Home Buying in Oceanport>Question Details

Janet, Other/Just Looking in Leesburg, VA

Today I received an e-mail alert on a price drop for a home I was watching. The information turned out to be totally false -- there was no large

Asked by Janet, Leesburg, VA Mon Mar 15, 2010

price drop on the property recently. The real estate company also confirmed this. So, what happened to cause this misinformation?

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BEST ANSWER
Was the alert from Trulia or a multiple listing alert?
Web Reference: http://fglick.com
1 vote Thank Flag Link Mon Mar 15, 2010
Hi Janet,
Wait another year to buy, prices are declining. You'll get more house for your money. Try to avoid email scams. Good Luck
1 vote Thank Flag Link Thu Mar 18, 2010
Janet, you gave the Best answer to the right person IMHO..

Larry it won't do any good to set limits if the information provided is false......

Janet, I'd turn off the Trulia alert and stick with Alerts from those who actually know what's going on with that or any other property.....Why bother spending time figuring out Trulias reasons for the "glitch"

Trulia is a fun toy and lot's of stuff to look at but it's not what you want to look to for accurate information involving a possible large financial commitment......

Good luck
Dunes
1 vote Thank Flag Link Mon Mar 15, 2010
Since I seem to have offended both Janet and Mr. Dunes, let me apologize.

However, the question seems to bear a certain sense of frustration from Janet that seemed higher than just her being bothered by a computer glitch. As I said before, mistakes do happen. I had the sense that perhaps Janet was implying that the listing company sent out a false notification, on purpose, or that Trulia's system would allow that to happen. Again, if that is not what she meant, I apologize.
1 vote Thank Flag Link Mon Mar 15, 2010
It was such a big bother to you to read the email that you ask this question here? Instead of simply giving the listing agent on the property a call to confirm?

Mistakes happen, humans make errors, and sometimes, so do systems.
1 vote Thank Flag Link Mon Mar 15, 2010
Dear NonRealtor,

That's not true for all areas. Things are looking good in Pittsburgh right now. I only sold 10 transaction sides last year, this year I should have 12 - 15 sold before the half-way mark. Prices are predicted to be positive also (as Dan informed me yesterday). I would suggest Janet researches her area before deciding to wait.
0 votes Thank Flag Link Thu Mar 18, 2010
HI Janet,

Trulia is a great place to gather info. The following link will allow you 2 options for searching properties in Monmouth County and the data is real time. There is no delay for feeds, etc. There is a "no registrer" options and a "registration required" option. MLS rules determine what level of info can be released without registration, and the 2 optons comply with those MLS rules.

Contine to use Trulia, as you might find descriptive data and remarks on some listings more detailed on Trulia than any MLS feed. MLSs have rules about what can be included. Example: If there is a single proeprty site devleoped for a property, it cannot appear in the MLS feed. The listing agent can, however, incude that on Trulia's site. Trulia will also include information that will be useful for your search.

The site below will validate pricing and status and is as accurate as you an get. The site below will include properties that may not appear on Trulia. Combine using the site below with Trulia to get your bases covered.

http://SearchMonmouth.com
0 votes Thank Flag Link Thu Mar 18, 2010
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
I think your answer makes sense, Dustin - at least to me. The listing company was quite surprised when I called them about the large price drop I had just found out about on their listing. The agent said there had been no price reduction at all, and that in fact the home was under contract as well.
0 votes Thank Flag Link Wed Mar 17, 2010
Dustin,

Thanks for that answer. Never thought about it but I am sure it's another scam out there.

I recently had one of my listings copied into Craigs list . It was for sale for $699K, and it was listed on craigs lists (with MY pictures and MY description) for RENT at $1400/month. Needless to say some people searched the address and called me because it sounded too good to be true for a 3400 SF house...but I am sure the "agent" got a lot of email replies. My SELLERS even got calls directly to them (people must have called phone directory) because the "tenants" could not reach the "agent" listed on Craigs list.
0 votes Thank Flag Link Wed Mar 17, 2010
I've seen scams on craigslist where the scammer will take a copy of a listing and reduce it's price till it's too-good-to-be-true so they get a ridiculous amount of response and then they spam to the respondents or they collect the emails and sell them off to agents via a third-party medium. Same thing with all those signs you see "We buy houses"... no they don't, they scam you out of your information and then sell it as a "lead" to agents willing to pay 50$ per lead. And @ Dan... there is no "list" to be on top of... but when I put updated pics in or if my clients remodel and I have new pics of that, I may do a 1$ price reduction to re-circulate it to auto-notification search engines... it's not a "ploy" at all though, it's just how the system works.
0 votes Thank Flag Link Wed Mar 17, 2010
Dan,

Your answer was very unfair and very untrue !!! If Janet has been watching the listing and the listing agent entered the price reduction into the MLS then it will show up in Janet's "watch list" as a price drop. Some homes do drop only $500 dollars and other drop a significent amount TO GET THEM SOLD !!!

