MLS Shorthand for “Potential Tear-Down”
Test your knowledge of today’s housing market, and field this question:
How can you determine that a “For Sale” home on MLS is a potential tear-down?
A. The MLS photos show a home in decrepit condition — or, there are no photos.
B. In the “Seller Terms” field on MLS, the Seller indicates they will accept rehab financing (FHA or Conventional Rehab).
C. The list price appears to be too low.
D. The listing agent says so in the “Agent” and “Public Remarks” fields on MLS.
Answer: all of the above.
Note that answer “B.” — suggesting the home has rehab potential — is often optimistic.
Meanwhile, “C.” doesn’t always apply: some teardowns are priced way too high . . .
