Real Estate Snippets

St. Paul, Minnesota

Snipping away at real estate and life until a snowflake is formed!

Subscribe

Your E-mail Address:
Subscribe to:

Recent Comments

re: Negative Comments
I'd be inclined to leave a negative comment there...
re: The Cow Is Out of the Barn
Wow, didn’t realize how complicated the real...
GOOD LUCK...
...in your new digs. I'll fix my link. Me...
re: Real Estate Snippets Is Moving
It's just me testing the new and improved comments...
this is a test...
I am not a bot.  This is a test.  I w...

Site Feed

RSS Feed

Real Estate Snippets

The Friendly Assessor

September 7, 2006
Categorized in: Real Estate Processes

I don't know whether to chuckle or cry.  A stranger came to my door today with one of those lanyards displaying a city ID at its end.  We had the privilege of a personal visit from the city tax assessor.  It normally isn't so funny to me, except we have the ugliest house on the block and it definitely needs repair!  In my mind, it's the stately Victorian that it will be in a few years, but right now the picture says it all.  It's a disaster.

Normal people hate seeing the assessor because they're afraid their property taxes will go up.  Today I could only chuckle.  I knew we had overpaid for the house but in the purchase of two properties togther, we came out okay.  The assessor on the other hand had no idea about the package deal we had gotten. 

Several questions were asked regarding condition, number of rooms, etc.  It became apparent the assessor did not know our home had been moved to its site or anything about its history.  He was used to resistance from homeowners so was taken aback when I invited him into the house.  I warned him that the inside was as bad as the outside.  He didn't believe me . . . until he got 3 feet beyond the front door!  The shock factor displayed on people's faces makes me laugh.  They either see the potential or they don't.

Mr. Assessor began madly making notes.  He determined the condition of our home to be "poor" for tax purposes.  (Chuckle, chuckle.)  He counted the number of bedrooms, baths, total number of rooms, and noted the new roof, windows and walls in two rooms.  He checked "fireplace" even though it's no longer got a chimney!  (Chuckle, chuckle.)  He asked about our timeline for making the repairs and my reply, "Years," was noted.  As he was exiting, he asked what I thought the value of the home should be and I gave my honest opinion.  He agreed to "do what he could" to adjust the tax value down as much as he can.  (Chuckle, chuckle.)  Next year we will get a small break on our property taxes.

Mr. Assessor obviously was not a rehabber.  He just couldn't see beyond the missing plaster and kitchen grafitti!  We may be the only place in the city where a house actually loses value in the assessor's eyes in an appreciating neighborhood .  Today it's funny, but will there be fallout for neighborhood values and what would be the impact if we sell our house before the house is done?  Tomorrow, the joke may be on me and then I'll be crying.  Tonight, however, I'm still chuckling!

(c) Bonnie Erickson 2006

The Cow Is Out of the Barn

August 18, 2006
Categorized in: The MLS

"Yep, the barn door's open and the cow is gone.  It's too late to close the door now!"  That's what my grandma used to tell me when I mistakenly left the barn open as a young child.  The two of us would go to the field and try to coaxe ol' Bessie back into the barn.   I was thankful for fences, otherwise a certain backside might have been warmed!

Maybe the powers that govern the MLS didn't have grandmas to tell them the cow was out of the barn.  Maybe they didn't learn that lesson.  I couldn't say for sure, but the cow is definitely out!

The MLS rules and regulations were changed last March to prohibit all members of the MLS from using the terms "MLS" or  "Multiple Listing Service" in their web sites or advertising when they offer the ability to search listings to the public.  When the public searches listings on my web site or any other web site, they think they are searching the MLS, but they are not.  They are searching a data base provided by REALTORS® for public use, but it is not the true MLS.  That's why properties that  are not active can not be found on any REALTOR's® web site.  Only the active listings are available to the public.  This ability to search listings is provided by individual agents and companies as a means to market listings.

The true MLS can only be searched by REALTORS®.  It is a security protected site and one must be a member of the Regional Multiple Listing Service and pay fees to gain access.  Much more data is available from the MLS than what is given to the public.  Archived listings, total number of days on the market, sold listings, mapping, tax records, and more are availabe to REALTOR® members of the MLS.

Too late the governing board of the MLS decided to restrict use of the term.  They want to protect the public from being confused into thinking they are accessing the MLS when they use our web sites.  The irony of this restriction is that the very people who have access to the MLS, the REALTORS®, are the ones who cannot use the term.  Others, who do not have access to the MLS, can use MLS to describe property listings on their site and in their domain names, but we can't.  The board can police its members, but there is no ability to police non-members.  So, if I put "Search the MLS" on my website, the penalty will be to be cut off.  You heard it right.  I would be thrown out of the MLS and no longer allowed secure access to their online MLS.  Essentially, that would end my career.  I would not be able to do comparable market analyses, find homes for buyer clients, check market activity, or market my listings on the MLS.  That's a hefty penalty.

If the MLS authorities didn't want to confuse the public into thinking they had access to the MLS, they've made the policy too late.  The public already is confused and considers their access of listings to be the true MLS.  This is especially true for real estate offices that placed "MLS" in their company names, like The MLSOnline.com.  It's a company name and the public believes when they use that company's website, they are on the MLS online!  That company's name will be "grandfathered" in so they can continue to use their website and their name with disclaimers.  Who reads disclaimers? 

Hundreds of agents will have to shut down their websites that have names like "SearchTheMLS.com" or "TwinCitiesMLS.com".  Other, non-members can buy and use those domains giving them an advantage over the true MLS members.  Of course, the non-members can't access the MLS, but they can get people to their web sites under false pretenses.

I hate to say it, but the cow's out of the barn and it's too late to shut the door.  In this case, I'm not sure Bessie will ever return to the barn!

(c) Bonnie Erickson 2006

Loading, please wait...