Comments on: Deceptive Listings in the Phoenix Area http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/ Phoenix Real Estate - Anything & Everything About It. Plus Random Musings... Fri, 10 Feb 2012 03:19:15 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Kate@Buy to let mort http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/#comment-51446 Kate@Buy to let mort Sat, 18 Apr 2009 05:50:11 +0000 http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/816#comment-51446 As we see significant reduction in house sales, more and more “creative” ideas appear on the market. All these auctions and close bids, $1 listings are nothing else, but an attempt to attract interest of the buyers. If any honest agent getting an enquiry from a customer, who is looking to snap up a bargain, he should tell them what he thinks. Most of these listing have a reserve price and will never go below that. Customers should know that it is a trick and not to raise their hopes as they will never get it at 50% below the market price. As we see significant reduction in house sales, more and more “creative” ideas appear on the market. All these auctions and close bids, $1 listings are nothing else, but an attempt to attract interest of the buyers. If any honest agent getting an enquiry from a customer, who is looking to snap up a bargain, he should tell them what he thinks. Most of these listing have a reserve price and will never go below that. Customers should know that it is a trick and not to raise their hopes as they will never get it at 50% below the market price.

]]> By: Robin | fort Lauderd http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/#comment-34842 Robin | fort Lauderd Fri, 04 Jul 2008 06:48:59 +0000 http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/816#comment-34842 We're seeing this all over our MLS down here in South florida. I don't see how it's allowed. Also with the auctioneers who are travelling across the country for lenders they are doing this as well. We're seeing this all over our MLS down here in South florida. I don't see how it's allowed. Also with the auctioneers who are travelling across the country for lenders they are doing this as well.

]]> By: Carnival of Real Estate #82 is up at Matrix | The Phoenix Real Estate Guy http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/#comment-28363 Carnival of Real Estate #82 is up at Matrix | The Phoenix Real Estate Guy Mon, 17 Mar 2008 18:14:36 +0000 http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/816#comment-28363 [...] this week’s Carnival of Real Estate (the 82nd edition!) and I was pleased to see our “Deceptive Listings in the Phoenix Area” sitting atop his Top 10 [...] [...] this week’s Carnival of Real Estate (the 82nd edition!) and I was pleased to see our “Deceptive Listings in the Phoenix Area” sitting atop his Top 10 [...]

]]> By: Carnival of Real Estate #82 is up at Matrix | The Phoenix Real Estate Guy http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/#comment-28364 Carnival of Real Estate #82 is up at Matrix | The Phoenix Real Estate Guy Mon, 17 Mar 2008 18:14:36 +0000 http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/816#comment-28364 [...] this week’s Carnival of Real Estate (the 82nd edition!) and I was pleased to see our “Deceptive Listings in the Phoenix Area” sitting atop his Top 10 [...] [...] this week’s Carnival of Real Estate (the 82nd edition!) and I was pleased to see our “Deceptive Listings in the Phoenix Area” sitting atop his Top 10 [...]

]]> By: Matrix » [St Patrick’s Day’ March Madness] Like A Carnival Of Real Estate http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/#comment-28354 Matrix » [St Patrick’s Day’ March Madness] Like A Carnival Of Real Estate Mon, 17 Mar 2008 14:55:35 +0000 http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/816#comment-28354 [...] Thompson presents Deceptive Listings in the Phoenix Area posted at The Phoenix Real Estate [...] [...] Thompson presents Deceptive Listings in the Phoenix Area posted at The Phoenix Real Estate [...]

]]> By: Ken Smith http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/#comment-28333 Ken Smith Sun, 16 Mar 2008 23:51:03 +0000 http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/816#comment-28333 I HATE it when a client calls about a listing like this. They get all excited and think that they really can buy a home for 1/5 (or less) then its real value. The agents that do this crap just make life harder for themselves and every other agent out there trying to educate their clients on current values of homes. I HATE it when a client calls about a listing like this. They get all excited and think that they really can buy a home for 1/5 (or less) then its real value. The agents that do this crap just make life harder for themselves and every other agent out there trying to educate their clients on current values of homes.

]]> By: John Wake http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/#comment-28320 John Wake Sun, 16 Mar 2008 13:14:01 +0000 http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/816#comment-28320 Add to the round robin auctions - fractional ownership and crazy-low-bank-will never-approve short sale prices. Answering internet inquiries on such crazy-low-bogus-priced properties are a huge waste of my time. These people are not serious buyers. I've never had one say, "Oh, if I can't get a large resort style home in Troon North for $350,000, I'll buy a condo further south." It doesn't happen. There are some clues that a buyer is not serious and emailing or calling on a crazy low priced home is definitely one. I do send such inquiries a note saying the price is bogus but I know it's a waste of my time and I should be focusing my attention on serious clients. I'm also ticked off at ARMLS for allowing fractional ownership to be displayed along side full ownership. Fractionals should have a separate category like time shares. Auction priced homes should not be displayed along side non-deceptive listings. ARMLS needs better disclosure about auction prices. Ron's link above gives a good example how deceptive listings waste a tremendous amount of time for agents and clients. They can end up with some clients becoming discouraged and deciding to put off their purchase for now. They lose excitement and focus. Add to the round robin auctions – fractional ownership and crazy-low-bank-will never-approve short sale prices.

