New Mexico is a Non-Disclosure State, What does that really Mean?

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Real Estate Agent 16784

New Mexico is a Non-Disclosure State, What does that really Mean?

 

Recently I attended a Town Hall Meeting for Real Estate Professionals, and the term “Non-Disclosure” kept coming up.  It was obvious that many of the people there were not truly aware of what it really means, so I decided, well it is time for me to tackle the subject.  In terms of Real Estate, What is a “Non-Disclosure” state? No…it does not mean that you are not required to disclose “material” information when conducting business.

 

To my understanding, all it means, is that the Sale Price of Homes is not public information. So you might say…BS.  In fact it is so.  Imagine if Zillow had all the sale price of homes here in New Mexico, do you believe that the Zestimate,would be more accurate?   You bet it would.  And how many agents put out that information in the public domain?  

 

 

The big question I have is, why not release that information?  What are the consequences of releasing it anyway?  There are states in which that information is public…I think it is just a matter of time before we see the move toward more disclosure.  What’s your opinion?

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NM Real Estate Broker

Phone: (505)750-8552
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Rainmaker
1,891,228
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

That's insane,  It's public after it/s been recorded   so why not????

 

Mar 21, 2015 04:35 AM #1
Ambassador
1,589,274
Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Division Specialist

It's already public as there are no secrets on the internet.  tell your governor to grow up and catch up with teh times. 

Mar 21, 2015 01:12 PM #2
Rainmaker
3,240,930
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Lloyd -- I have read similar things on AR --- it's interesting to see the differences between states and makes me wonder the reason behind the thinking.  

Mar 21, 2015 05:14 PM #3
Rainmaker
561,350
Fred Hernden, CMI
Superior Home Inspections - Greater Albuquerque Area - Albuquerque, NM
Albuquerque area Master Inspector

Having moved here from another state, I have found it very hard to find information about existing homes... even building permits!

Mar 22, 2015 01:11 AM #4
Rainmaker
508,942
C. Lloyd McKenzie
Albuquerque, NM
Living Albuquerque

Hi Ronald...The explanation I have got is that even though some of the information is public, the sale price isnt and that is what they are supposedly protecting.  

Mar 22, 2015 01:33 PM #5
Rainmaker
508,942
C. Lloyd McKenzie
Albuquerque, NM
Living Albuquerque

Hi Kevin, 

I believe that there should be oone standardacross the entire country...the politics of it all would cause a lit of headache though

Mar 22, 2015 01:36 PM #6
Rainmaker
508,942
C. Lloyd McKenzie
Albuquerque, NM
Living Albuquerque

Hi Michael...One plausible I have got was tax

Mar 22, 2015 01:37 PM #7
Rainmaker
508,942
C. Lloyd McKenzie
Albuquerque, NM
Living Albuquerque

Hi Fred...Thanks for stopping by...I agree with you 100%... It makes me wonder sometimes

Mar 22, 2015 01:38 PM #8
Rainmaker
1,433,965
Yolanda Cordova-Gilbert
Richmond, TX

C Lloyd,

 I am not sure what Texas is but Zillow always gets things wrong and so do many of the other free sites!

Mar 23, 2015 07:34 AM #9
Rainmaker
2,050,755
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

C. Lloyd, 

Those free web sites data no matter is 90 % of the time  inaccurate and pretty worthless. Here in Texas you can find the information but you have to dig for it and know where to look. 

Mar 24, 2015 06:11 AM #10
Rainmaker
3,246,635
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Lloyd

Is the sales price reported at the county tax office . . . . and part of the public record?

Good luck and success.

Lou Ludwig

 

Mar 27, 2015 10:47 AM #11
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2,550,194
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

C. Lloyd McKenzie   I find that very confusing as our MLS system requires sales prices in order to close the listings, as well as the property records that anyone should be able to access.

How would an appraiser do their job without the disclosure

Feb 13, 2019 08:00 AM #12
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