U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California > San Jose
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 01-25-2013, 02:48 AM
 
326 posts, read 278,956 times
Reputation: 98
Default Real estate prices on Redfin and Trulia are not real

Thing is when you check sales record those prices are lower then it should be. There is some trend that seller and buyer make some internal deal that they announce price to the title company lower then its real. Probably buyer pay seller in cash some part or even there are legal ways like buyer pays all closing cost to the seller.

So be careful when you check those sales record prices on Redfin. You shouldn't relay on them.
Reply With Quote Quick reply to this message

 
Old 01-25-2013, 08:16 AM
 
748 posts, read 971,196 times
Reputation: 626
We have refinanced our house 2 times since we purchase 2 years ago. In the sale statistics on one of the sites - maybe Redfin, it appears that our house was "listed" and "sold" each time. So, it's listing what the mortgage amount is - at a minimum of 20% less than what the home actually sold for, since that is what our down payment was. Our house first "sold" for the original amount, and then 3 months later, it "sold" again, for the mortgage amount.
Reply With Quote Quick reply to this message
 
Old 01-25-2013, 09:12 AM
 
Location: Sunnyvale, CA
3,814 posts, read 5,048,077 times
Reputation: 1478
Real estate prices everywhere in the Bay Area are not real
Reply With Quote Quick reply to this message
 
Old 01-25-2013, 11:15 AM
 
326 posts, read 278,956 times
Reputation: 98
Quote:
Originally Posted by 80skeys View Post
Real estate prices everywhere in the Bay Area are not real
Yes prices are even higher then on public listings.
Reply With Quote Quick reply to this message
 
Old 01-25-2013, 01:31 PM
Status: "California Uber Alles!" (set 8 days ago)
 
Location: San Jose, CA
7,472 posts, read 6,355,909 times
Reputation: 4505
Quote:
Originally Posted by 80skeys View Post
Real estate prices everywhere in the Bay Area are not real
The listing price in the Bay Area often can be otherwise known as "the start of the bidding".
Reply With Quote Quick reply to this message
 
Old 01-26-2013, 08:44 AM
 
83 posts, read 66,795 times
Reputation: 40
What Trulia and Redfin post are just estimates
Reply With Quote Quick reply to this message
 
Old 01-26-2013, 03:37 PM
 
Location: Mountain Ranch, CA The heart of Calaveras County
6,047 posts, read 11,145,009 times
Reputation: 4762
Far be it from me to suggest anything Zillow related, but they do seem to post sale prices accurately.

The best source is the local MLS data.

Buyer's and sellers don't collude on the reporting of sales data. Sorry to burst the conspiracy theory on that one. Every CA county has a real estate transfer tax and the amount of that tax is reported to the county by the escrow company, which has to prepare the document based on the contract sales price and reported on a HUD-1 form. False reporting by them on the HUD-1 would expose them to huge fines and penalties and there is absolutely no reason for them to do so.

In my county the amount of the transfer tax is indicated on the grant deed. A $115 dollar tax would indicate a $100K sales price. Many transactions aren't subject to the transfer tax (moving title from an individual to a trust, a quit claim deed, or a refinance of a mortgage).
Reply With Quote Quick reply to this message
 
Old 01-26-2013, 03:46 PM
 
326 posts, read 278,956 times
Reputation: 98
Quote:
Originally Posted by DMenscha View Post
Far be it from me to suggest anything Zillow related, but they do seem to post sale prices accurately.

The best source is the local MLS data.

Buyer's and sellers don't collude on the reporting of sales data. Sorry to burst the conspiracy theory on that one. Every CA county has a real estate transfer tax and the amount of that tax is reported to the county by the escrow company, which has to prepare the document based on the contract sales price and reported on a HUD-1 form. False reporting by them on the HUD-1 would expose them to huge fines and penalties and there is absolutely no reason for them to do so.

In my county the amount of the transfer tax is indicated on the grant deed. A $115 dollar tax would indicate a $100K sales price. Many transactions aren't subject to the transfer tax (moving title from an individual to a trust, a quit claim deed, or a refinance of a mortgage).

True but I bought condo 1/1 for 295.000 + all closing cost. That is legal way to lower the real sales tax. Buyer and Seller agreed that buyer paid all closing cost (30k) and not 325.000$ because tax is little lower. So what I want to tell you we have absurd situation that people think condo prices are lower then in real world.
Reply With Quote Quick reply to this message
 
Old 01-27-2013, 03:26 PM
 
Location: Mountain Ranch, CA The heart of Calaveras County
6,047 posts, read 11,145,009 times
Reputation: 4762
Quote:
Originally Posted by vrhunski View Post
True but I bought condo 1/1 for 295.000 + all closing cost. That is legal way to lower the real sales tax. Buyer and Seller agreed that buyer paid all closing cost (30k) and not 325.000$ because tax is little lower. So what I want to tell you we have absurd situation that people think condo prices are lower then in real world.
Somebody got ripped off if closing costs on a $295K purchase was $30K. Even if you counted the real estate commission as a closing cost for the buyer.

Last edited by DMenscha; 01-27-2013 at 03:57 PM..
Reply With Quote Quick reply to this message
 
Old 01-27-2013, 04:29 PM
 
326 posts, read 278,956 times
Reputation: 98
well almost 30k with all commission of-course. I don't know right figure yet because I am wait for title company to count everything for me.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California > San Jose
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top