Beware of false MLS listings

[Mark K]

Had one the other day where the property was owned by the mother and son. Mother quitclaimed the house to the son. Realtor friend entered it in the MLS as a list and sale at about 20% higher than any other house in the area.

Realtor said she was trying to "help" the neighborhood because the prices have been depressed lately and the current comps seemed low to her.

This is what happens when the NAR and local requirements for membership is 1. a pulse and 2. a checkbook. I reported it and asked that it be removed 3 months ago; its still there today.

 

[Bama Bayou]

Had one the other day where the property was owned by the mother and son. Mother quitclaimed the house to the son. Realtor friend entered it in the MLS as a list and sale at about 20% higher than any other house in the area.

Realtor said she was trying to "help" the neighborhood because the prices have been depressed lately and the current comps seemed low to her.

This is what happens when the NAR and local requirements for membership is 1. a pulse and 2. a checkbook. I reported it and asked that it be removed 3 months ago; its still there today.

Did you report it to your real estate commission? That might do the trick.

 

[aussie ken]

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.

Thanks Pam.......I think I might have seen some of this happening here now.

 

[Natalie Smith]

If a realtor is placing a "fake" listing on the MLS it should be obvious from the get go since its purpose is to make it look like the market is higher...Other MLS listings will reflect a lower market as will the recent closed sales....Simple as that...Verfify the listings that are within the market for the area by driving by and seeing a sign and reading the details with commom sense as to whether its legitimate etc...simple as that...dont even bother with obvious fake ones and also the same for ridiculous short sale listings..they arent a reflection of the market.

 

[Thomas N. Morgan]

Lots of good responses here. Natalie Smith's makes a lot of sense.

My observation: Of late, appraiser's have paid too much attention, or have given too much weight to LISTINGS. Anyone who has sold real estate know they don't mean a whole lot. The listed price is fact you need to be aware of, that's all.

Tom

 

[sammiboii]

I'm confused....How come we get held up to such high standards with severe repercussions at our mistakes, and these realtards (thank you David Sawyer for that word) who get paid at minimum 10 times more than we do per transaction, do not? I know they have continuing education as well but shouldn't fake listings be illegal? I guess they have all the proof to provide someone if they get questioned but DAMN.... Those high listings don't help anyone. We are here to protect everyone, the borrower and the lender. Without the trust from these people, noone would have jobs in the real estate field. Not mortgage brokers, realtors, appraisers or anyone involved in real estate. You know what it is, Pure, Unadulterated GREED.

Sorry, Y'all, people like that really make me mad. What is the world turning to? I guess it's always been this way and I need to grow up and accept it.
Sam

 

[Mark K]

Did you report it to your real estate commission? That might do the trick.

The real estate commission has the state Attorney General for its inforcement agency and they concentrate on alleged violations of state law (USPAP is state law). They won't get involved in realtors' affairs until a law is broken and submitting false info to the MLS isn't illegal.

 

[Blue1]

I am proud of myself...I called the Realtors on my sold comps to find out if there were any special financings...Nope...All 'conventional'....I used 1 active listing and 1 pending sale as well and verified those were real listings by driving by and seening the for sale signs...

No one is going to pull the wool over MY eyes....Right?

 

[Couch Potato]

I am proud of myself...I called the Realtors on my sold comps to find out if there were any special financings...Nope...All 'conventional'....I used 1 active listing and 1 pending sale as well and verified those were real listings by driving by and seening the for sale signs...

No one is going to pull the wool over MY eyes....Right?

Maybe, maybe not. In either case you have exercised a reasonable level of care; therefore, you have a clear conscience and reasonable defense if they did.

 

[Blue1]

Maybe, maybe not. In either case you have exercised a reasonable level of care; therefore, you have a clear conscience and reasonable defense if they did.

Exactly...so..How am I supposed to 'watch out' for bogus listings? All I can do is pull them up in the MLS and shoot PIX...Why is this our problem? Last time I checked Realtors were state licensed and are supposed to be a reliable source. I ain't paid to be a detective too.