got a kick out of this thought I would share. I was looking through the mls and found a 200k house listed for 26k. to bad house advertisements are not like store ads
Dan
Actually,
If you really wanted to pursue it, you could probably force the agency to sell you the property at the listed price. Of course it would take a court battle, but chances are good that a buyer would win.
That’s why agencies have to have errors and omissions insurance. Some agents don’t take the time to review their work and what they put down can be binding.
Raj
Raj,
I can just see a new creative investing course on the horizon.
MLS Investing Secrets Never before revealed secrets on how to make money investing in underpriced properties, only the real professionals know about.
John $Cash$ Locke
I believe the seller still can refuse to sell you the house, no matter if you offered him full asking price. So if you did offer him 26K, he can still refuse your offer, no mistake or not, the seller still does not have to sell. An offer (advertisement) is not a contract, basic Retail 101. It looks like someone inputing that number left of a zero, believe me that mistake will be fixed.
also, don’t believe selling prices you see shown in the MLS. oftentimes agents will fudge a little on the price.
can’t tell you how many times i see a sales price in the MLS of $500,000 but when you check the recording with the title company the actual price may be $475,000. it’s one way can try to keep prices up in an area.
Do you want to know how to make the phone ring? List a 200k home for 26k. It may have been an honest mistake. However, it wouldn’t be the first time a “professional” “mistyped” something or “accidently” used the picture of a mansion instead of the real picture of the shack.
For a real estate professional, a ringing phone means leads. Most don’t care how they get them. “Typos” just seem to bring in more of them.
sounds like a marketing scheme. makes that house show up first on a MLS search of that area…
Dan is right. MLS is not a contract, so you can’t force the seller to do anything. You will also notice the disclosure that the, “Information is deemed reliable, but not guaranteed. Buyer should verify all information.” People have tried to sue over agent mistakes, but it will get thrown out. The “common sense” rule will be in effect.
The agent should be notified of the error, though. Not sure if it was on purpose, but they can get fined for keeping incorrect information on the listing.
HUGE Question, please help!
Here is the information on the MLS in the remarks from the realtor section.
Remarks: SHORT SALE! HOUSE UNDER CONSTRUCTION. 20% COMPLETED.YOUR OWN PRIVATE WORLD THAT PRESENTS PRIVACY AND BEAUTY IN THIS MAGNIFICENT SANTA BARBARA HOME. WE ARE PRIVILEGED TO OFFER YOU A MOST OUTSTANDING RESIDENCE LOCATED IN THE PRIME AREA OF WITH A FABULOUS VIEW OF THE CITY LIGHTS AND MOUNTAINS. THIS THREE-STORY HOUSE HAS OVER 9906 SQ. FT., 4 BEDROOMS, 7 1/2 BATHROOMS, 6 FIREPLACES, A MOVIE THEATER, GUEST QUARTERS, WALK-IN WINE COOLER, HEATED POOL AND SPA, THREE-CAR GARAGE AND A MOTOR HOME GARAGE. THE HOUSE HAS ENERGY-SAVING STYROFOAM CONSTRUCTION A WITH TOP QUALITY UPGRADES.
I called on the property to see what 20% means, all that is listed, sounds like you can move right in (maybe?). The agent said that you can’t even put a lock box on it because there is only foundation. Is there any grounds to hold this agent to all that they listed? The property is listed under residential, not land, and really you are buying land. It is also a short sale. How do you offer a property like this? Once I buy it, they are not going to finish whatever construction that they started? There are so many things that have to be on the MLS (owner/agent, ect), why can they lie on prices and whether the property is a property at all? If anyone can offer any advice, I would greatly appreciate it. Thank you for your time!
RE4Fun,
You know everything you need to know from the listing. The property is a short sale under construction so chances are that the builder is in the middle of a bankruptcy and needs at least $26K to clear the balance of his construction financing.
The property (as described) sounds like a mansion, but it is only 20% completed. At 20% completion, why would you expect anything more than a foundation in place?
If you buy the property, you are essentially buying the land. If you want a finished house on that land, you will need to finish the construction with your own builder and at your own expense.
I doubt there is a view lot in Santa Barbara for $28,000!
Furnishedowner