Special offer

So, the Listing Agent made an error. No. You don't get the house for two grand.

By
Real Estate Broker/Owner with Realty Arts NC Broker License #235526

It happens from time to time. 

Either the listing agent forgets to put the zeroes in the pricing, or by accident has entered a rental in the MLS under the Residential Sales tab.

It is what we call "An Honest Mistake."  That error doesn't mean you will get to swipe someone's $400,000 home for $2,000.  So.  What does it mean?

GableGratuitous Graphic

It means that, as we speak, auto-emails are going out all over Cary, NC, and Wake County, promoting a 2600 SF home as "For Sale" in one of Cary's most desirable neighborhoods at the price of one month's rent.  I have seen it about 6 times already this morning while going through the alerts that go to clients.

It means that somewhere, someone will feel slightly ripped-off, as consumer entitlement mentality kicks in and they feel denied the bargain of a home for less than 0.5% of market price.  When this happened a couple of years ago, I got a call from a fellow who ranged from skeptical to marginally hostile as I explained that the $200,000 property was not For Sale for $995.00.

It means that some agent is going to awaken to phone calls and emails, pass into absolute mortification, and scramble to get into MLS and change the price.

It means that the Triangle MLS History will show that the price was increased, and people will wonder, "What fool RAISES prices in this market."

It happens from time to time.  But, there is really no free lunch.

Posted by

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Scan the QR Code with your Smartphone to Email MeQR CodeMike Jaquish, REALTOR®

919-880-2769 www.RealtyArts.com

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Independent Broker/Owner, Realty Arts

130 Towerview Court,

Cary, NC

Comments (7)

Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

The foreclosure websites out there are really bad about this. I get calls about a 500.00 home and wonder what these buyers are thinking.

Nov 23, 2009 11:39 PM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

I see the errors and I know they are mistakes...most should realize it as well. But some think they will get the published price!

Nov 23, 2009 11:41 PM
Home Loan Search.Online
Home Loan Search Online - Newnan, GA

I have heard from several real estate agents that have homes for rent at 995.00 with people calling to buy them at that price. Even the MLS says "rental." Mistakes happen on both sides.

Nov 23, 2009 11:42 PM
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Laura,

They are thinking, "But... Isn't it a Buyers' Market?"

Gary,

I will ask someone if they have a prequal for a $995 mortgage some day...

Integrity,

Oh, shucks.  ALL of us are human?  That does it. I'm going back to bed...

Nov 24, 2009 12:04 AM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Mike, it's amazing how far the "buyer's market" can extend

Nov 26, 2009 09:45 PM
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Janice,

Pecerpetion of Buyer's entitlement still has long tentacles, too....

 

Nov 27, 2009 03:33 AM
Stanton Homes
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina

Mike - DARN IT!!!  I had my offer all written up.  But I wasn't going to pay full price - I figured 50% was good in this market, so I've got my offer in hand for $1000.  It is cash, though, so I should be able to get this one!

PS - have you seen the October Wake County appreciation rates?  We're STILL seeing positive numbers....

Dec 01, 2009 03:40 AM