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Updated about 1 year ago, 12/05/2023

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6
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0
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Tamyia Davis
0
Votes |
6
Posts

Understanding off market

Tamyia Davis
Posted

Hello-I am wondering, when you sell a property off market does the sell amount show up in a traditional marketplace like Zillow, Redfin, etc.?  In essence does purchasing at wholesale rates have an effect on the market where comps are concerned?

User Stats

51
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11
Votes
Mathios Yonan
  • Real Estate Agent
  • San Diego, CA
11
Votes |
51
Posts
Mathios Yonan
  • Real Estate Agent
  • San Diego, CA
Replied

Since sales are reported to the IRS, I believe it should be updated every time the deed is transferred

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5,409
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2,572
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David M.
  • Morris County, NJ
2,572
Votes |
5,409
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David M.
  • Morris County, NJ
Replied

@Tamyia Davis

I don't think Zillow and them scrape the County office records for sales. they usually get their info from the MLS' --- Zillow should be directly hooked in now instead of syndication like most of the rest. So, more than likely I believe if you do an off market transaction, its not really tracked.

For example, appraisers won't know about it since they usually get their data from the MLS. The system is geared for brokered transactions, not private transactions. Besides, an off-market transaction wouldn't be a good comp anyway since it wasn't publically offered.

Does that help?

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User Stats

6
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0
Votes
Tamyia Davis
0
Votes |
6
Posts
Tamyia Davis
Replied
Quote from @David M.:

@Tamyia Davis

I don't think Zillow and them scrape the County office records for sales. they usually get their info from the MLS' --- Zillow should be directly hooked in now instead of syndication like most of the rest. So, more than likely I believe if you do an off market transaction, its not really tracked.

For example, appraisers won't know about it since they usually get their data from the MLS. The system is geared for brokered transactions, not private transactions. Besides, an off-market transaction wouldn't be a good comp anyway since it wasn't publically offered.

Does that help?

Yes-very helpful thank you!

User Stats

6
Posts
0
Votes
Tamyia Davis
0
Votes |
6
Posts
Tamyia Davis
Replied
Quote from @Mathios Yonan:

Since sales are reported to the IRS, I believe it should be updated every time the deed is transferred

Thank you!

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1,834
Posts
1,330
Votes
Rick Albert#3 House Hacking Contributor
  • Real Estate Agent
  • Los Angeles, CA
1,330
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1,834
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Rick Albert#3 House Hacking Contributor
  • Real Estate Agent
  • Los Angeles, CA
Replied

Zillow can pull off market sales since they do pull public records.