This week I have gotten a flurry of phone calls from people who found super exciting homes “on the internet.” Actually, they all found homes on Trulia or on Realtor.com and then they called me to ask to see them. Amazing bargains waiting to be snatched up by eager buyers.
I like Trulia a lot. They provide some outstanding resources for buyers and sellers. I answer lots of questions on Trulia Voices because I want consumers to have good information. But buyers need to know that some of the listing data that Trulia offers is not always what it seems to be. Good for me, I guess, because then the buyers call me.
Rule # 1: If it seems too good to be true, it probably is.
Everyone across America has heard about the house in Michigan that have sold for $1 on ebay. Of course, most houses sell for much more. I get many calls from people who find homes in Bloomfield Hills, which is home to America’s 4th wealthiest zip code, for $10,000. What these prospective buyers are really looking at are rental homes. Beautiful newer homes over 5,000 square feet with high-end appointments. I have seen rentals in Birmingham and Bloomfield go for up to $18,000 a month this year. In all fairness, most of these calls come from Realtor.com.
Rule # 2: Just because you find it on Trulia does not mean it is for sale
Trulia seems to be picking up information from sources other than the MLS. I am not sure if some of it is public record data, or it is all from sites like Realtytrac.com. Some of the ”homes for sale” on Trulia are actually pre-foreclosures, and Trulia is reporting the amount the bank foreclosed. This could be significantly different from the amount the bank will accept, if and when they get control of the home and put it on the market. There could be second mortgages, tax liens and other money that the bank will try to recoup. And the seller could redeem. I had some prospects who found a home on Trulia for $450k recently. The last list price was $1,500,000. The home is not on the market. How often have I heard a buyer say, “Oh, that is why I can’t find it on any other sites.” Yep, that is why. It is not for sale.
If you want an accurate home search tool, I invite you to use mine. Take a look at http://familyhomes.skbk.com If you find something you like, just give me a holler! I promise everything you find there is for sale, and at the price advertised. That is the beauty of the MLS.
Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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{ 7 comments… read them below or add one }
Chris Griffith 12.07.08 at 12:09 am
Kudos to you for letting the public know that “if it is too good to be true” it probably is.
Maureen Francis 12.07.08 at 11:47 am
Thanks for stopping by Chris. The sunny backdrop on your photo is a dream on a bitter cold Detroit morning!
Missy Caulk 12.14.08 at 8:20 pm
Your avatars seem to be working fine. I am only answering questions on Trulia for my area anymore. I saw too many bad answers from folks in other states trying to answer questions for Michigan.
Maureen Francis 12.14.08 at 8:29 pm
I wish more people would stick to answering in their won area. The WRONG answers drive me nutty.
Maureen Francis 12.14.08 at 8:29 pm
I wish more people would stick to answering in their own area. The WRONG answers drive me nutty.
jimmy 12.29.08 at 7:50 pm
Don’t know how you claim Bloomfield Hills is the 4th wealthiest zip code in the country. This is pure fiction. Have you been to Malibu, Newport Beach, Brentwood, Beverly Hills ( CA ), Upper East Side Manhattan, Greenwich, Boston’s Back Bay, Palm Beach, Fl, … the list goes on and on. Only in Michigan do people think the 4th wealthiest zip code is not fiction.
Maureen Francis 12.29.08 at 9:28 pm
Jimmy,
Thanks for stopping by from New York to do a little slamming of Detroit. Here is my source http://en.wikipedia.org/wiki/Bloomfield_Hills,_Michigan . Bloomfield Hills may fall in the next census, and I am sure there are different ways of looking at the data. I have been many of the places you mention and I have been here. Have you been here? The City of Bloomfield Hills is very small and the people there tend to be very private and not to flashy with their wealth, unlike some of the places you refer to.