Not so much a loaded question – but one that buyers of real estate have been asking a lot lately. With the constrictive inventory comes may real estate games in different forms.
We watch as some of the real estate syndication websites are publishing listings that they are rendering as active – when they are actually sold.
Some real estate agents are under pricing short sale listings in order to get multiple offers and more leads from those buyers that may not have a realtor nor be loyal to theirs. We are also seeing some agents not allowing for questions about the homes they have listed for sale, not accepting phone calls nor are they returning emails or text messages.
Some of the websites are now displaying pre foreclosures in the way of the Notice of Default filings. They are showing these properties as being for sale. However, when the interested buyer inquires – their personal and private information is sold to many different real estate agents. Those agents are members of that platform, of that lead generation website. They are paying for your private and personal information.
We have a handful of real estate agents, local to the Santa Clarita Valley, that place a listing onto the multiple listing service and immediately place it in pending or backup status. However, for the moment it takes from the imputing of the listing to the changing of the status to active – the damage has already been done. That listing has just been fed all over the internet. Buyers of real estate will see it until hours later when those systems update.
The reason this happens can be many. It could be that the real estate agent had convinced the seller to allow the agent to bring and represent the a buyer. It could be that the real estate agent wants to work the listing for their own buyer, one that they don’t have yet. It could also be the agent is putting the property in the pending status without an offer to delay the foreclosure proceedings of the bank – as a favor to the seller… There are many reasons – the question I want to ask the other agents and real estate sellers is, “Is it fair to have a listing on the MLS not offered to any other buyer?”
A retort maybe – “Fair to who?” Looking at Real Estate from a sellers perspective, “is it fair to the seller?” No matter who the seller is – whether they cannot make any money from the sale of their home as in the case of a Short Sale. Whether the seller is a bank that has deep pockets. Even if the seller is a Standard Sale with equity in the property in question. No matter what type of seller the seller is and what the sales type – is it in the best interest of the seller to allow their real estate agent to represent the buyer without giving a chance to other buyers that may offer more money, have better financing or with better credit?