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I take it this is a "For Sale By Owner" transaction? Whenever I work with FSBOs, the listing goes in the MLS. Seek first to understand. Call the Seller and ask HIM why he did that....there are tons of reasons he may have done it.
No this is not a For Sale by Owner. Real estate agents are involved in both ends for the seller and the buyer.
I'm not sure I'm understanding you.
Are you saying you have a fully executed contract with the sellers and the property is still listed in the MLS as active with the new list price being your negotiated sales price?
OK...I have seen what you're referring to, but only with short sale listings. Sometimes that happens when a property is listed at one price but the bank comes back and says 'no we won't take $105000, but we will take $112000'. Some agents will then update the MLS to show the approved price. If this is not a short sale transaction, I have no idea why an agent would do that. Typically I don't update terms etc. until after the transaction is closed because that's when the information becomes "public record".
Quote:
Originally Posted by BLUEDIAMOND64
We went to contract on a house in North Carolina. We came back home and found the house on the MLS for the price that we negoitated with the sellers.
Has anyone in the filed come across this and what do you think?
I appreciate you coming on to answer me but this is NOT a short sale. Here is the situation: House listed for $350,00, we agree on $330,000. We now have a full contract signed by both parties. We come home from our trip to find the house on the MLS listed for $330,000.
I would guess this is a list price to sold price manipulation by the listing agent.
I would also venture a guess that there is no price reduction addendum to the listing contract.
I would venture another guess that the listing agent will so the appraiser the MLS report making the appraiser think it's a fair market value full price offer.
I would guess this is a list price to sold price manipulation by the listing agent.
I would also venture a guess that there is no price reduction addendum to the listing contract.
I would venture another guess that the listing agent will so the appraiser the MLS report making the appraiser think it's a fair market value full price offer.
Do we know if this is legal, unethical or anything else? Thank you for all who took the time to answer me.
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