can realtors manipulate the comp reports?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I find it * VERY interesting* some sales literally a few homes down on the same block that just sold are omitted from a report I got. (The comps that show the house I was looking at was very overpriced.) Now I don't trust the realtor at all.

Why would they "accidentally" have been omitted?

Anyone?

Did you ask? "Hey, I noticed this house with the same bedrooms/sq footage just sold on the same block - any reason you don't consider a comp?"

Some people just have this visceral distrust of agents. They probably look at their entire life through this lens, though. You know the type -- people who are usually wrong but rarely in doubt. And people who don't know what they don't know. They're annoying AF.

[Anonymous]

Anonymous wrote:Some people just have this visceral distrust of agents.

It's warranted, actually.

Anonymous wrote:They probably look at their entire life through this lens, though. You know the type -- people who are usually wrong but rarely in doubt. And people who don't know what they don't know.

Perhaps they have personal experiences and/or an awareness of all the lawsuits, numerous antitrust violations, and unethical behavior associated with the real estate industry. What you call "visceral" distrust is in fact "evidence-based" distrust.

Anonymous wrote:They're annoying AF.

Distrust based on evidence is only annoying if you are an untrustworthy agent.

[Anonymous]

I'm not a fan of realtors in general because I, like so many people, think the %s are way too high for the work they actually do for most sales.

That said, most realtors are not looking to cheat or distort or lie. They want to close the sale quickly, not hold out for a few hundred more dollars by hoodwinking the buyers/sellers.

As for comps, it's easy to figure it out yourself by looking at the sales history in your area. Redfin and zillow have this information.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Some people just have this visceral distrust of agents.

It's warranted, actually.

Anonymous wrote:They probably look at their entire life through this lens, though. You know the type -- people who are usually wrong but rarely in doubt. And people who don't know what they don't know.

Perhaps they have personal experiences and/or an awareness of all the lawsuits, numerous antitrust violations, and unethical behavior associated with the real estate industry. What you call "visceral" distrust is in fact "evidence-based" distrust.

Anonymous wrote:They're annoying AF.

Distrust based on evidence is only annoying if you are an untrustworthy agent.

I've bought and sold twice. I look at the comps my agent gives me, but I'm also constantly looking at what has sold/listed in the neighborhood I'm selling in, and where I'm buying. If there are discrepancies between what I think and what my agent provides, we have a conversation. A friendly one - they explain what they think, why they chose that way, etc, and then I conclude on whether I agree/disagree based on that conversation. Sometimes they missed something and they update the comps. Sometimes they have a reason - like they personally walked through the house and I only saw pictures, and there was lots wrong with the home that wasn't in photos. Sometimes I'm looking too far away from the house in question and the street or sub-neighborhood matters alot.

Comps are also changing all the time because as houses sell, they become potential comps. And that changes the price. Comps can change too from when you make the offer and when the appraiser reviews it depending on what houses were under contract and sold just after you made your offer.

I would never assume that my agent was trying to manipulate the comps first, I would go to them and have a conversation, and then decide.

[Anonymous]

Realtor here: typically I use the MLS to search. I also look at the tax records and our private exclusive sales within our brokerage to capture off market-sales for comparison purposes.

I generally use the same criteria used by appraisers. The look-back period is 6-12 months with the most recent sales having the most relevance. I stay within a mile of the subject property unless it is a very unusual house for the area. Then I start by looking at homes with similar attributes (i.e., number of bedrooms, baths, sq. ft., lot size and architectural style).
From there, I make adjustments based on improvements and any additional features like an extra half bath, garage, deck/screened porch etc.

The goal is to get as close as possible to the subject home. There is some subjectivity involved, but so is the appraisal process.

I always tell my clients I need to sell the home twice; once to a prospective buyer and once to an appraisal if there is that contingency. Pricing is not as simple as people think.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Some people just have this visceral distrust of agents.

It's warranted, actually.

Anonymous wrote:They probably look at their entire life through this lens, though. You know the type -- people who are usually wrong but rarely in doubt. And people who don't know what they don't know.

Perhaps they have personal experiences and/or an awareness of all the lawsuits, numerous antitrust violations, and unethical behavior associated with the real estate industry. What you call "visceral" distrust is in fact "evidence-based" distrust.

Anonymous wrote:They're annoying AF.

Distrust based on evidence is only annoying if you are an untrustworthy agent.

This. Lots of realtors try to show comps to convince a buyer to pay more and a seller to accept less. They're trying to close the deal so they collect their commission.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I find it * VERY interesting* some sales literally a few homes down on the same block that just sold are omitted from a report I got. (The comps that show the house I was looking at was very overpriced.) Now I don't trust the realtor at all.

Why would they "accidentally" have been omitted?

Anyone?

Did you ask? "Hey, I noticed this house with the same bedrooms/sq footage just sold on the same block - any reason you don't consider a comp?"

Some people just have this visceral distrust of agents. They probably look at their entire life through this lens, though. You know the type -- people who are usually wrong but rarely in doubt. And people who don't know what they don't know. They're annoying AF.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some people just have this visceral distrust of agents.

It's warranted, actually.

Anonymous wrote:They probably look at their entire life through this lens, though. You know the type -- people who are usually wrong but rarely in doubt. And people who don't know what they don't know.

Perhaps they have personal experiences and/or an awareness of all the lawsuits, numerous antitrust violations, and unethical behavior associated with the real estate industry. What you call "visceral" distrust is in fact "evidence-based" distrust.

Anonymous wrote:They're annoying AF.

