I’m sending a farming letter to a neighborhood where I’ve sold a home. Can I include the MLS sale price information of properties in the neighborhood in my letter?
The answer will depend on your MLS Rules, specifically Section 13 of the Model MLS Rules, which is a mandatory rule.
Your local MLS can adopt either of two options in Section 13. One option allows an MLS participant to use sale price information from the MLS in advertising. The second option has limitations, and does not allow an MLS participant the right to include information about specific properties listed or sold by other participants.
Both options require the advertisement to include the time period for the information and where it was obtained from using the following, or substantially similar, format:
Based on information from the (local) association of REALTORS®/from the (local) MLS for the period (date) through (date).
Be sure to check with your local MLS to find out what your MLS Rules entail. Texas is a non-disclosure state, but that only means that sale price isn't public record. Your MLS dictates how sale-price data is used.
Recently, a new client of mine was telling me about this home he bought and was having a really hard time flipping but the home was presented and priced very well. So, I looked it up on the MLS, Realtor.com and Zillow. Lo and behold, when he purchased the property that was not “on the market” but went through a local company, the listing agent put the “AS IS” property sale in the MLS AND Zillow. This benefited no one except the agent and in fact, caused harm to the purchaser as here is a home on the market for… Read more »
In my penny worth of opinion the “AS IS” defense is not good strategy because you might be dancing to the music of “TRELA”
Please explain your reference to the Texas Real Estate License Act (TRELA).
My client, like many property flippers did purchase a home in poor condition and accepted it “As Is” with all faults. So, when I describe a property as having been purchased in an “as is” condition, I am referring to what we would call a fixer upper.
Thank you
I agree with Scott…what’s your point?
Why is it that on Zillow agents are being allowed to upload sales price data when they claim the sale. Zillow asks for the data but I always input zero. Then it asks again. I input zero. But other agents are posting.
This needs to stop. Nobody is doing anything about it.
I wonder if those Agents that contribute closing info to other sites are asking their Clients for permission to give up their private information?
I dont know but I think its safe to say they dont have BOTH set of clients permission! See Dee Pardue’s comment below. This is how it should be done. But most agents fresh out of school dont know. And dont question. It ” appears” that you cant claim the listing without it. Zillow needs to put a statement in the site for non disclosure states that prompt the agent to enter ZERO. But they dont want that. They want the data. Brokers dont want the job of policing it. Its not right.
The trouble with ANY law, or regulation, is enforcement. The truth is that you cannot legislate morality, and our regulators, and law-enforcement, are FAR too soft on ALL crime, let alone “white collar” crime. ANY regulation against agents using MLS data, in advertising, is unethical. There is no ethical, or Earthly, reason to not advertise the listing, or selling, price, on CLOSED sales. The selling price will, soon, be part of the public property tax records. What WOULD be wrong, would be for an agent to advertise, or otherwise disclose, the amount of a pending contract, or the name of… Read more »
Can you show sales price to appraisal district for evaluation protest?
Thanks
Several years ago I asked about this when Zillow wouldn’t let you claim a listing unless you entered the price, I was told Texas was a non-disclosure state and we were not allowed to enter the sales price. But I noticed agents were in fact entering sales prices across the board. I brought it to the attention of my broker. We communicated with Zillow and they allowed us to over-ride this field and not enter the sales price at that time. As I understand it, we can send market reports to a neighborhood with average / range / median prices… Read more »
and… on top of the legality of it, why would ANY agent post ANY data that could be used for FSBO’s and non-MLS brokers!?! They are spending so much time patting themself on the back, and promoting their work, that they don’t realize they’ve just shot themself in the foot.
Metrotex along with NTREIS, does not allow sales prices to be used in Advertising.
I feel that MLS Price should be non-disclosure and not public information, otherwise everyone would need to be a LICENSED REALTOR. I also feel that too many INVESTORS should not have any MLS information when they are INVESTORS and not licensed REALTORS , REALTORS need to be a profession where it is exploited by FLIPPING by many paying for services such as Dean Cain (superman) or anyone who does not have a licensed real estate. We should not share information to investors who are not bound by Real Estate Profession to conformity and code of ethics. It should be only… Read more »