Correcting Incorrect Property Sale Prices on MLS: The Importance and Process
As a homeowner who has recently closed on a property, you may have experienced a common issue: the real estate agent entered the incorrect sale price into the Multiple Listing Service (MLS). This oversite can have unintended consequences, such as showing the property on listing websites at a price that is significantly higher than the actual sale price. This can cause confusion and even potential problems with property taxes. In this article, we will explore why it is important to correct this issue and the steps you can take to do so.
Understanding the Impact of Incorrect MLS Listings
Once a property has closed on, it is no longer actively for sale, but the MLS listing can still be a source of concern if the sale price is inaccurate. While many people, including neighbors, might joke or gossip about the sale price, this type of misinformation can lead to misunderstandings and even affect property values in the local area. Zillow, for example, is a marketing tool used to get potential buyers to engage with real estate agents. The primary concern here is not the misinformation on Zillow, but rather how it might impact your property and related taxes.
The Importance of Accurate MLS Data
Accurate data in the MLS is crucial for several reasons. First, it maintains the integrity of the entire real estate market. Appraisers, lenders, and other professionals rely on this information to make informed decisions. Inaccurate data can lead to misjudgements, incorrect appraisals, and flawed loan approvals, ultimately affecting your finances and the property market as a whole.
Steps to Correct the Listing Price on MLS
If you have discovered that your property is listed with an incorrect sale price on the MLS, you should take prompt action to correct this error. Here are the steps to follow:
Alert Your Real Estate Agent: Contact the real estate agent who handled your transaction as soon as possible. They should have access to the MLS system and can request a correction to the listed price.
Investigate MLS Rules: Most real estate agents are members of their local Realtor Association, which manages the MLS in your area. These associations typically have stringent rules and regulations regarding the data entered into the MLS. Accurate and up-to-date listings are often emphasized as a core requirement.
Submit Documentation: Provide a copy of the agreement of sale to your local real estate board. This document will serve as proof that the listed price is indeed incorrect.
Explain the Mistake: Clearly explain that this was a simple typographical error and is not indicative of any misrepresentation by the seller or buyer. This clarity helps to maintain confidence in the system.
Conclusion
Addressing incorrect property sale prices on the MLS is not only a matter of correcting a simple error but also ensuring the health and integrity of the real estate market. By working with your real estate agent and following the proper procedures, you can resolve this issue quickly and efficiently. Remember, accurate information is essential for fairness and reliability in real estate transactions.
Keywords: MLS listing error, property sale price, corrected MLS data, real estate agent, property tax