Price reductions don't get listings to the "top" of any listings page...As an agent there are homes I WATCH, and have emails scheduled to let me know when price reductions occur to keep on top of my local market. If reducing the price is a "marketing ploy" to get the house sold.. then I guess you are right...it draws attention to the listing, for people who are following it, as an even better purchase (if the price is right).
0 votes Thank Flag Link Mon Mar 15, 2010
Computer glitches happen. Some realtors also tell their clients to drop prices by like $500 just to get back on top of the listings again. Marketing ploys suck.
0 votes Thank Flag Link Mon Mar 15, 2010
Janet,

Price changes done on a local MLS are fed electronically to Realtor.com and other internet portals such as Trulia.I sometimes find that with Realtor.com price changes (and other changes) can take 24 to 48 hours to be posted.

With regard to calling the listing company, I would ask (1) did you speak directly with the listing agent? , , , , If you spoke to the listing agent, then it is certainly a Trulia glitch that I am sure would be appreciated if report. As an aside, consumers cannot feed info to Trulia.

and (2) did the person answering the phone check the local MLS. Often times, the person answering the phone is an unpaid agent who is unwilling to put forth much effort to answering the incoming calls. Without checking the MLS the person answer the phone has no way of knowing of any price changes.

I would certainly follow Dunes recommendation and find a local buyers agent, that will pay attn to price changes and not only have these changes sent to you electronically, but if you make them aware of an interest in a particular property, they may very well give you a personall call the minute they see a change in price (as I often do with my buyers).

Francesca Patrizio, Realtor, ePro, SRES
Coldwell Banker Residential Brokerage
Francesca@PatrizioRE.com.
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Mon Mar 15, 2010
Janet, have to agree with Dunes on this - rely on email alerts of new or changed (ie, price adjusted) info from the MLS - you agent can set you up on that. This will be a reliable feed of pricing information.

Best,
Jeanne Feenick
Unwavering Commitment to Service
My Blog:http://www.trulia.com/blog/jeanne_feenick_-_new_jersey/
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Mon Mar 15, 2010
And, Janet.

That's what a great agent is for!

Trulia as just a website too is not as dependable as a live agent!
Web Reference: http://fglick.com
0 votes Thank Flag Link Mon Mar 15, 2010
If you were put on an alert even the slightest drop will cause for alert. Whether it is significant is determined by the reader. A seller dropping their price alone is significant. The alerts are put in place to allow users such as yourself a benefit to seek out changes in the market automatically.

Ask who your alert is is coming from to put a stop limit on the alert. So you are only alerted by a certain drop percentage, keep in mind if this done you may miss out on something you might have real cause to upset about.

Hope you find what you are looking for.
0 votes Thank Flag Link Mon Mar 15, 2010
Instead of this forum, click on contact us at the bottom of the Trulia site and ask them for help.

Also, the Seller may secretly be listing their property on Trulia unbenonced to the listing agent.

So, that being said, if you are interested in the property, contact your buyer agent (not the listing agent because then it would be dual agency) and put in an offer below the asking price.

The asking price is just that....an asking price!

Good luck!
Web Reference: http://fglick.com
0 votes Thank Flag Link Mon Mar 15, 2010
Sorry to be such a bother to one of you, but this e-mail alert came from Trulia from the e-mail alerts I have saved on MY TRULIA . I did check the MLS number on Realtor.com and found no price reduction. Then I called the listing company (Long Distance) to double check and found that there was no price reduction. I have just started using this site so that is the reason I was not sure what was going on. Thank you to those of you that have given me answers. I guess this was just a glitch and not something I should be concerned about in the future.
0 votes Thank Flag Link Mon Mar 15, 2010
I would check with the source of the information alerting you to the price drop.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Mar 15, 2010
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