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Is MLS Price Disclosure Mandatory?

2,444 Views | 19 Replies | Last: 5 yr ago by DallasAggie0
Ribeye-Rare
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AG
Fellas,

I have a somewhat unusual question --

There is an unimproved piece of property listed for sale and in the MLS.

I am willing to pay more for the property than what it is worth just to keep it from becoming an auto garage which will undoubtedly morph into a miniature junkyard. Local codes will not be strictly enforced to keep that from happening, I'm afraid.

What I don't want is that inflated price being reported by the MLS for the appraisal district to use to raise the appraisal on all my adjacent properties, which are considerable larger than the listed piece.

So, is there any way (in Texas) an MLS-listed property can opt out of reporting sales prices? If so, how?

Thanks.
JamesBREI06
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AG
listing has to be terminated
Whoop!
Scott Sterlings Face
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AG
You could just include a confidentiality agreement with the contract stating that the sale price is not to be disclosed anywhere, including the MLS. As a listing agent, I wouldn't have an issue with it as long as both parties agreed and I had a copy to provide to my broker and MLS board.
dallasiteinsa02
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Scott Sterlings Face said:

You could just include a confidentiality agreement with the contract stating that the sale price is not to be disclosed anywhere, including the MLS. As a listing agent, I wouldn't have an issue with it as long as both parties agreed and I had a copy to provide to my broker and MLS board.
I have done this many times. Even been called in by the MLS board, not BCS, because it was a major comp that all the other agents wanted for their listings. Had to pay a fine of a few hundred dollars.
JamesBREI06
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AG
dallasiteinsa02 said:

Scott Sterlings Face said:

You could just include a confidentiality agreement with the contract stating that the sale price is not to be disclosed anywhere, including the MLS. As a listing agent, I wouldn't have an issue with it as long as both parties agreed and I had a copy to provide to my broker and MLS board.
I have done this many times. Even been called in by the MLS board, not BCS, because it was a major comp that all the other agents wanted for their listings. Had to pay a fine of a few hundred dollars.


Yes. There is a fine... which I think is BS
Whoop!
Scott Sterlings Face
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AG
That's interesting that you had to still pay the fine even though you had a signed confidentiality agreement. I guess it all depends on the bylaws of the board. In San Angelo, if we have (and produce to the board) a signed agreement, it doesn't have to be disclosed.
Diggity
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AG
Houston board requires disclosure if you want to list in the MLS. I don't the the metroplex does.

As was mentioned, agents are known to terminate listings that sold to get around this. Technically a violation of MLS but would be tough to verify.
DallasAggie0
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The comp should have a notification that the sale price does not reflect an accurate representation of value. As in, write in big bold letters in the comments section.
GrimesCoAg95
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AG
Can you buy it for $1 with special considerations? The special considerations would then be a confidential addendum to the deal that would include more money and any other agreements you want to include.
dallasiteinsa02
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GrimesCoAg95 said:

Can you buy it for $1 with special considerations? The special considerations would then be a confidential addendum to the deal that would include more money and any other agreements you want to include.

I wouldn't want to acquire a property with a $1 title policy.
dallasiteinsa02
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Scott Sterlings Face said:

That's interesting that you had to still pay the fine even though you had a signed confidentiality agreement. I guess it all depends on the bylaws of the board. In San Angelo, if we have (and produce to the board) a signed agreement, it doesn't have to be disclosed.

It gets down to the fact that you have a signed agreement with the board and the mls. Your signing a confidentiality agreement that runs in violation of the previous agreement you signed and thus shouldn't have signed it.
Diggity
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AG
It's in the listing agreement. If you don't want to reveal the sales price, you don't have to put it on the MLS.

You have to realize there would be very little value to MLS data if this weren't the case.
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plowboy1065
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S
Texas is a non disclosure state and the appraisal district isn't supposed to know what you paid for a property unless you tell them
Rexter
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Off track a bit, but I ran across this recently. The tax man sees all......

Diggity
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AG
Awesome!
mgreen
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Several years ago the local BCS appraisal district was blocked from seeing MLS data anymore lIke they cold in the past. That is one of the reasons property tax values seem to be out of whack.
Rexter
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I think sales price reporting to the CAD should be mandatory, and taxes paid on that price.














And the appraised value should not move until the property sells again, which would be the price it sells for.










Diggity
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AG
I think that's how it works in California for owner occupieds.
DallasAggie0
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Nm
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