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Why does RPData allow a vendor to withhold a sold price?

Discussion in 'The Buying & Selling Process' started by wylie, 20th Aug, 2015.

  1. wylie

    wylie Moderator Staff Member

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    I notice a recent sale on RPData has the sale price withheld. This is an entry level house, nothing special. It is not showing on re.com either. Why does RPData allow someone to have the sold price withheld?

    Who is in charge here? :eek:
     
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  2. beachgurl

    beachgurl Well-Known Member

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    Is it so an agent gets enquiries direct and therefore increases their databases for prospective purchasers/vendors?
     
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  3. CU@THETOP

    CU@THETOP Well-Known Member

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    I reckon the agent may not want to publicize it as they have another buyer who they've let miss out (pehaps flicked the property to the brother in law cheaply) but have assuaged them by saying it went for more than it did.

    When an agent gets a good result (high price) the world knows about it. A poor result will hopefully be buried in time by non disclosure.
     
  4. AusMover

    AusMover Well-Known Member

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    Can we specifically request the agent not to disclose the Sale Price of a property that we are buying?

    If yes, does anyone know the process or could be just requesting the Real Estate agent managing the transaction?

    I guess this might come handy in case the buying price we are getting for the property is a bit lower than the expected market value and, hence, not publicly listing the price would help a future evaluation of that property not to go on the lower side.

    Thanks
    AusMover
     
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  5. Azazel

    Azazel Well-Known Member

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    It comes out eventually.
    I wonder how they keep it out of there originally.
     
  6. Big Will

    Big Will Well-Known Member

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    They report the sales to RPdata, after about 3-4 months it will be listed on RPdata as I think they get it from SRO (not 100% sure) but it will come out.

    RE and Domain the REA will update themselves and can be for a magnitude of reasons;

    1. Company policy
    2. Start a conversation with buyers or maybe a neighbor who was thinking of selling
    3. Got a great price and someone didn't want it displayed
    4. Got a bad price and they didn't want to display it
    5. Vendor or purchaser wants to hide from family & friends
    6. Don't want the neighbours to find out how much they paid
    7. etc etc
     
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  7. AusMover

    AusMover Well-Known Member

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    So I guess we are saying that: ... there could be an initial hiding from RE.com.au, but eventually the price would definitely show up on RPdata searches.....
     
  8. Azazel

    Azazel Well-Known Member

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    Yeah, I don't remember not being able to find a sales price a month or 2 later.
    Anyone else seen one hidden semi-permanently?
     
  9. Chilliblue

    Chilliblue Well-Known Member

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    Have always tried but never been successful to date:(
     
  10. wylie

    wylie Moderator Staff Member

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    This sale settled Monday. It is on RPData already with price withheld. I will check again to see if that changes. I just thought it was odd, especially for a garden variety, nothing special house.
     
  11. CU@THETOP

    CU@THETOP Well-Known Member

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    Which property if can ask?
     
  12. Azazel

    Azazel Well-Known Member

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    Really?
     
  13. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    In Victoria sale prices are quite often not disclosed under the privacy act. The various reporting systems (RP Data, Residex, AVM) can see the sale price for purposes of their reports, but they can't disclose it. Professional memberships to these services also allow access to that data.

    If an individual doesn't want their purchase price known to the public, it's reasonable that they can request it not be publically disclosed.
     
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  14. AusMover

    AusMover Well-Known Member

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    Thanks Peter. :)
     
  15. CU@THETOP

    CU@THETOP Well-Known Member

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    If I know the agent I may be able to find out given Wylie is a local.
     
  16. Scott No Mates

    Scott No Mates Well-Known Member

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    In NSW prices show up after the dust has settled and new titles registered.

    I have seen only names withheld on a few properties which are owned by 'significant' people eg: judges, pollies etc
     
  17. Chilliblue

    Chilliblue Well-Known Member

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    Is that a polite way of saying I am not important
     
  18. Scott No Mates

    Scott No Mates Well-Known Member

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    Could be :p, I notice that my 'significant other' doesn't appear either.
     
  19. Azazel

    Azazel Well-Known Member

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    There was an errant quote from me from another thread for some reason.
     
  20. wylie

    wylie Moderator Staff Member

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    Thanks CU@. This is a sale for our son, so I know the outcome, but I appreciate the offer.

    I'm just curious because it was not a request from him as purchaser and is in the FHO range. Neither the purchaser or the vendor is famous or needing to hide anything. I'm more curious that anything else. I also thought that it was sometimes used for famous people to shield them from others being able to look up where they live (although I guess if someone famous is buying, they will likely buy in a different entity).

    I also was surprised how quickly it was updated.