Be sure the system you use to search for homes is reliable
The Multiple Listing Service (MLS) is a data bank of properties that are for sale or for rent. It’s purpose is to provide accurate and structured data by using rigid data criteria and providing rules to the members. It is a private offer of cooperation and compensation by listing brokers to other real estate brokers.
It is the tool through which agents search for homes. From it agents receive a steady stream of new information as new listings come on the market or the status changes so they can keep their clients informed. Sellers benefit by increased exposure for their property. Buyers benefit because they can obtain information about all MLS-listed properties while working with only one broker.
As agents we used to carry this information around in a big book that had a little bitty picture of the house. Most agents referred to it as their bible and at any given time if you lifted the lid to an agent’s trunk you would find several issues. It came out in time for our weekly Tuesday meetings.
Today our bible is on the internet. The idx feed of homes for sale is on the website of most real estate companies and it is also syndicated to many of the popular real estate websites, Trulia and Zillow for example.
Regarding the syndicated websites, it is not uncommon for me to get a call a week from someone asking for information that was found on one of these websites (there are more than Trulia and Zillow). The callers are usually asking me to make an appointment on a property the found on one of these websites. I am going to give you 2 real time examples here with, again, the warning to be careful out there.
One of my clients found a property on Zillow that gave information that a property was in foreclosure. Here is the information from Zillow.
- House sold 9/3/2010 for $150,000 at bottom of housing collapse
- House in default 6/26, 2013 with estimate foreclosure of $122,638
- Sold 12/01/1992 for $252,500
When I called the owner of record, he was flabbergasted. He not only hadn’t defaulted, the house is owned free and clear. Wow, wouldn’t you hate to be this unsuspecting owner.
The next example is a scam. One of my clients found an apartment that was listed on both Trulia and Zillow as for rent. The rent amount was $700 which was suspect to her at the beginning. Upon pursuing it, my client received an email from the scammer explaining that he had been required to move hastily to Oxford, England, and if my client wanted the apartment, the transaction would go down as follows:
The email response from the supposed owner of the apartment read: If you are ready to proceed with this transaction I will explain you step by step how we can make it happen. You will only have to deposit to the Escrow Service U.S. Postal International Shipments the first month of rent $700+($200 safety deposit for the first month) so they can proceed with the shipping. I will pay for a 2 days delivery so you will receive the keys and the contract signed by me right away.
1 – To start the process first of all I need is your full name and shipping info.
2 – I will go at DPD to deposit the keys and the contract in your name as the intended receiver.
3 – DPD International Shipments will check the envelope to see if everything is in order and also the legal papers that will come along with the keys and proof of ownership.
4 – DPD will send you a delivery notification to let you know they have the keys and the papers in their custody and that I am the real owner of the apartment I am renting, in which you will also have all the instructions to complete the Western Union transfer to the DPD Agent.
And there was more. The potential buyer smelled a rat and asked if I could verify. I contacted the condo association immediately and was told there was no one in the association by that name.
Be careful out there!
As a buyer or seller I am not discouraging you from going to some of these sites while you are searching. Much of the information is accurate. But I would suggest that you talk to a knowledgeable real estate agent. Most agents have FREE tools for you that keep you alerted to new properties almost as fast as the agent. These tools afford buyers and sellers an up-to-date list of homes and rentals that are currently on the market.
Contact me to set you up on our MLS to receive daily updates of homes that are in your area. It is free and sponsored by our board of realtors. It is updated every 90 minutes. Another alternative is to register on my website. Once you register, you can save your searches and, once registered, click the unlock key for additional information on any property.
Happy house hunting!
What is the Multiple Listing Service
Click here to search for homes on the internet
