Cleveland Real Estate: “How much did that house sell for?”–“Sorry, I Can’t Tell You”

 

Cleveland Real Estate: “How much did that house sell for?”–“Sorry, I Can’t Tell You”

 

“I just saw that the home on ______ Drive just went under contract. How much did it sell for?”

As Cleveland real estate agents, we are asked this question all the time by our sellers, buyers, and others who are simply curious, and they sometimes don’t like the answer that we give them.Confidential Information

When a home goes under contract, all information is confidential. Whether it is contingent or pending in status, ( for more detailed information about these statuses and others used by most MLS’s, click here )  vital information, including the identity of the buyers and agreed upon purchase price, cannot be revealed to the public or even to other real estate agents who are not involved in the transaction.                 

There are a few parties who are privy to the details of a Cleveland real estate transaction. They are: the  listing agent, the buyer’s agent and their respective brokers. All are bound to confidentiality and cannot reveal any information about the transaction. The buyer and seller of a real estate transaction have a right for the details of their transaction to remain private until the home officially transfers. At this time, the information then becomes public record.

People don’t like it when they are told the information is confidential, and many actually get a little irritated, as if we are keeping information from them. However, there are legitimate reasons this information must be kept from the public at this point in the transaction. Mainly, it is to protect both the buyer and seller.

If the public found out the purchase price of a home prior to title transfer, it could open up a slew of problems for both the buyer and seller and create an unfair environment for all parties involved.

EXAMPLE: 

Let’s say a home here in Solon, Ohio was listed for $500,000, and a buyer agreed to purchase the home for $465,000. Then, the transaction didn’t move forward for some reason ( inspection issues, financing fell through due to buyer losing their job…..) and the seller had to put the home back on the market.

If word got out that the sellers had previously accepted $465,000 from another buyer, the seller would be at a huge disadvantage from a negotiation standpoint as they would be very limited on the price they could now expect to receive. If you were a buyer and knew this critical bit of information, would you offer more than $465,000? Of course not. How would you feel if you were the seller? A buyer could be hurt as well if confidential information got out about a transaction they were involved in.

So you see, there are legitimate reasons why certain information must remain private during a Cleveland real estate transaction. If you are a buyer or seller involved in a real estate transaction, it would also be in your best interests to keep details private until it becomes final. We know that buyers and sellers are tempted to share information with family, friends, relatives, and neighbors, but you would be better served by keeping certain things private, at least until title transfer. Please don’t do anything that would jeopardize your transaction.

So the next time you ask a real estate agent how much a certain home sold for, and they say they cannot tell you yet, please don’t get mad or think they are holding back information from you. They are merely following rules put in place to protect consumers like you.

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About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty. The Schumans are experts in the Cleveland Ohio real estate market and specialize in luxury homes, home staging, and relocation.

If you are looking to buy or sell a home in Cleveland or the surrounding suburbs, please contact the Schuman Team at 216-346-3235. 

 

 

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Cleveland Real Estate: “How much did that house sell for?”–“Sorry, I Can’t Tell You” is the property of The Schuman Team and may not be duplicated or used without their written consent. ©2009

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