Buyers ask, in your state do you answer?

[palmcoasting]

It must be on the MLS or something because when I was listing my father's property in NM the agent was able to tell me the prices of the presently listed, what the solds went for and how long they were on the market rather easily. She wasn't hampered at all. And that was on vacant land. I'm a little confused by the OP. I was able to get that information from two Realtors®.

[pghquest]

Originally Posted by keeperk

In my state (NM) questions like:

How long has it been on the market?
What did it sell for?
What did the buyer buy for?

are off limits for us to answer.

Only because I've been indoctrinated to NM real estate law, but I do realize it's common in most states to have these answers at your fingertips,
I wonder how you feel about these questions.

I personally feel like it's no one's business. We are a non disclosure state.

The property is worth what the buyer and seller were willing to settle on for their terms. It wasn't even until recently we had to disclose selling prices to the tax assessor. For vacant land we still don't. The tax assessor cannot disclose selling prices either.

I was wondering how you as agents feel about this kind of practice.
I would think it hard to keep up with selling prices and exacts and the liability for seller and buyer end you must face with having this information at your disposal to have to work with.

Just wondering?

I dont even look at a property without knowing how long its been on the market, as for the price the seller paid for it, its available on the local county real estate website, including copies of the deeds and mortgages.

[keeperk]

Originally Posted by palmcoasting

It must be on the MLS or something because when I was listing my father's property in NM the agent was able to tell me the prices of the presently listed, what the solds went for and how long they were on the market rather easily. She wasn't hampered at all. And that was on vacant land. I'm a little confused by the OP. I was able to get that information from two Realtors®.

Some Realtors feel free to pass that information around. They are not supposed to.
As I understand in my area, one office will be the keeper of the sales prices and if other brokers want to cooperate with giving their sales prices into the pool they can join in the game for comps. Around here they just ask each other for comps. Some will give it, some will not.
It personally doesn't affect me as I am the keeper of the comps of the properties I sell since I'm the only one selling them.
Yes, if I need to list a house in town I would be hampered and would have to go see some buddies for help on comps.
It's tough for appraisers as they have to go door to door asking brokers for sales prices. It wasn't until recently buyers had to disclose their purchase price and on residential only to the tax assessors office. Vacant land is exempt. It is not public record at all.
Beats me what the MLS here shows. I've never been on it. I've heard tell one broker will not put her sales prices on there and for our laws, I would say rightfully so.

[CAugust]

WOW - when I take my buyers around, one of the tools I use is how long the property has been on the market to determine how to negotiate. I dont think it's fair that buyers are not given that information myself, but...laws are laws.....