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Should Home Sales Prices Be Kept Secret?

By Wayne and Lynda Gomillion

Real Estate Agent with Real Living Hagan Realtors | Pinehurst ~ Southern Pines, NC

June 19, 2007 10:52 PM

While most states do disclose prices one way or another, some still don't.

Previously we lived and practiced real estate in Utah, a non-disclosure state and we now reside in North Carolina, which is a disclosure state, so we've experienced both.

Whats really interesting is in the Pinehurst, NC area, many of the communities do not allow for sale signs... But thats another topic in itself.

Here are a few questions that we would like to get your input on...

1.) Do you feel nondisclosure benefits the consumer?

2.) Does nondisclosure benefit the real estate industry?

3.) Do you live in a nondisclosure state and where do you weigh in on the matter?

Please click here for more information on the topic of nondisclosure vs. disclosure of home sales data.

Thanks for your interest and in advance for your remarks!

With our highest regard,

Wayne and Lynda Gomillion
"The Pinehurst Home Team"

The friendship and referrals of those we serve is the foundation of our success.

Comments(15)

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Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

I would go insane in a non-disclosure state. I'm a stats junkie and without the data, I'd be working with no knowledge base. What's the purpose?? Let the sunshine in.

Jun 19, 2007 11:14 PM

Randy L. Prothero

eXp Realty - Hollister, MO

Missouri REALTOR, (808) 384-5645

I agree, do not think I would be very happy in a non-disclosure state.

Jun 19, 2007 11:18 PM

Blue Ridge Ga Real Estate >> Real Property in Blue Ridge Georgia

United Country Landmasters - Ellijay, GA

I think that disclosure always a good thing. Always.

Jun 19, 2007 11:24 PM

Paul Moye

Benchmark Realty - Franklin, TN

Broker, GRI, SRES

I am curious the sales price disclosure information is a federal law mandated by HUD ti insure fair sales tactics. Are you saying that Utah does not make public notable real estate transactions? Or are you saying the MLS did not display sold prices to other agents?

Jun 19, 2007 11:30 PM

Carmen Offutt

La Rosa Realty - Altamonte Springs, FL

How do appraisers do their job? Rely only on MLS or do they get access some other way? I do not see the reason behind nondisclosure of the price, it makes no sense.

Jun 19, 2007 11:52 PM

Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES

Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL

Florida Waterfront and Country Club Living

It's a doublesided sword isn't it? I like disclosure for myself - but I don't really like when my customers go and look at the previous sales data for a particular home. In the end it does not matter what someone has paid previously, what matters is current market value as indicated by supply and demand and the willingness of a buyer to pay a certain price.

Jun 19, 2007 11:56 PM

Provadus Home Loans

Provadus Home Loans - Marietta, GA

Technology bringing you home.

Yes, the prices should be disclosed. Commonly it is how people negotiate the price. Great post!

Jun 20, 2007 12:04 AM

Donna Harris

Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com - Austin, TX

Realtor,Mediator,Ombudsman,Property Tax Arbitrator

Texas is a nondisclosure state. How long has the owner owned the house, I don't know. What did they pay for it? I don't know. What do they owe on it, I don't know... It's a lot of fun! Seriously, we're supposed to put sales prices in the MLS upon closing and also put how much the seller contributed in closing costs so true sales price is seen, but we don't have to. Both parties can agree to just use the asking price as the sales price. Yes, it messes up states, but there is no law saying they must disclose. Many agents don't put the closing cost amount because they want to show their sales prices as higher.

I think if someone knew a seller paid $85k for a house in 1987, and they're asking $200k for the house 20 years later, the buyers would low ball right and left thinking the seller made enough money already, they don't need every penny, even if the comps show the house is worth $200. With that aspect, I like not being able to see what the sellers paid or owe on the property.

Non disclosure takes a lot of liability off the agents!!

Jun 20, 2007 12:38 AM

Nalliah Thayabharan

Expert Building Inspections Ltd - Markham, ON

Home Inspector - Commercial Building Inspector Toronto

Hi Wayne & Lynda !

Thanks for sharing this info with us. Keep posting !

Nalliah Thayabharan

Commercial and Residential Building Inspector

Expert Building Inspections Ltd

Jun 20, 2007 12:59 AM

Alan Barker

Boomerang Leads - Smithfield, UT

I"m a Utah agent and I wish there was more disclosed info. It is still easy to find out what people owe on a house (still public record) and everything that was sold MLS (most listings). But I do wish other home inspections, or problems were on public record.

Jun 20, 2007 11:13 AM

Deb Hurt

Realty Pro Albuquerque - Albuquerque, NM

ABR, e-Pro,Green, TRC

Donna,

We have disclosure here and we do not have a problem with low ball offers. People understand appreciation and they understand if they make that kind of offer they are not going to get the house. If they do not understand it when they start, they do after a couple of offers are rejected.

Jun 23, 2007 04:54 PM

Dan Homan

Coldwell Banker Ellison Realty, Inc - Ocala, FL

I can't believe that public records like deeds and mortgages would not be available for the public. Gimmie a break. I do not see how you can have a fair property tax system, with consumer rights to challenge the bills if the information needed to file a complaint is hidden. Why live in the United States if that is how you are going to be treated.

Jun 23, 2007 06:14 PM

Mike Jaquish

Realty Arts - Cary, NC

919-880-2769 Cary, NC, Real Estate

I agree with Dan.

I think disclosure is a needed pillar in a property tax system which is based on subjectivity already.

Jun 24, 2007 03:02 PM

Jeffrey Malburg

RE/MAX Acclaim - Roseville, MI

We have disclosure hear and I find it interesting to know that there are states that don't disclose. That's new to me, I think I would feel a bit lost without that information! Interesting post.

Aug 16, 2007 08:18 AM

Karen Kruschka

RE/MAX Executives - Woodbridge, VA

- "My Experience Isn't Expensive - It's PRICELESS"

We are a disclosure state in Virginia and I can't imagine any other way. Would I adapt to the opposite method if required? Yup!!!!

Aug 30, 2007 10:39 PM