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I really get a kick out of realtors embellishments. I spend most my time looking for land, so here are some of the common embellishments I see and my translations:
great view property.......steeply sloped property
peace and quiet......way out in the boondocks
Fabulous recreational possibilities.....don't plan on building a house
In this case of the OP, I think a great realtor embellishment would be "bring your hammers". I've seen that once or twice on some listings here in Seattle.
Now don't get rude with her. Here is an innocent member of the public who viewed a publically available listing about a house on the internet. She got really excited because it was a great house for a bargain price and a house she wanted.
Umm, I'm sorry if you took straight forward talking (which is what was asked for) as rude. It was an honest assessment of what was going on. She was fully aware there were two listings, two prices, called, got the correct information and was not 'deceived' in any way. She did make a report, which she was encouraged to do by others and myself. To spend more time on it other than that, is a waste of time.
There is nothing that says all the facts need to be disclosed on the listing, they need to be disclosed before contract. That is why buyers have a due diligence period and are encouraged to use it to the fullest. If there is something illegal or unethical with the 2nd listing, the local board of Realtors® will handle it. In my association the listing agent would not have been able to have two listings for the same address in the first place. Here it is a violation of our MLS rules.
I do not agree with you on two fronts: (1) I think the listing agent should disclose all material info on the MLS in order to weed out disinterested parties; and (2) we can have two listings on the same MLS if one is a sale and one is a rental. There are several MLS sytems in my area so you can list homes on each.
If there is something illegal or unethical with the 2nd listing, the local board of Realtors® will handle it.
Yes, the public should just put their full faith and trust in a trade association and assume that all problems will be solved. That is very naive. Why should the public assume that the trade association is more concerned about them than they are about their own members? The trade association does not represent the interests of the public, but they do give lip service to doing so in order to increase the reputation of their members. State licensing agencies have formal complaint procedures, which tell me that they do not think leaving the industry to govern itself is a good idea.
(1) I think the listing agent should disclose all material info on the MLS in order to weed out disinterested parties
It's a nice thought but it's impractical. The MLS is a data base for Realtors® to use, not to inform the public at large or buyers of all the things that need to be disclosed to a buyer.
Quote:
Yes, the public should just put their full faith and trust in a trade association and assume that all problems will be solved.
No one said that, at all, lol. The MLS is governed by the Realtors® and the rules/regs differ from association to association. I know no one likes it but the MLS is for Realtors®. And Realtors® govern themselves along with state laws and statutes. No one is saying to put complete faith in anyone. What is being said is that if it is against the rules of that association, if a complaint is made, it will be handled. If the local association doesn't handle it according to their rules and regs, then you go to the state. Start with the state and they'll kick it to the local association to handle. So, you start locally and work your way up if it's that big of a deal.
Which, IMO, in the op's case, as stated, isn't.
Agreed that the MLS is PRIMARILY an agent's tool however, as was the case in one of my recent deals, if the Realtor does not disclose major issues in the MLS it can lead to a waste of time by all parties. I know that many agents try to craft generic MLS decriptions because it saves them time and they feel that they will disclose the rest once someone expresses interest but those tactics are not in the best interest of the profession and can lead to issues like the one that started our discussion. Remember that the client's version of the MLS is designed to be shared with the public.
You did, in fact, say that doing anything other than leaving it to the industry trade group is a waste of time.
Quote:
Originally Posted by palmcoasting
The MLS is governed by the Realtors® and the rules/regs differ from association to association. I know no one likes it but the MLS is for Realtors®. And Realtors® govern themselves along with state laws and statutes. No one is saying to put complete faith in anyone. What is being said is that if it is against the rules of that association, if a complaint is made, it will be handled. If the local association doesn't handle it according to their rules and regs, then you go to the state. Start with the state and they'll kick it to the local association to handle. So, you start locally and work your way up if it's that big of a deal. Which, IMO, in the op's case, as stated, isn't.
Your posts make it sound like so long as the listing complies with MLS rules, then no one has a legitimate complaint. And that's just not correct. You are limiting the "rules" that apply to the listing to just MLS rules, when in reality there are state laws that also apply. And the government is not going to leave it to the industry trade group to enforce state law.
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That is very naive. Why should the public assume that the trade association is more concerned about them than they are about their own members? The trade association does not represent the interests of the public, but they do give lip service to doing so in order to increase the reputation of their members. State licensing agencies have formal complaint procedures, which tell me that they do not think leaving the industry to govern itself is a good idea.
