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Bank of America and Chase were allowed to do this routinely in their short sale process. Precedence has been set, our brokers, franchises, and MLS were asleep at the wheel. Like always, the MLS and the NAR is only concerned about controlling the REALTOR, and the options the realtor has available.
Your MLS and my MLS along with our respective brokers and franchises have long ago made it clear, agents are fungible assets and if you don't like their rules you can hit the road AND try to make you believe YOU made the rules.
Now, regarding your question, this issue is fully resolved if you have 'the talk' about your compensation with the buyer, at the first meeting. If they are prepared to supplement your comp with 5, 10, 15K, show them what ever they want. It is more likely the buyer will say, "Don't show me anything that defers non-traditional costs to me."
It is a good idea to be looking at that compensation line shown in the listing. Fail to do that and unhappy things happen.
Troy Erickson AZ Realt...
Sandy Padula and Norm...
Beyond my control.
Stevens Point, WI
Probably something going on with your MLS encouraging them to allow the adds even though the are detrimental to the membership.
Stevens Point, WI
Certainly no brokers in our market would do that.
As the price they have listed is not even near what they want or sell for most of my clients will not participate any more. It's all about who's pocket is getting fleeced!
I hate these with a passion and they should be removed from the MLS as they are a bait and switch type of listing. I believe they have taken action against these practices in CA.
it can only be addressed by specific MLS rules against it. talk to the board of directors for your MLS
We do not have that here in Tucson, AZ.
I'm not a fan of these things and there should be some pushback from the MLS. It doesn't seem right to use the MLS to promote auctions. I'd think agents would largely ignore this type of listing unless a client insists.
Our MLS has come out against $50 listings but I haven't heard them excited about auctions yet...
Winston - That is a great question. I believe that we do have those auction.com listings showing up in our MLS. Now you got me thinking...
I don't like those auction sites either. Often times they charge the buyer a 5% premium on top of the sales price, really no bargain at all.
I avoid these listings like the plague. They are a profound disservice to our clients.