Can a Realtor increase the price on a foreclosed home?
I saw a specific foreclosed home that I was very interested in on multiple foreclosed websites. I found the Realtor selling the home, then when I checked the website for the Realtor’s listing of the home she had the price $60k higher then on the foreclosed websites that I had seen.
The agent does not set the price, the bank does. His listing is the most up to date one.
9 Responses
Leave a Comment
|
May 2nd, 2010 at 7:24 pm
The agent does not set the price, the bank does. His listing is the most up to date one.
References :
May 2nd, 2010 at 7:43 pm
ive heard of the realtor raising the price for commission but 60k????! Thats crazy! Sometimes what happens is : once I was interested in a home yea for 40k and a bank came and bought it and went back on the market for 170k. I was mad… becaue the realtors deliberatley ignored my calls and refused to take me out to see the property since they knew the bank was going to buy it within the next month…totally illegal. This was all before the bank even made the offer… So I lost my possibliity in a home I could normaly not afford due to a greedy bank….Thats usually what happens it might have happened in your case
References :
May 2nd, 2010 at 7:49 pm
Realtors are agents for their sellers or buyers. Sellers cn raiseRE or lower their prices as much as they want.
References :
RE
May 2nd, 2010 at 8:02 pm
Yes. The realtor gets paid on a commission basis, so it’s to their benefit to sell for as high a price as possible. in NZ, most mortgagee sales (those forced by the lender) are handled through real estate companies, so we don’t even get to know what the mortgage was originally (although there are ways of finding out).
References :
May 2nd, 2010 at 8:33 pm
It all depends on the listing agreement. A Realtor can’t just change the price of anything, without the seller’s authorization. Many things could have happened. The house may have a new owner, improvements may have been made, or the seller just decided he wants more money. The listed price is completely up to the seller.
References :
I’m a Realtor/Broker
May 2nd, 2010 at 8:49 pm
The Realtors price is correct. It’s is priced by the lender, not the Realtor. Most people do not understand that those websites don’t have the most up to date information on foreclosures. Only Realtors have the full information.
References :
May 2nd, 2010 at 9:25 pm
Nope they cant.
References :
My mom is a residential realtor
May 2nd, 2010 at 9:50 pm
The bank sets the price, not the realtor.
The realtor ONLY controls the MLS system. The foreclosed sites pull data from the MLS, but there is a lag time between the MLS update (happens right away) and the update of 3rd party sites. In some cases.
The MLS is the most current.
References :
May 2nd, 2010 at 9:56 pm
I am betting the home was once up for auction and this was the starting bid with a reserve. Some websites will reflect this starting bid price as the asking/sale price. It may have been up for auction months ago and never sold but the site hasn’t updated. I am guessing that they gave up on auction listing and are now just selling it outright. I’m just guessing here because I have seen this happen. Anything is possible but it’s most likely a simple explanation. You can always just ask the listing agent why.
References :