Privacy forever!

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Did you know that your real estate agent has a legal obligation to keep all details that are not public record regarding your sale or purchase private? Forever?

Public information varies depending on where you live, but in the Greater Cincinnati area the public has access to the following details about residential transactions:

  • When you purchased or sold a property and to whom
  • What the property taxes are on the property and whether they are current
  • Your tax mailing address

In addition, real estate agents, lenders, appraisers, and other real estate professionals have access to some additional data. This is to assist us in making fair evaluations of properties and their values by providing us a more complete picture of how real estate transactions usually happen:

  • The type of financing used to purchase a property (e.g. conventional, FHA, cash)
  • The amount of time the property was on the market
  • Any additional incentives offered as a part of the sale (e.g. seller-paid closing costs)
  • Whether the property has any history of foreclosure action, even if it was resolved

Have I left anything out? If you have questions or comments about privacy in real estate, let me know in the comments!

How Could Technology Help Buyers & Sellers More?

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The standard residential purchase contract for the Greater Cincinnati Board of REALTORS (and the Dayton board as well) was updated this year to be 7 pages long. Add to that the other required forms, property disclosures, and any addenda that might be necessary, and the average purchase packet is closer to 15 pages! The good news is that all of this can be reviewed and signed electronically (unlike all those documents at closing -- I suggest buying your signature stamp now). And your earnest money check? You can send a photo to your agent to pass along until the contract is accepted and you need to turn over the real thing.

Technology is making today's more complex real estate transactions easier and faster to execute than ever before. You can search for a home, find and contact an agent, collaborate with them on potential matches, share your favorites with friends & family to get their input, sign and negotiate a contract all from your phone. While on vacation. In Belize! And your agent can access the MLS listing, view the tax and property history, schedule a showing, write the contract, send it out for signatures, and negotiate on your behalf with the same device, all while holding an adult beverage in the other hand. But how much does your agent use these great technologies, and how much do they know about keeping your electronic communications secure?

As of 2014, the median age of REALTORS was 56 years old, which is over 20 years older than the median age for US workers. Technological innovation in real estate is happening, but it's not being fully embraced by enough agents to figure out what really works. For instance, at a forum I recently attended for agents under 35, the 12 agents in the room had used a combined total of 5 digital signature platforms and avowed that most of them aren't that great for how we actually work. 

So, I put it to you. How should you or your agent be able use technology to make buying or selling a home easier?