... boy this one is frustrating !
I have a buyer couple who I have shown about 20 listings to, super nice couple, but are nervous first time buyers.
They have been uneasy whether they should buy now or 'wait and see if prices go lower' !!
I have told them that no-one can predict if in fact prices will dip a little more, but all forecasts are in agreement that if you buy now, your home will almost certainly increase in value over the next 3 to 5 years and beyond.
... so they are willing to buy if they run into the right home !
Enter the perfect home !
Has everything they need - just at their price limit, and just at the limit on the amount of annual taxes they did not want to exceed.
Exciting stuff !
However !
When they excitedly asked for a second showing, I decided to check the taxes with the local tax office, just to be sure that the annual tax amount listed in the listing was accurate, or at least close.
Well, it turns out the current taxes, are $1,900 / year HIGHER than the amount stated in the listing !
... that is not chump change !!
And at almost $2000/yr more than they budgeted for in annual taxes - it was GAME OVER FOR THIS HOUSE !!!
Now my buyers are completely deflated. They now feel this is a sign they shouldnt buy !!!
SO ! ... thank you Mr Listing Agent for DREADFULLY INDICATING THE INCORRECT TAX AMOUNT IN YOUR LISTING, as you may have cost me a buyer :o)
Disclaimer: I'm sure all members of ActiveRain are sharper than this listing agent, but this is just a reminder to double check facts in your listing for accuracy :o) Cheers !!!!
Follow Sheldon on these sites below !
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Sheldon,
That is so sad....gosh I hope these buyers don't get discouraged......rates are so good right now....
Sheldon, HOLY COW! Makes you wonder if the listing agent knocked down the number on purpose? I have had things like this happen before and just like you, it is game over and I lose the client! GRRRR. Hang in there and find them a better one!
Our tax information is pulled directly into the MLS from the county tax records. It even shows the tax year so you can see if it is reflecting the current year taxes or the previous year. Sorry to hear your buyers received such a shock when they found out the correct tax rate.
Our MLS autopopulates the taxes right from public records. But... and it's a big but, if the listing carries over into the next year, and taxes adjust, which they always do, you have to go in and change it! So sorry for you and the buyers. Perhaps the listing agent and seller would be willing to do a buyer's credit of one or two years of the difference in taxes to make up for the blunder.
Sheldon: I really hope your buyers hang in there and thank goodness you checked the data. One of the biggest areas of discrepancy here in Colorado Springs is the agents not listing accurate HOA fees. This is a deal breaker for many buyers as some of the HOA fees here are outrageous.
Lori ! - I'm still working on them - the rates and list prices are SO attractive right now, that I know it would be great for these folks ... hoping for the best !
Bob ! Funny you say that - I thought exactly the same thing at the beginning ! ... after leaving a few messages, the LA still hasnt got back to me ! He must be too important to worry about "MINOR DETAILS" !!!!
Cindy ! I would LOVE the taxes to be pulled in automatically - I may even suggest that ! Cheers !
Susan ! Ha ! I would love to just ask them to provide a 2 year credit for the tax discrepency ! I'd be interested in their response to that !!! lol
Lorraine ! Oh that is also a big problem you're right ! It cost me a deal earlier this year too ! HOA dues listed $185/month LESS than the actual dues ! ... some agents dont do their due diligence !
Sheldon, I'm sure they'll find another after all they have you as an agent! I have to say I looked at the taxes and made sure they were correct before my recent relo as I fell in love a home but the taxes in that part of town was $12K on this house...and it was in the low $400K range....I passed out passed on that baby!
Seriously, you should consider asking the buyers to write the offer that way. It would let the listing agent and seller put their money where their mouths are.
MLS data integrity issues... definitely a potential deal breaker. I hope your clients hang in there! All the Best!!!
Sheldon, unless it is mandatory to enter in the MLS, and the listing agent is sure of the accurate information, otherwise s/he may as well not to put in the system. We are not required to put in our MLS, we can check on the court house record ourselves.
I always tell my people that the hardest part of my job is making sure everyone else does their job....and does it correctly.
Hopefully these deflated buyers will come around and you'll find a listing they like that accurately reflects the facts.
Cyn ! Ha ! sorry you passed out passed on that home ! lol
Susan ! I LOVE your style - and that is something I will consider - even out of principle ! :o)
Hi Letitia ! Yep - typos are one thing, but glaring errors through lack of research are another thing ! Cheers !
Rita ! Interesting ! Thats' why everything is so local ! Different procedures everywhere !
Craig ! Oh that's one of my BIGGEST peeves ! I have to 'supervise' about 6 different entities throughout the transaction - and often do some of their jobs too !
