Why agents don't disclose the selling price of a property

There are a number of reasons why the sale price of a property may be kept confidential. Take a look at what they might be and what you can do to find out the price.

Secrets can be the enemy of a good property search, so there’s nothing more frustrating than not knowing how much a property sold for in your desired area. If you don’t have all the facts and figures, how can you get a feel for what you’ll end up paying?

There are a number of reasons why the sale price may be kept confidential but it’s not all doom and gloom. There are a few ways you can find out how much a property sold for if it hasn’t been disclosed by the agent.

Reasons the sale price may not be revealed

The vendor or buyer didn’t want to disclose the price

Both the vendor and the buyer have the right to choose whether or not the final sale price is revealed. In many cases, either party might decide to withhold that information simply for the sake of privacy.

People can be nosy, and everyone’s an expert, so not disclosing the price can prevent unwanted opinions and protect their financial status.

The agent didn’t want to disclose the price

There are a few reasons an agent may choose not to disclose the sale price. Firstly, it could have been a poor result, and they don’t want the lower-than-expected number hitched to their reputation.

Secondly, they may have a nearby listing and want to protect the value of that property. If the sale price was low, buyers would likely expect to pay a similar price for comparable properties in the area, which can mean vendors and the selling agent might lose out.

They could also be trying to manage the expectations of vendors of nearby listings. Let’s say a seller sees a similar property sold for more than expected. In that case, they may expect the same for their own property, and those expectations can take some taming.

How to find out the sale price

So, how can you find out the final sale price of a property if it hasn’t been disclosed online? It’s compulsory to disclose the sale price when it’s registered with the Land Titles Office. The problem is that it can often take months before the information is available to you.

Pay for the information

There are online databases, such as Pricefinder and CoreLogic, that allow you to pay a one-off fee (roughly $40) to access data about a particular property. It can be a good idea to talk to your bank or broker first as they may have access to this information.

It’s not always a sure thing, though, as some selling agents will still choose not to disclose sale prices to these databases. However, if you’re willing to pay, these databases may be your best shot for finding information on your own.

Seek expert help from a professional

Consider getting help from a buyer’s agent. In many cases, relationships in the industry will give an experienced buyer’s agent access to otherwise undisclosed information.

We use databases like Pricefinder and CoreLogic but, rather than paying per listing, our subscription model allows us to quickly get information without passing costs onto our clients. It’s important for us to know exactly what’s going on in the market and finding a way around undisclosed sale prices is a priority.

 

Cover image source: Asier Romero/Shutterstock.com


Michelle May

Michelle May is founder of Michelle May Buyers Agents, offering a personalised property buying service for the inner west and eastern suburbs of Sydney. She has more than 20 years of property buying experience. Michelle is also co-host of the Sydney Property Insider podcast.

 


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