I Worry About Where Our Profession Is Headed....

By
Real Estate Agent with Bill Cherry, Realtor 0124242

 

Texas has a long history and an attachment to a law that prohibits deeds, etc., from revealing the price a buyer paid for a real estate acquisition.

Our deeds read, "For $10.00 and other consideration...." The actual price isn't noted. 

Professional licensed agents, appraisers, etc., are allowed to share that information with one another, but not with the public.

The tax appraisers are strictly prohibited from requiring access to documents that accurately show the price and conditions of a sale.

So it's somewhat odd that Zillow, Redfin and others claim to be able to provide an accurate opinion of the value of any Texas home. 

So if you're thinking about selling your home, they insinuate that they can instantly provide that value without seeing your home or having any documented comparables.

And without being licensed in Texas. And without consulting a licensed real estate professional.

It's interesting to me that apparently this practice has not been seriously challenged by the state real estate commission, the Association of Realtors, or the man on the street who believed one of those value assessments, and who later learned that it was seriously incorrect, and probably caused him to lose money.

Those who collect licensing fees, board membership fees, lobbyist fees, etc., don't seem to be concerned about how our professional service is being watered down by outsiders.

BILL CHERRY, REALTOR
Since 1966
Dallas
214 503-8563

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Rainmaker
3,985,513
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Z and others guess at the numbers.  Even in Minnesota where all this info is public record, those sights still get the numbers WRONG

Apr 29, 2017 09:34 PM #1
Ambassador
4,306,122
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

BILL CHERRY - now this is surprising! I thought SOLD price is open to public information.

Apr 29, 2017 10:42 PM #2
Rainmaker
1,558,463
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

This is interesting. In my area, sale price is publicly available all over the place.

Apr 30, 2017 03:25 AM #3
Rainmaker
2,725,277
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

That is interesting how Texas handles information about sales price in real estate transactions, Bill.  I'm curious about why that is?  It may be necessary at some point to change that law in order to counteract the algorithms of Z and T, that are often so very far off the mark of reality!

Apr 30, 2017 03:40 AM #4
Ambassador
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Anna Banana Kruchten Arizona's Top Banana!
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

That is intersting that in your state the general public does not have access to sales price.  We do here in AZ. As for Z and the other platforms why anybody actually relies on that information in beyond me as they are often so off the mark.

Apr 30, 2017 02:56 PM #5
Ambassador
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Like others, I am actually surprised that this information is unavailable in Texas. How on earth then Realtors are able to know it?

Our Deeds do not disclose the value, but the stamp with the Documentary Stamp on the Deed ammount allow you to calulate it easily, but the property appraiser site is showing it.

May 10, 2017 07:39 PM #6
Rainmaker
393,606
BILL CHERRY
Bill Cherry, Realtor - Dallas, TX
Broker & Wealth Coach

We used to use tax stamps, and they were placed on the deed, but that went away when the tax people started figuring out the sales price and using it for the value WITHOUT also adjusting the neighbor's values accordingly.  It seems to me that tax stamps were discontinued about the time I got my license, which was in 1966.

So they figured that the tax people would no longer get a free ride....they'd have to figure out values by themselves.  

As far as brokers, fee appraisers and agents are concerned, we are allowed to share that information, and our MLS is the most reliable source for knowing the full complexion of the sale.

May 11, 2017 02:52 PM #7
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Rainmaker
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BILL CHERRY

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