Colorado Division of Real Estate Has To Subpoena MLS For Access
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While there must be some logic to this, I have not been able to find it. The Colorado Division of Real Estate has never had access to the MLS for the Boulder and Denver regions of the state. Because the monitoring division did not meet the criteria for MLS membership they were denied access.
The new director Erin Toll finally used the subpoena power of the state to gain access, but can you imagine the people who investigate real estate fraud not gaining access to the MLS? And up until Ms Toll took this action, never had access?
Real Estate and mortgage fraud are huge issues nationwide. The MLS organizations should make every effort to work with the government to investigate these crimes, not make it more difficult.
And for the Colorado Division of Real Estate never to have tried to gain access to the MLS is amazing. No wonder why the criminals are flocking from selling drugs to committing mortgage fraud if this is how lazy the investigative arm of the state was.
It also has a new tool to help cut into that caseload. For the first time, the division will have full access to the real-estate listing service used to sell most homes in the Denver and Boulder areas.
Gaining that access took five months.
Division director Erin Toll first tried to get the records by joining Metrolist Inc., the sole multiple listing service for real-estate brokers in the Denver area.
Metrolist turned her down.
So the state agency turned to a government subpoena.
This week, Metrolist issued a statement that it had agreed to cooperate.
“As an advocate for ethical real- estate practices, we fully appreciate the importance of the state’s investigation into the possible reasons for excessive foreclosure rates in this market,” Metrolist chief executive Pat Bybee said in a statement. “We will provide any data relevant to their investigation.” via DenverPost.com
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Comment by HB Bear on 3 March 2007:
Imagine if we were asked to buy and sell stocks without the benefit of historical price information? Would one trade without it? I wouldn’t.
Yet we buy and sell real estate with only the scantest of information where, unless we’ve secured access to MLS for ourselves, we essentially know what the selling broker wants us to know.
In all transasctions, informaiton is powre and by not having access to the MLS, the public is at a severe disadvantage.
Comment by REBlogGirl on 4 March 2007:
How does this not surprise me. MLS’ can be exceedingly difficult to deal with. We often have to fight with MLS’ just to get access to a Realtor’s own information for their website/blog. It strikes me as an ethical quandary. Realtors have to provide the MLS with their listing information then fight to use that same info back on their own sites.