Beware of false MLS listings

[TC]

You are a gullible sort aren't you? Want to buy some water view property? Realtor ethics is an oxymoron.

The MLS I subscribe to is not run by Realtors. Fines for infractions are levied everyday, but I guess you probably know that.


TC

 

[Mr Rex]

Ours is run by Realtors and the platform is a First American product. I have personally reported numerous listings with no changes noted to the listings. Go figger.

 

[Hall McClenahan]

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.

New one? huh.

Reread the Cathrine Shields case here in Missouri. Two years ago it was common here. Not only was the MLS system "helped", two of the appraiser data bases were too!

Right now the cool trick is false addresses. That way when somebody catches it they just claim it was a typo and it is removed without penalty.
Ethics and all you know.

 

[Tony V]

We have been finding this type of garbage for a while now......

http://appraisersforum.com/showthread.php?t=138684

 

[Karl]

Wife just finished a review, bunch of townhomes, listed at $349,000, then jumped to $480-490K, selling for $510K. Agent was saying that they were originally listed as unfinished, then had been finished. The listings were all there, and were used to bring in flippers. Misrep by the agent in that they had all been completed.

However, the real estate commission won't act unless a complaint is filed by a party to the transaction. Since I'm not a party, they won't accept my complaint.

This is WHY you see a much more influencial agency trying to fix the problem. You got the proof send it to FBI. IRS.

Here is a E Mail for you!!

px_cashback@ic.fbi.gov

 

[Tudor]

Usually something about calling the agent or the office. When you do that, you might get some run around? Anyway, Cynthia and others also pointed out driving by and seeing if signs are up. Don't go making suggestions into issues. Calling to set up an appointment might get you information you wouldn't get otherwise, and I would certainly use my Realtor status as a way to get in as opposed to going as the appraiser.

I am not trying to change suggestions into issues. I am just curious how I am supposed to verify, if the one I need to verify from is the one that is being sneaky.

I am not good at being sneaky, so calling to set up an appointment to view the property would be difficult for me.

Appraisers are not required to be Realtors, so how do the ones that are not Realtors do it?

As I stated above, I am curious how we are supposed to figure these out by verifying if the listing agents don't cooperate and tell us the truth (REAgent: yeah, it is not a legit listing, I did it to influence the appraisals for my other listings).

 

[Karl]

Here's a clue to figure out some of the false listings.

IF it looks like crap; Smells like crap, Produced by someone known to crap. It is probablly crap.

 

[Mike Boyd]

You are a gullible sort aren't you? Want to buy some water view property? Realtor ethics is an oxymoron.

There is a very stiff fine for Realtors that enter knowingly false information. If someone is going to do this, it is not hard to find an owner who can be flim flammed into listing his house $100,000 or more above market.

Realtors around here are not that desparate........yet.

 

[Karl]

There is a very stiff fine for Realtors that enter knowingly false information. If someone is going to do this, it is not hard to find an owner who can be flim flammed into listing his house $100,000 or more above market.

Realtors around here are not that desparate........yet.

BUT!! Mike you yourself have said there is that certain percentage of folks that'll take the chance!! Here's my take; there are good & there are crooked in every field once you get more experience in whatever chosen field your in. It's easier to find the difference & you yourself have to decide which ones you want to work with.


I still know some good honest Mortgage Brokers. & YES some good honest RE Agents. Course they may be changing professions soon as they are scraping by, just as so many on here are.

 

[Mountain Man]

We have several MLS systems in my area. The ones run by the Realtors board are okay, but are not very accurate. The one that is a private company for profit, and not run by the Realtors, you have to send in a copy of the listing agreement and the HUD 1 for closings. In that MLS, listing prices and sales prices are correct... as are seller paid concessions. I always double check other listing through the private service to get the real story.