Comments on: MLS Data Fudged By Realtors. Watch out! http://blog.franklyrealty.com/2007/01/mls-data-fudging-by-realtors-watch-out.html Tue, 02 Mar 2010 02:11:05 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: pat b http://blog.franklyrealty.com/2007/01/mls-data-fudging-by-realtors-watch-out.html/comment-page-1#comment-4219 pat b Wed, 25 Nov 2009 04:54:44 +0000 http://franktempblog.wordpress.com/2007/01/04/mls-data-fudged-by-realtors-watch-out/#comment-4219 maybe have fudge be thrown into the comments under "Agent has fudged listing showing real desperation" maybe have fudge be thrown into the comments under “Agent has fudged listing showing real desperation”

]]> By: FranklyRealty.com http://blog.franklyrealty.com/2007/01/mls-data-fudging-by-realtors-watch-out.html/comment-page-1#comment-4052 FranklyRealty.com Thu, 03 Sep 2009 01:24:07 +0000 http://franktempblog.wordpress.com/2007/01/04/mls-data-fudged-by-realtors-watch-out/#comment-4052 Interesting. Never heard of that before. Not sure how that should be listed on the MLS. Maybe they need to put a new field in. Interesting. Never heard of that before. Not sure how that should be listed on the MLS. Maybe they need to put a new field in.

]]> By: Steven Angelil http://blog.franklyrealty.com/2007/01/mls-data-fudging-by-realtors-watch-out.html/comment-page-1#comment-4050 Steven Angelil Wed, 02 Sep 2009 20:44:11 +0000 http://franktempblog.wordpress.com/2007/01/04/mls-data-fudged-by-realtors-watch-out/#comment-4050 I just checked a property that a potential buyer lost out on. The MLS showed list at $402k, sales price of $400k w/ no seller concessions. My buyer was going to submit a last minute offer to try and get the property before it went pending, but I was told by the listing to forget it unless he can go in around the $340k area all cash. My buyer could not prove all the cash on that day, so we were not able to submit offer. Today I find out that the buyer paid $443k for the house but $43k went to 2nd lein holder. To me this is fudging the MLS. Frank, you're thoughts? I just checked a property that a potential buyer lost out on. The MLS showed list at $402k, sales price of $400k w/ no seller concessions. My buyer was going to submit a last minute offer to try and get the property before it went pending, but I was told by the listing to forget it unless he can go in around the $340k area all cash. My buyer could not prove all the cash on that day, so we were not able to submit offer. Today I find out that the buyer paid $443k for the house but $43k went to 2nd lein holder. To me this is fudging the MLS. Frank, you’re thoughts?

]]> By: FRANK LL0SA Va Broker- BLOG.FranklyRealty.com http://blog.franklyrealty.com/2007/01/mls-data-fudging-by-realtors-watch-out.html/comment-page-1#comment-1831 FRANK LL0SA Va Broker- BLOG.FranklyRealty.com Sun, 02 Mar 2008 18:43:00 +0000 http://franktempblog.wordpress.com/2007/01/04/mls-data-fudged-by-realtors-watch-out/#comment-1831 Hello Anonymous,<br/>The fine for illegal (full fat) fudging was just $50 until BusinessWeek got a wind of this post. It has since gone up to $1,000.<br/><br/>I love the idea of an incentive or bonus to report these errors.<br/><br/>I have reported 130 violations (of all sorts) to MRIS, so I could get rich from that.<br/><br/>Also I have suggested to MRIS that they NOT reset the "Original Price" when a property is relisted. That would reduce the motivation for Fat Free (legal) fudging. Hello Anonymous,
The fine for illegal (full fat) fudging was just $50 until BusinessWeek got a wind of this post. It has since gone up to $1,000.

I love the idea of an incentive or bonus to report these errors.

I have reported 130 violations (of all sorts) to MRIS, so I could get rich from that.

Also I have suggested to MRIS that they NOT reset the “Original Price” when a property is relisted. That would reduce the motivation for Fat Free (legal) fudging.

]]> By: Anonymous http://blog.franklyrealty.com/2007/01/mls-data-fudging-by-realtors-watch-out.html/comment-page-1#comment-1830 Anonymous Sun, 02 Mar 2008 00:08:00 +0000 http://franktempblog.wordpress.com/2007/01/04/mls-data-fudged-by-realtors-watch-out/#comment-1830 What is the NAR penalty for such behavior? They keep advertising a "Realtor Code of Ethics" yet this practice is rampant among realtors.<br/><br/>I live in another state and keep track of realtor MLS relistings on my own, which is very time consuming. The average consumer who has not invested such time is a sitting duck.<br/><br/>The NAR penalty for such unethical realtor activity should be a $1,000 fine for the 1st occurrence, and loss of all NAR realtor credentials for a 2nd occurrence (i.e., "you're fired").<br/><br/>There should also be a $500 reward paid to any realtor who anonymously reports such bogus relistings.<br/><br/>As long as the NAR continues to ignore the problem, it will exist, and it ill reflect poorly on both the NAR and realtors in general. What is the NAR penalty for such behavior? They keep advertising a “Realtor Code of Ethics” yet this practice is rampant among realtors.