Answering internet inquiries on such crazy-low-bogus-priced properties are a huge waste of my time. These people are not serious buyers.

I've never had one say, "Oh, if I can't get a large resort style home in Troon North for $350,000, I'll buy a condo further south." It doesn't happen.

There are some clues that a buyer is not serious and emailing or calling on a crazy low priced home is definitely one.

I do send such inquiries a note saying the price is bogus but I know it's a waste of my time and I should be focusing my attention on serious clients.

I'm also ticked off at ARMLS for allowing fractional ownership to be displayed along side full ownership. Fractionals should have a separate category like time shares.

Auction priced homes should not be displayed along side non-deceptive listings. ARMLS needs better disclosure about auction prices.

Ron's link above gives a good example how deceptive listings waste a tremendous amount of time for agents and clients.

They can end up with some clients becoming discouraged and deciding to put off their purchase for now. They lose excitement and focus.

]]> By: Dante http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/#comment-28268 Dante Sat, 15 Mar 2008 09:57:48 +0000 http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/816#comment-28268 If you want to see exactly what they are trying to do, read "How to Sell Your Home in 5 Days" by Bill Effros I've done that before, it is working, but it supposed to be "For Sale By Owner". It looks like they are trying to enlarge their exposure by going on MLS. Is that good or bad for Agents and MLS? I don't know, but the way the appraisals are done lately by the banks it looks that this is going to affect the neigborhood. If you want to see exactly what they are trying to do, read "How to Sell Your Home in 5 Days" by Bill Effros

I've done that before, it is working, but it supposed to be "For Sale By Owner". It looks like they are trying to enlarge their exposure by going on MLS.

Is that good or bad for Agents and MLS? I don't know, but the way the appraisals are done lately by the banks it looks that this is going to affect the neigborhood.

]]> By: louis cammarosano http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/#comment-28266 louis cammarosano Sat, 15 Mar 2008 07:44:02 +0000 http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/816#comment-28266 The same type of deceptive low ball pricing advertising appears to be happening in Orange County with great frequency. On the HomeGain blog, Peggy Aldinger points out that many of the low ball listing prices are coming from REO properties and while not causing decreasing home prices in Orange county, its certainly not helping. <a href="http://blog.homegain.com/foreclosures-short-sales-reo-ohmy">http://blog.homegain.com/foreclosures-short-sales...</a> The same type of deceptive low ball pricing advertising appears to be happening in Orange County with great frequency.

On the HomeGain blog, Peggy Aldinger points out that many of the low ball listing prices are coming from REO properties and while not causing decreasing home prices in Orange county, its certainly not helping.
http://blog.homegain.com/foreclosures-short-sales…

]]> By: The Phoenix Real Est http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/#comment-28189 The Phoenix Real Est Fri, 14 Mar 2008 12:36:11 +0000 http://www.phoenixrealestateguy.com/deceptive-listings-in-the-phoenix-area/816#comment-28189 @IA - I <b>hope</b> that not all marketing is deceptive. It certainly doesn't need to be. @Will - yeah, we had the $1 listings too. Then the MLS threw down a rule that listing prices had to be "reasonable". Problem is, this listing at 99K is no more reasonable than if it was at a buck. Good point on the price range thing, I thought about working that into the post but decided to save it for a stand-alone post. Yes, LOTS of people search by price ranges, and this home will never show up is such a search. But lots of folks also search by a location and then narrow the search by price. In that case, this sort of listing does show up, and attracts attention -- especially from people outside the market that have no idea how unrealistic it is. @Gatlinburg - per the listers website, "most" of their auctions have a minimum reserve price -- which they won't disclose. So this is classic bait and switch -- make someone think they have a chance at this home at $99K, only to have them find out later that you're probably looking at a minimum of $150K, if not more. @Ron - that is utterly ridiculous. And unethical in my opinion too. @IA – I hope that not all marketing is deceptive. It certainly doesn't need to be.

@Will – yeah, we had the $1 listings too. Then the MLS threw down a rule that listing prices had to be "reasonable". Problem is, this listing at 99K is no more reasonable than if it was at a buck.

Good point on the price range thing, I thought about working that into the post but decided to save it for a stand-alone post. Yes, LOTS of people search by price ranges, and this home will never show up is such a search. But lots of folks also search by a location and then narrow the search by price. In that case, this sort of listing does show up, and attracts attention — especially from people outside the market that have no idea how unrealistic it is.

@Gatlinburg – per the listers website, "most" of their auctions have a minimum reserve price — which they won't disclose. So this is classic bait and switch — make someone think they have a chance at this home at $99K, only to have them find out later that you're probably looking at a minimum of $150K, if not more.

@Ron – that is utterly ridiculous. And unethical in my opinion too.

]]>