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I'm trying to estimate what I should pay for a property in Dallas and have been looking at recent sale information from the likes of eppraisal.com and realestate.com
The problem I am having is that MLS data I received from my real estate agent is very different from the public data available - on one property for example, MLS reports a sale price of $380,000 and eppraisal/realestate.com report $306,250.
Which one is more accurate and why is there such a difference?
There is a difference because Texas, where we value our privacy, is a non-disclosure state, meaning that we don't have to tell anybody, including the tax man, what we paid for our property. So the tax records might be able to show the mortgage (if that), but not the sales price, unless the buyer fell for the little card that goes out from the tax appraisal office asking how much they paid (again, they are NOT required to disclose this information).
Thus, Zillow and other such programs that depend on the tax records for their information are always going to be off (sometimes as much as $50,000-100,000, I've noticed) in the values they assign to various houses.
The MLS is more accurate.
Real estate agents are restricted, by the way, in what information they can disclose - they can't just send out postcards, say, with the sales price of a listing they had or of houses in the neighborhood, because that would be a violation of the law. They can disclose these prices to someone with whom they have a relationship (their buyer or seller, for comp purposes).
There is a difference because Texas, where we value our privacy, is a non-disclosure state, meaning that we don't have to tell anybody, including the tax man, what we paid for our property. So the tax records might be able to show the mortgage (if that), but not the sales price, unless the buyer fell for the little card that goes out from the tax appraisal office asking how much they paid (again, they are NOT required to disclose this information).
Thus, Zillow and other such programs that depend on the tax records for their information are always going to be off (sometimes as much as $50,000-100,000, I've noticed) in the values they assign to various houses.
The MLS is more accurate.
Real estate agents are restricted, by the way, in what information they can disclose - they can't just send out postcards, say, with the sales price of a listing they had or of houses in the neighborhood, because that would be a violation of the law. They can disclose these prices to someone with whom they have a relationship (their buyer or seller, for comp purposes).
So as a real estate agent in Texas, do you have access to past sales records/prices via the MLS?
Yes, it's part of the historical record that makes it possible to do CMA's. As I said, though, there are restrictions on who this information can be released to by an agent (on a specific house or houses, that is).
This assumes, of course, that the property was listed on the MLS in the first place - that information on FSBO's, for example, is not on the MLS. Also, data predating the existence of the MLS is not available.
Yes, it's part of the historical record that makes it possible to do CMA's. As I said, though, there are restrictions on who this information can be released to by an agent (on a specific house or houses, that is).
This assumes, of course, that the property was listed on the MLS in the first place - that information on FSBO's, for example, is not on the MLS. Also, data predating the existence of the MLS is not available.
Interesting. So in Texas y'all "value your privacy", except to the extent that profits are concerned.
Nope, we value our privacy at all times. It's none of your business how much I paid for my house. The tax man can appraise it independently and if he's too high I'll protest the appraisal.
We also believe in right & wrong, justice, the death penalty and being kind to our neighbors. Hopefully if you have a problem with any of this you'll stay in your state.
Seriously??? The state/county does not get the record of sale? WOW!
Here is VA it is public record and most of the larger counties have it posted online.
"Under Virginia State Law, these real estate assessment records are public information. Display of this property information on the Internet is specifically authorized by the Code of Virginia §58.1-3122.2 (as amended)."
Sometimes you can even find the amount of the mortgage and the interest rate. (That I think is TOO much information!)
Seriously??? The state/county does not get the record of sale? WOW!
Here is VA it is public record and most of the larger counties have it posted online.
"Under Virginia State Law, these real estate assessment records are public information. Display of this property information on the Internet is specifically authorized by the Code of Virginia §58.1-3122.2 (as amended)."
Sometimes you can even find the amount of the mortgage and the interest rate. (That I think is TOO much information!)
"We also believe in right & wrong, justice, the death penalty and being kind to our neighbors".
Contrary to what you may believe, Texas doesn't own exclusive rights to feeling proud of your home state....
Now, see, this is an attitude that has always puzzled me. Some people seem to be offended when Texans are proud of their state. I'm confused when people AREN'T equally proud of whatever state they happen to be from. Why not? No one ever said that Texans are the only ones who can be proud of their state and, in fact, it seems odd that others aren't.
Also, the sentence that you quoted above doesn't say anything at all about whether or not Texans "owns exclusive rights" to feel proud of our state. So I'm puzzled about where you are getting this from, as it certainly isn't from the post you're replying to. Would have to come from inside your own head, it would seem to me, though I could be wrong.
Last edited by TexasHorseLady; 03-11-2009 at 08:07 AM..
Reason: Typo
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