It’s always puzzling when you find a house that is priced $30-40,000 below similar houses and there aren’t any obvious reasons. It’s been in the MLS (Multiple Listing Service) for less than a month. It’s not a foreclosure or a short sale. It’s not in a horrible location. The neighbors houses look great, so it isn’t being dragged down by a junked-up house next door.
Curb appeal? Check. Updated kitchen? Check. Beautiful floors? Check. Nice fenced yard? Check.
So what gives?
A little background information
The MLS (called MRIS in our area, short for Metropolitan Regional Information Systems) is how we agents let other agents know all the details about houses that are for sale. It’s also how almost all of the listing sites on the Internet – like Trulia, Zillow, and Realtor.com – get their information as well. When I enter a listing in the MLS, other agents can search on the details about the property, including price, address, size, amenities, etc., and know that the seller is willing to pay a commission to the buyer’s agent. We call that “cooperating”.
A little digging and we discover that the house had been on the market almost a year with a different agent, but for some reason the seller chose to keep it a secret. He instructed his agent to not only keep it out of the MLS but not to cooperate with any other agents – agents who have buyers ready to buy.
Reality sets in
So now the seller is really motivated and just wants to move on with his life. New agent, listed in the MLS, willing to pay a commission to an agent who brings a buyer. Check.
Bottom line? My buyer-clients are getting a great deal and some closing help to boot.
© 2011 Susan Pruden. All rights reserved.