zillow disclosure of price

9 Replies

Hi, I wonder what can be done so Zillow does not disclose price that the house have been sold for. I think it hurts flipping business. The property is in Illinois.

Depends on your state laws. I think Texas is a no reveal state in that sale prices are not reported to the public. Where I live in Ohio it is listed on the county auditor site. If your state is the same there is nothing you can do.

As a side note this shouldn’t effect a flip overly much. If you did good work and are selling at market level no reasonable buyer will have an issue with you buying the property on the cheap when it was a junk heap. If you know your market and are confident that your property will sell and someone brings this up offer to find them a junk heap they can buy and rehab themselves. With a reasonable wholesale fee of course :)

Zillow is just showing public records.  This is public info.

well, I was lucky with my purchase. I've got an apartment for 425k, foreclosure. It's in a high raise building, where each square feet weights. The listing agent or the bank made a mistake and listed it for 1200 sq feet, while the apartment is 1800 square feet. I knew the building and immediately picked it up. It did not need many renovations as it is in a relatively new building, I will put in 15k at most to upgrade kitchen by adding an island and do minor touch ups. The price it will go to market is 720k to start with. Market value is closer to 680. The 2 bedroom condo with the same layout was sold for 650k. I've converted den to another bedroom, and will list  it slightly higher than the sold one. But there is no reasonable explanation why I am selling for this price except comps. 

I had a very similar flip, but I've put 50k into renovation, got it for 130k, sold for 295k. I had around 6 people dropping law price offers and saying "why do you think you can make as much on it?". It becomes emotionally very hard (I am serious) to deal with all these crazy buyers/agents who fight for every 5k on the selling price. I kind of looking forward to add even more anxiety to this upcoming sale. 

Anyone that's been investing for longer than 13 minutes will look up the assessor info on who owns it and how held, when they bought, for how much, etc in less than 2  minutes  (outside of TX apparently) so that's not Zillows fault.

Good thing for flippers is most buyer's are owner-occs and won't do this, so I see your beef.  It will come out in the appraisal though. Last sold 30 days ago for 40% less....   Better the buyer knows this going in. Less of an ambush.

Great find, Kate.  The tax hit and closing costs with commissions and everything will cost you more than the avg household income for a year, though.  Any chance of holding as a rental until day 366? Would also take care of sticker shock for your buyer.

Originally posted by @Steve Vaughan :

Anyone that's been investing for longer than 13 minutes will look up the assessor info on who owns it and how held, when they bought, for how much, etc in less than 2  minutes  (outside of TX apparently) so that's not Zillows fault.

Good thing for flippers is most buyer's are owner-occs and won't do this, so I see your beef.  It will come out in the appraisal though. Last sold 30 days ago for 40% less....   Better the buyer knows this going in. Less of an ambush.

Great find, Kate.  The tax hit and closing costs with commissions and everything will cost you more than the avg household income for a year, though.  Any chance of holding as a rental until day 366? Would also take care of sticker shock for your buyer.

I will be trying to fight the tax. I made it owner occupied and my w2 moves me to Texas this year. So technically I can hide some of the income under the carpet, at least I hope so.

Originally posted by @Steve Vaughan :

Anyone that's been investing for longer than 13 minutes will look up the assessor info on who owns it and how held, when they bought, for how much, etc in less than 2  minutes  (outside of TX apparently) so that's not Zillows fault.

Good thing for flippers is most buyer's are owner-occs and won't do this, so I see your beef.  It will come out in the appraisal though. Last sold 30 days ago for 40% less....   Better the buyer knows this going in. Less of an ambush.

Great find, Kate.  The tax hit and closing costs with commissions and everything will cost you more than the avg household income for a year, though.  Any chance of holding as a rental until day 366? Would also take care of sticker shock for your buyer.

oh, yes, that's another issue. If I convert to rental, I will not be able to get rid of the taxes :( for owner occupacy. It would be nice to sell in a year, it would be more "price justified".

Originally posted by @Steve Vaughan :

Anyone that's been investing for longer than 13 minutes will look up the assessor info on who owns it and how held, when they bought, for how much, etc in less than 2  minutes  (outside of TX apparently) so that's not Zillows fault.

Good thing for flippers is most buyer's are owner-occs and won't do this, so I see your beef.  It will come out in the appraisal though. Last sold 30 days ago for 40% less....   Better the buyer knows this going in. Less of an ambush.

Great find, Kate.  The tax hit and closing costs with commissions and everything will cost you more than the avg household income for a year, though.  Any chance of holding as a rental until day 366? Would also take care of sticker shock for your buyer.

I have it from last August. In fact, I was buying to hold. it has great views on lake, exactly the one I wanted to live in. But I've got an offer in Texas for a better job. Do you think they will press me again? Probably they will. In the end, I noticed that the actual buyers never as this type of questions.

Originally posted by @Russell Brazil :

Every state except Texas (I think) sales price is public record.

I don't know about the other 49 states, but you are 100% correct, Texas is a non disclosure state on sales price for property. 

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