Sorry but I found things I absolutely do not agree with.
“The MLS proves things are great.
FALSE. All sorts of funny things happen in the MLS (Multiple Listing Service, a private database controlled by real estate agents). ”
This is a lie. Agents don’t control the MLS. Sandicor provides the MLS and along with SDAR enforce rules for using the MLS. Agents actually have no control over the MLS. If they do not use it according to the rules set forth they lose their privilege to use the MLS.
“For example, if a house just doesn’t sell, realtors can remove its record in the MLS so that you cannot see that it failed to sell.”
This is a lie. If you enter a listing in the MLS it stays in the MLS. An agent cannot ever “delete, hide, or just make a listing go away. A listing has a life, it starts out as an active lising and ends up as a sold, expired or cancelled listing. NO IFS ANDS OR BUTS. If a home doesn’t sell you ALWAYS CAN TELL BY THE MLS.
“”Then the house comes back on the market at a lower price, and unsuspecting buyers think it’s on the market for the first time. Their realtor can “prove” it’s a new listing by showing the MLS record to the buyer: “See, here’s the listing date, just came on the market. Better hurry and buy it, this one is hot.””
This is an unfortunate case of buyer beware. Not all agents are good agents. If you are a buyer and are interested in a home MAKE SURE TO HAVE YOUR AGENT SHOW YOU A COMPLETE LISTING HISTORY OF THAT HOME. Most good agents do this as a matter of fact. However be proactive and ask. I take umbrage to this statement because the article makes it sound like every agent does that and I do not believe that to be true.
“There is nobody checking that the MLS shows true transaction prices. The MLS prices are often just wrong. ”
This is the biggest weakness about the MLS. Of course no means of home sales identify any credits given back. No FSBOs do it, no other means do it. Yes the MLS should have an entry section it that identifies credits given back but it does not. However to make a statement that says MLS prices are often just wrong is a flat out lie. MLS sold prices must match what the final sales price is on the HUD.
“Furthermore, the MLS will not list any house for sale by owner or for sale through a discount broker, except perhaps those listed by Help U Sell. Those cheaper prices are just not in the system, because if you save money, they lose money.”
Okay now I want to find the poster of this article and call him an OUTRIGHT LIAR. I OWNED A HELP U SELL and all of my listings were on the MLS. I Pay One listed on the MLS. Jeff Karchin will put your home on the MLS for 500 bucks! Today my own brokerage charges less commission then most discounters and every listing goes on the MLS.
Somebody get me some duct tape before my head explodes.
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Overall I found some beneficial statements in the post. However statements made that are outright lies make me shut down and not find anything redeeming.
