Speaking from a real estate agent's point of view, it's becoming more and more increasing clear that banks are manipulating the multiple listing service (MLS) into their own personal auction service. It's about time that some kind of control needs to be placed on MLS price points as a result. Here's what's happening in the Las Vegas real estate market right now:
You take a high end property in foreclosure with nice amenities (on the golf course for instance) with tons of upgrades which the bank offers for "only $50,000" on the MLS. A luxury home for a bargain, right? Ladies and gentlemen, start your offers! What a deal!
Buyers go to Realtor.com and see these low prices and think they're getting a deal. Then, when they place an offer, they immediately get a fax from the seller (bank) saying the property is in a multiple offer situation (and why not - everyone's seeing these amazing low prices), and they (the bank) now want a new offer which is the client's (buyer) "highest and best offer".
And guess what happens to the "great deal"? Can you spell SCAM? The effect is that banks are allowed to auction off their properties without actually admitting what's really going on! Now the buyers are all turned off by the rules of this new game and walk away with a bad taste in their mouth, with further distaste for the real estate agent and the bank.
Whether it's Las Vegas high rise condos or regular residential real estate, don't us real esate agents actually have to PAY for the MLS? Shouldn't we be offering real deals to clients without the pie in the sky hopes of a bank accepting some ridiculous short sale outcome that probably will never close in the first place? Should clients have to put up money that has to sit for months before banks decide to accept or reject the deal as their "best offer"?
What on Earth is happening here?
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