MLS, Maybe I am stupid?
I have a question I would like to know an answer to regarding the MLS.
In the recent past, I have noticed Homes for a specific price listed on MLS. At the end of the listing, it show's Auction. I call the agent, and ask if I can give a full price offer on the property that is shown, and I am told that it is going to be auctioned online and if I want to buy it, that I have to register for the auction and bid on it? Maybe I am stupid? It used to be what ever the price was shown on an MLS listing is what the property was selling for, and the lister would accept that amount of money. There were exceptions in saying that offers would only be excepted this day at this location, and the owner would decide on which offer he would take. But the way it is being used, is that MLS is only an advertiser now for online auctions. I know there have been and always will be bidding wars for properties, this does not bother me, but having to register for an auction and bidding online for a property does not convey conventional wisdom for the MLS in my opinion. Soon I guess car dealers will be doing the same. Advertise a vehicle for sale at a price, and when you get to the dealership, you will have to bid on the car to see if you get it or not. Not only you have to register for the auction, but the winner has to pay another $2500 or 10% of the selling value, which ever is greater, plus additional fees.
Even on Government Auctions, such is HUD, Fannie Mae, and Freddie Mac will accept the posted asking amount, unless you are outbid by the end of the day.
Is the MLS turning into a scam?