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Beware of false MLS listings

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Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
New one for all appraisers to watch out for:

Some Realtors are now entering false high priced 'listings' and even pendings into the MLS systems for appraisers to use.
 

Bama Bayou

Senior Member
Joined
Oct 19, 2006
Professional Status
Certified General Appraiser
State
Alabama
Not new around here. I'm always a little skeptical about the solds that say "entered for comparable use only". When these seem out of line with the rest of the market I just won't use them.
 

Michigander

Senior Member
Joined
Oct 23, 2003
Professional Status
Certified Residential Appraiser
State
Michigan
Which is why verification is so important.

Folks, not a new one; this has been happening for years. Beware of these high sales/listings that do not appear in line with the market. One (or even 3) sales don't make a market.
 

Jerry Bone Jr

Senior Member
Joined
Feb 23, 2004
Professional Status
Licensed Appraiser
State
Oregon
Pam, do you have any evidence to prove your statement? Has something like this happened to you?
 

Tudor

Member
Joined
Aug 15, 2006
Professional Status
Certified Residential Appraiser
State
Arizona
Since the agents know that listings and pendings are pretty much required by many lenders now, there will be more "false listings". We will have to be even more diligent now. Thanks for the heads up Pam.
 

c w d

Senior Member
Joined
Oct 2, 2006
Professional Status
General Public
State
Florida
Thanks for the heads up Pam.
 

Bama Bayou

Senior Member
Joined
Oct 19, 2006
Professional Status
Certified General Appraiser
State
Alabama
Don't anyone be worried about taking this up with the broker, MLS board, local Realtor board, and NAR. If I see one (that I'm sure of) I will file a complaint with all of them. The integrity of the data is too important to all of us, and that includes Realtors as well as appraisers.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Verify, verify, verify!
 

Tudor

Member
Joined
Aug 15, 2006
Professional Status
Certified Residential Appraiser
State
Arizona
I have seen a few say "verify". How would I verify that the current listing is legitimate if I have to contact the listing agent that put it up falsely?
 

Michigander

Senior Member
Joined
Oct 23, 2003
Professional Status
Certified Residential Appraiser
State
Michigan
for a listing you could always call the office and ask for showing instructions
 
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