Sheldon: Give them a week or so to cool down. They feel in love with the house and need to recover from the split. As for the Listing Agent, think you should report him to your MLS for putting in inccorect information. That's a fineable offense in our MLS.
Hi Sheldon -
I've learned (the hard way) that I need to check the public record all the time before setting up appointments for my clients. Not only have I seen incorrect tax information being quoted, but also have seen listings where a HOA was not disclosed, incorrect disclosure of water/sewerage connections, and most often the number of bedrooms! Since when does a den become a fourth bedroom? Sometimes the den doesn't even have windows or a closet!
Yeah I think you're right Chris Ann - I'll motivate them back into the saddle in a few :o) ... but it was unnecessary for them to feel that way, and the LA caused the frustration by his inaccurate facts ! Never a dull moment !
Sheldon, our MLS allow us to report (confidentially) any notorious listing like the one you described. Agents can be fined in certain cases.
Martin ! Hows things mate ! You are of course right - and unfortunately the 'hard way' is a tough way to learn, but we all will face it sooner or later ! Cheers Martin !
Ritu ! Interesting - I'll have to see if ours does. I dont see it very often, but this one was SO bad that it should be addressed I think. Thanks Ritu !
Sheldon, $1,900 is a huge discrepancy! Hopefully the buyers will come around in time.
Our tax records are indeed on line... and in October every year I go on line and update all my listings to the current tax amount.
A good part of our MLS data sheet is a LA must input two things for taxes... the amount and the year, so we can tell if it hasn't been updated.
Just when the focus seamed to be coming in to frame...At the current mortgage rates you would have to buy the place for $30,000 less to equalize the the higher taxes. Maybe you should ask the listing broker if his/her seller is willing to lower the price by 30K to make up for the wrongly stated taxes?
Maria ! Exactly! If it was a couple of hundred bucks off for the year then it wouldnt be an issue, but this was crazy !
Tammy ! I dont doubt for a second that you are super efficient when entering and updating listing facts :o)
Steve ! Now THATS a great idea ! :o)
Isn't it something that we feel compelled to check so much of the information entered by other agents? I always check the taxes and sqft. at a minimum because I am so concerned the numbers will be inaccurate. Hope you find them another home soon.
Sheldon - it's a good example of why it is so important to verify the MLS listing info, since inaccuracies are rampant. Our MLS does not list the tax info but provides a linmk to the public record.
I've seen the wrong # of baths (2 stated but only 1), a family room where none existed unless it was the back yard, and more. No wonder buyers get frustrated.
Jeff
As Jeff says, taxes are not listed in the MLS, but also what the present taxes are is not necessarily what the new buyer will be paying. It doesn't help first-time homebuyers when things like this happen.
Hi Sheldon, that's a big difference! Holy Cow!! I'm glad you double checked and hope something works out for these buyers.
Like the lenders who have to construct accurate Good Faith Estimates, Realtors need to apply the same principles about accuracy about their listings. Hopefully you will find another home soon!
There are times you (Buyer Agent) have to verify information because you know there is erreneous stuff on a listing. It can be a bit frustrating.
Taxes make a huge difference on monthly payments. Low interest rates do help though. Good for you to check first.
This is a good reminder. I am astonished at all of the errors I find... # of rooms, square footage, taxes, septic size etc. These are easy things to check into and it only takes a quick trip to the town hall.
Barb ! I think I will - I know its a great time for them to buy :o)
Jeff ! Boy ! Wrong numbers of bedrooms or bathrooms ?!?!? Thats just too easy NOT to make a mistake on !
Jane ! Sheesh ! Surely you at least have a ball park on what the taxes are ?!?! That must be tricky when the FTBs are calculating their costs ?
Mary ! I couldnt believe what a difference it was !
Cherise ! Very true - we all have to have checks and balances - even for other Realtors !
Robert ! Yes, and especially when you know there are some 'less than satisfactory' Realtors out there !
Ellie ! Yep - and taxes dont go away after the first year either !
Joan ! True - and the efficient Realtors will double check those things ! :o)
Sheldon......I'm sure these buyers will come around and still realize this is a great time to buy. Having incorrect information in the MLS data is a real problem and can lead to just this kind of result. Too bad people don't verify their information on a regular basis.
Our property taxes are a flat 1.25% of the purchase price. Prop 13.
Carra - Definitely frustrating, but I think I've got them back on track :o)
Jane - Nice and easy for you !
Sheldon...What a nightmare for you and your clients! We are really lucky in San Antonio because our MLS automatically pulls the taxes from the county tax records when we input new listings....no room for human error. Hopefully your clients will get over this agent's mistake and get back on the home buying horse!
Hi Jeanna ! I like your system out there of no-error importing of tax info ! And I think my clients will get back on that horse soon :o) Thanks Jeanna !