Beware of false MLS listings

[Pamela Crowley (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]

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]

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]

Pam, do you have any evidence to prove your statement? Has something like this happened to you?

 

[Tudor]

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]

Thanks for the heads up Pam.

 

[Bama Bayou]

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]

Verify, verify, verify!

 

[Tudor]

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]

for a listing you could always call the office and ask for showing instructions