Sometimes, the MLS closed on the property when agent forget to change the status on the MLS and it would close on the price that was the last anticipated purchase price. As a result, the property may close on a higher price than actual.
Another one is it might include the price of the furniture or personal items, so the sold price is not the actual price of the property only but includes the personal items, which creates the higher closing price than actual.
Cornerstone Real Estate International
Scott Walker, Realtor
310-893-0101 Office I 310-709-6807 Cell I 310-482-2201 Fax I email@example.com
Keller Williams Realty I 2701 Ocean Park Blvd., Suite 140 I Santa Monica, CA 90405
DRE License #01428946
Other than that . . .
Perhaps selling the property furnished and charging a few thousand or more for the furnishings.
It's also possible--particularly in something like a condo--for the seller to include several months of condo fees in the price. ("Buy my unit and pay no condo fees for 6 months!") The seller would simply raise the price of the condo by the value of the condo fees, and then pre-pay the condo fees.
But there are limits to all that. If the unit doesn't appraise for the higher amount, the financing won't go through. So if there are 3 sold units in the building--say for $100,000, 103,000, and $105,000--a seller would be on thin ice offering the condo at $110,000--even with seller concessions and other items. It might well not appraise for that higher amount. And the buyer's agent very likely would inform the buyer of the other comps in any case, as well as the danger to overpaying.
Hope that helps.
So, for any given property a sold MLS sheet would clearly state 'Sold Price $500,000, Closing Cost Credit $10,000" so any appraiser comping out the neighborhood would give the house a $490,000 Net Sale Price.
Agents not putting what the closing cost credit may have been is not a "trick" to boost up value though, I just think it should be mandatory to include on Sold listing sheets.
As for your question, ultimately The Sold price is the Sold price, whatever is coming up on our tax record sheets is what an appraiser is going to look at to determine value of sold homes. The answer you found here on Trulia, doesn't really make sense to me.
Realtor Since 1996
Many sellers, especially developers of new projects are naturally concerned about posted selling price because it will set the bar for good or for bad for other buyers. We recently had a client who paid asking price for the unit, but got a ton of money back in the form of parking, storage, upgrades and credits for closing costs. This is a common practice and the best way to hide actual selling price.
Lance King/Owner-Managing Broker