Distrust based on evidence is only annoying if you are an untrustworthy agent.

This. Lots of realtors try to show comps to convince a buyer to pay more and a seller to accept less. They're trying to close the deal so they collect their commission.

God, you people are tiresome. A realtor only thinking about his/her own interests is not going to last in real estate.

[Anonymous]

Anonymous wrote:Can they? Of course yes. Absolutely yes.
Do they? Yes. Not all but enough.

You need to retain a real estate attorney. Because you asked that question.

It costs nothing to retain legal. You don't need legal, until you need legal; and when you need it, you'll be grateful you have it.

You know a lot of lawyers who work for free, do you?

[Anonymous]

Anonymous wrote:

Anonymous wrote:How are these reports run? Can they omit houses? Take out ones they show you will be paying too much for the house your looking at?

I'm sure they have to select houses to show you -- that's the point. But I detect some suggestion that they would engage in subterfuge in doing so -- like they're trying to pool the wool over a client's eyes for some reason. And I'm not sure why you think that -- it's not even logical given the free availability of information these days. I mean, people challenge actual appraisals all the time by saying an appraiser included a house that's not really a comp because it has less bedrooms or square footage etc. and here is an alternative that wasn't included. So, there's really not much point in trying to deliberately deceive with a comp report -- why do you think someone would do that? It doesn't track.

Not PP but I can answer that: to sell a house? Obviously. They don't care if it's overpriced or not they sell you that house for more and it's more money in their pocket. They also have the apprisers in their pocket a lot of the time like in small towns its a thing. Lenders, appraisers all in on it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Some people just have this visceral distrust of agents.

It's warranted, actually.

Anonymous wrote:They probably look at their entire life through this lens, though. You know the type -- people who are usually wrong but rarely in doubt. And people who don't know what they don't know.

Perhaps they have personal experiences and/or an awareness of all the lawsuits, numerous antitrust violations, and unethical behavior associated with the real estate industry. What you call "visceral" distrust is in fact "evidence-based" distrust.

Anonymous wrote:They're annoying AF.

Distrust based on evidence is only annoying if you are an untrustworthy agent.

Naw, they're just asshats who have extrapolated that one experience to make sweeping generalizations. Generally, the people in this forum who sneer the most nasty about real estate agents are themselves deeply flawed people with poor moral character and ugly personalities. It's exhausting.

And, since I'm SURE you will accuse me (because, among other things, these tiresome people are ridiculously predictable), I have no connection to the real estate agency whatsoever. I just get sick of these people interjecting their mouth-frothing hate for agents into every real estate thread, as if they genuinely believe people care about their opinion.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I find it * VERY interesting* some sales literally a few homes down on the same block that just sold are omitted from a report I got. (The comps that show the house I was looking at was very overpriced.) Now I don't trust the realtor at all.

Why would they "accidentally" have been omitted?

Anyone?

Did you ask? "Hey, I noticed this house with the same bedrooms/sq footage just sold on the same block - any reason you don't consider a comp?"

Some people just have this visceral distrust of agents. They probably look at their entire life through this lens, though. You know the type -- people who are usually wrong but rarely in doubt. And people who don't know what they don't know. They're annoying AF.

lol found the realtor! There are a lot that are not trustworthy are you seriously trying to say there is no reason for the mistrust?! If so 2008 called and they would like a word!

As I was saying ... What a stupid moron this pp is. God, I can't with the stupid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I find it * VERY interesting* some sales literally a few homes down on the same block that just sold are omitted from a report I got. (The comps that show the house I was looking at was very overpriced.) Now I don't trust the realtor at all.

Why would they "accidentally" have been omitted?

Anyone?

Did you ask? "Hey, I noticed this house with the same bedrooms/sq footage just sold on the same block - any reason you don't consider a comp?"

Some people just have this visceral distrust of agents. They probably look at their entire life through this lens, though. You know the type -- people who are usually wrong but rarely in doubt. And people who don't know what they don't know. They're annoying AF.

lol found the realtor! There are a lot that are not trustworthy are you seriously trying to say there is no reason for the mistrust?! If so 2008 called and they would like a word!

+1000 the literally helped cause a crash then act like nothing happened...and still to this day wonder why no one trusts them anymore. So glad their days are now numbered. Their jobs is irrelevant and redundant now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can they? Of course yes. Absolutely yes.
Do they? Yes. Not all but enough.

You need to retain a real estate attorney. Because you asked that question.

It costs nothing to retain legal. You don't need legal, until you need legal; and when you need it, you'll be grateful you have it.

You know a lot of lawyers who work for free, do you?

You don't understand how retainers work. You only pay for billable hours. If you have 0 billable hours, you pay $0.

I reviewed the math several times. It checks out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some people just have this visceral distrust of agents.

It's warranted, actually.

Anonymous wrote:They probably look at their entire life through this lens, though. You know the type -- people who are usually wrong but rarely in doubt. And people who don't know what they don't know.

Perhaps they have personal experiences and/or an awareness of all the lawsuits, numerous antitrust violations, and unethical behavior associated with the real estate industry. What you call "visceral" distrust is in fact "evidence-based" distrust.

Anonymous wrote:They're annoying AF.

Distrust based on evidence is only annoying if you are an untrustworthy agent.

This. Lots of realtors try to show comps to convince a buyer to pay more and a seller to accept less. They're trying to close the deal so they collect their commission.

God, you people are tiresome. A realtor only thinking about his/her own interests is not going to last in real estate.

True. They would be recruited by NAR for an executive level position.