. The reason is that electronic/online appraisal services that give market value estimates on properties do NOT do a full appraisal like a licensed appraiser would. Electronic appraisals are OK to use as a data source but if you want to make sure you have an accurate report of market value then you need to hire a licensed appraiser to do the job since they go out to the subject property, sales comparables and they have years of experience in that neighborhood appraising property.

Nakamura · Guest

Thank you so much.
There are many real estate property records information online e.g. homeinfomax.com . They charge few dollars for detailed report and we (me and my wife said OK to get to know things this way: An example of report is available here:

http://www.homeinfomax.com/detailedPropertyReport.php

I contacted this service to ask about information in their reports but they said "Any presented string is something that is originating from governmental sources, and we cannot tell what it is -- you may wish to contact your local County Recorder's office and ask them for additional assistance."

In fact, it just happend to me to find that County Recorder's office (available online) has less information than what is in the report.

The Multi and Split Sale Price Types are all for Single Family Residences, which is what we are reearching before we take steps to buy.. In fact, we researched same properties on anotherReal Estate Inforrmation Service but get more confused because they have two types of Sale Prices for the same property: I will copy to you what I have from the reports of the properties we are interested in:

Sale Price Type I DWL FULL
Sale Price Type II SPLIT

Sale Price Type I DWL UNKNOWN
Sale Price Type II MULTI

Sale Price Type I DWL PARTIAL
Sale Price Type II SPLIT

Sale Price Type I DWL FULL
Sale Price Type II MULTIPLE

So can you elaborate on these things. Thank you SO MUCH.

nemmar · Site Admin

Nakamura,

Each local municipality will have their own way of keeping records at town hall and the terms they use. For example, someone that does appraisals in New York will have to learn the "ropes" to find and evaluate data at the town halls from California, or any other area. The records kept by muncipalities are not uniform or standardized. So since the online services are getting their data from the local town/city governments, then the only way to interpret terms/jargon used on that town/city real estate data records is to call them directly if the info is not on their web site.

I wish I knew the record keeping system at your local town hall but unfortunately I don't. I would have to agree with the response you got from the online real estate service - "Any presented string is something that is originating from governmental sources, and we cannot tell what it is -- you may wish to contact your local County Recorder's office and ask them for additional assistance."

Guest

Is there a difference between a Sale Price Type that is "FULL" and a Sale Price Type that is LAND & BLD. My understanding is that land and building is everything so iti is full.. but that seems to be mot the case as I found several properties sale price types sometimes full and some other times land and building..
Thank you very much for this wonderful forum.. I am sure it will grow in the future with membership and usefulness of discussion..

nemmar · Site Admin

Land and Building will almost always refer to the "Full" sales price of a property. However, there are rare occassions when someone sells some of the RIGHTS of the real estate separately or at a different times to a different buyer for the subject property. That could explain why your local town hall uses "Full" Sales Price in some instances as opposed to just "Land and Building" Sales Price. You should get more details from the town hall where you obtained the sales data and property records since they must have a legend or guide to assist people with evaluating the terms they use on their reports.

Here is an explanation from my Real Estate Appraisal From A to Z book of how the rights of a property are severable and divisible http://www.nemmar.com/real-estate-appraisal.shtml . Real Property refers to the rights of ownership of real estate which together are called the Bundle of Rights. When you sell real estate you're selling the rights of the real estate. The rights of real estate are:
1 The right to use. This refers to the owner's right to use his property as he wishes, as long as it isn't for an illegal purpose.
2 The right to exclude. This refers to the owner's right to rent out his property to whoever he wants to, as long as it isn't for an illegal purpose.
3 The right to dispose. This refers to the owner's right to sell his property when he wants.

There are Sub-Surface, Surface and Air Rights of real estate. This refers to the fact that the ownership of real estate is considered to start at the center core of the earth. This ownership extends up to the heavens like a big "V" encompassing the property. Therefore, when you purchase real estate you also will own the sub-surface, surface and air rights of that property, unless specified otherwise in the deed for the property.

Fee Simple and Fee Simple Absolute refer to having full ownership rights of a property. Let’s say that someone has mineral rights (sub-surface) to your property. You or a prior owner may have purchased the property but later sold the mineral rights to someone else. For example, an oil speculator may have purchased the rights to any crude oil underneath your property. If that were the case then you would not have full Fee Simple ownership of the property. This must be taken into account when determining the market value of the real estate since it will affect the appraised value of the property.

The rights of real estate are severable and divisible. This means that the rights can be cut up and sold to other people. An example is a life estate which is the right granted to someone to use a property until they die. There was a house in my area that was sold by an old man to a builder. The agreement they had was that the builder would subdivide the vacant parts of the property and build three new homes to sell for a profit. The old man not only got his purchase price for the property, but he also was given the right to stay in the house until he died. At the time of the elderly man's death, the property would revert to the builder to sell the last house on the lot which he occupied. Both parties got what they wanted in the transaction.

A more common right granted with real estate is an easement. This is the right to provide access through your property for someone else to run utility lines, install driveways, build a walkway on your property, etc.

Nakamura · Guest

Thanks for the replies.
What does it mean that the prce type of the property is "Lease" and how

"committed", "Confirmed" and "verified" would differ from each others?

Actually, all seems like so close!

nemmar · Site Admin

Nakamura,

"Lease" is the same as "For Rent". Lease is used when referring to a commercial property whereas For Rent is used when referring to a residential property.

"Committed", "Confirmed" and "Verified" probably refer to the agreement status between the buyer and seller. For example, committed may mean that the buyer and seller have agreed on a price and signed contracts. Confirmed may mean that the deal has closed. Verified may mean that the sale is recorded in town hall.

It's hard to tell what your local town/city hall uses as definitions for the terms in their property records. You should ask them to clarify this for you since they are not standard terms found in all areas.