Comparable Sales – Pending
The most valuable
information would be the most current, of course. A sale last week
has more validity in helping you determine a purchase price than a
sale from six months ago. The problem is that there is no actual
record of the sales price until the transaction is completed. The
information is not available in the public record because no deed has
yet been recorded.
Neither is the
information available in the Multiple Listing Service. Once a
property is sold, it becomes a "pending sale" and all
pricing information is removed from the listing. Prices are not
posted until it becomes a "closed sale." This protects the
seller in case the transaction falls apart and the property is placed
back on the market. It would give an unfair advantage to future
potential buyers if they already knew what price the seller had been
willing to accept in the past.
However, if a
Realtor has a reason to know the sales price, they can usually find
out through professional courtesy. Also, some real estate brokerages
post sales information on a transaction board in their office.