I live in another state and keep track of realtor MLS relistings on my own, which is very time consuming. The average consumer who has not invested such time is a sitting duck.

The NAR penalty for such unethical realtor activity should be a $1,000 fine for the 1st occurrence, and loss of all NAR realtor credentials for a 2nd occurrence (i.e., “you’re fired”).

There should also be a $500 reward paid to any realtor who anonymously reports such bogus relistings.

As long as the NAR continues to ignore the problem, it will exist, and it ill reflect poorly on both the NAR and realtors in general.

]]> By: Anonymous http://blog.franklyrealty.com/2007/01/mls-data-fudging-by-realtors-watch-out.html/comment-page-1#comment-1829 Anonymous Wed, 31 Oct 2007 17:00:00 +0000 http://franktempblog.wordpress.com/2007/01/04/mls-data-fudged-by-realtors-watch-out/#comment-1829 Another thing to watch out for is falsification of the number of bedrooms. For certain homes (e.g., those with septic fields instead of sewers), especially newer ones, an agent will list the number of rooms that might (legally or illegally) be used as bedrooms rather than the number of those that are proper bedrooms or the number of bedrooms for which the property "percs". A number of condos are also up-roomed, with 1BR+dens being listed as 2BRs, studios that have had a thin interior wall added listed as 1BRs, etc. The result is twofold: the buyer of the dwelling may end up overpaying and, after the sale, properly listed comps can look comparatively overpriced when, in reality, they are not. Another thing to watch out for is falsification of the number of bedrooms. For certain homes (e.g., those with septic fields instead of sewers), especially newer ones, an agent will list the number of rooms that might (legally or illegally) be used as bedrooms rather than the number of those that are proper bedrooms or the number of bedrooms for which the property “percs”. A number of condos are also up-roomed, with 1BR+dens being listed as 2BRs, studios that have had a thin interior wall added listed as 1BRs, etc. The result is twofold: the buyer of the dwelling may end up overpaying and, after the sale, properly listed comps can look comparatively overpriced when, in reality, they are not.

]]> By: Lola Audu http://blog.franklyrealty.com/2007/01/mls-data-fudging-by-realtors-watch-out.html/comment-page-1#comment-1828 Lola Audu Fri, 11 May 2007 17:25:00 +0000 http://franktempblog.wordpress.com/2007/01/04/mls-data-fudged-by-realtors-watch-out/#comment-1828 It's sad to consider that this type of activity is "justified" by the presumption that the real estate agent is "freshening up" the listing & presumably "helping the seller." Rather, it's deceptive & ultimately all of us are negatively affected because the data on MLS systems is inaccurate & gives a false perspective on how long it takes for homes to sell It’s sad to consider that this type of activity is “justified” by the presumption that the real estate agent is “freshening up” the listing & presumably “helping the seller.” Rather, it’s deceptive & ultimately all of us are negatively affected because the data on MLS systems is inaccurate & gives a false perspective on how long it takes for homes to sell

]]> By: Ginger (also an agent) http://blog.franklyrealty.com/2007/01/mls-data-fudging-by-realtors-watch-out.html/comment-page-1#comment-1827 Ginger (also an agent) Wed, 04 Apr 2007 15:09:00 +0000 http://franktempblog.wordpress.com/2007/01/04/mls-data-fudged-by-realtors-watch-out/#comment-1827 Watch out for this one too. Right before settlement one agent I know of goes back and changes the Sales Price to what will actually be the settled price or close to it. Then when she is on listing calls, she shows clients a list of her sales that make her look like she has a high success rate getting the sales price. Without a history of the property it can be vary deceptive. Watch out for this one too. Right before settlement one agent I know of goes back and changes the Sales Price to what will actually be the settled price or close to it. Then when she is on listing calls, she shows clients a list of her sales that make her look like she has a high success rate getting the sales price. Without a history of the property it can be vary deceptive.

]]> By: FRANK LL0SA Broker http://blog.franklyrealty.com/2007/01/mls-data-fudging-by-realtors-watch-out.html/comment-page-1#comment-1826 FRANK LL0SA Broker Mon, 22 Jan 2007 19:33:00 +0000 http://franktempblog.wordpress.com/2007/01/04/mls-data-fudged-by-realtors-watch-out/#comment-1826 Thanks to Business Week for doing a story on MLS fudging.<br /><br />Peter Coy wrote on his blog/website: <br /><i>First, I have to thank Frank Borges LL0SA, the tech-savvy owner of FranklyRealty.com in Arlington, Va. He found me a slew of examples of apparent DOM (days on market) manipulation, although I wasn't able to mention any of them in my article for lack of space. He wrote about relistings on his blog here and here.</i><br /><br />I'm glad I could help you. Thanks to Business Week for doing a story on MLS fudging.

Peter Coy wrote on his blog/website:
First, I have to thank Frank Borges LL0SA, the tech-savvy owner of FranklyRealty.com in Arlington, Va. He found me a slew of examples of apparent DOM (days on market) manipulation, although I wasn’t able to mention any of them in my article for lack of space. He wrote about relistings on his blog here and here.

I’m glad I could help you.

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