Consumer Choice: Gossip sites or true Real Estate Sites

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

Welcome to Trulia Questions!

"Tell me about this house."

$85000 for a 3800SF home, nearly new custom home in a great Cary, NC, subdivision!

Who would dream it could come true for a lucky buyer?  One person had hopes.

And we see it every day.  Misleading home profiles meant to drum up traffic to impress advertisers.

In this instance, Realty Trac and Trulia team up to put up a second mortgage initial balance in the space typically reserved for the price of a home.  1st lien?  Fuhgeddaboutit!

And the consumer fell for it.  But, thank goodness, the consumer also asked a question about the house.

The truth?  If that home becomes available at anything near $85,000, Optimist Farm Road will not be able to handle the traffic.  And, the home is under a Contingent contract, as a short sale, not an REO.

Another truth?  If I put something this misleading into the Triangle MLS, I could have attention, too.  Some of that attention would be from the Raleigh Regional Association of Realtors, some from the Triangle MLS Compliance folks, and quite possibly, some from the North Carolina Real Estate Commission.  See, I am a member of groups that support and enforce rules and ethics.  And I am regulated by law in the State of North Carolina.  Tripe like this could cost me my license, or my association with KELLER WILLIAMS® in Cary, NC.

Too many consumers don't know the difference, and fall for a free and pretty interface.

My advice?

Search real estate listings on a real estate site, such as a real estate firm's site, or a REALTOR'S® IDX site.  Here is one Option.    Avoid the sites that are neither regulated nor bound by ethics or standards of accuracy.

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

Try my"No Hassle Home Search"

Visit the Triangle Real Estate Forum for hassle-free answers to your questions and discussion of local Triangle Topics.

 

Independent Broker/Owner, Realty Arts

130 Towerview Court,

Cary, NC

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Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Ouch Mike.  That's really serious business being that grossly misleading.  Good for you for calling it out.  You're so right in that buyers do need to get a professional REALTOR® to provide them with solid and true information about the real estate market!

Apr 28, 2010 09:58 AM #2
Rainmaker
230,847
Linda Jandura
Raleigh Cary Realty - Apex, NC
Realtor, North Carolina Buyer & Seller Specialist

Mike, that's why I've had people emailing me about homes in Apex for $21,000, or a Cary home for $16,000.  And they're listed as "preforeclosures"! . I have to tell them that means they're NOT for sale. How do these people get away with this stuff?

Apr 28, 2010 10:03 AM #3
Rainmaker
786,657
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Daniel,

I work with REALTORS® too, but none that are this blatantly ignorant of truth.

Pamela,

It is no wonder consumers are so confused, with garbage like this.

Linda,

And then they think YOU are holding back the good stuff, right?

Apr 28, 2010 10:39 AM #4
Rainmaker
161,495
SarahGray Lamm
Allen Tate Realtors Chapel Hill, NC 919-819-8199 - Chapel Hill, NC
Realtor - 100K Hours of NC Real Estate Experience

Hi Mike! I also think that there are some folks so busily looking for 'the deal' they truly (pun intended) want to believe that they could purchase a home like you describe. Same trouble some of the late-to-the-game flippers of the 90s got into...they figured everyone else is getting a deal so why not them. Easy money.

If Trulia and RealtyTrac are choosing to do this (or even 'accidentally' doing it) why isn't the attorney general involved?

 

May 06, 2010 12:48 AM #5
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Rainmaker
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Mike Jaquish

919-880-2769 Cary, NC, Real Estate
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