Comps not correct on the MLS

[Donna Capa]

Recently, we were trying to purchase a few homes as an investment and went out to look at the comps in the area. They did not compare to the properties we are wanting to buy according to the MLS. The comps for example said a 2/1 960 sq ft home (same type of home we were also trying to purchase) was selling for lets say $560,000 and we were purchasing that property for $242,000 but when we went to look at a comps the MLS showed the same 2/1 1000 sq ft home was actually already rehabbed to over double the square footage like 2200 to 2500 so my comp was not actually correct for my purchase. There wasn't just one of these there were several comps in the area by the same contractor or investment company that are not accurately recording the proper square footage therefore the MLS is not correct with the comp comparables. How do we get the MLS to fix the properties with the correct square footage or is this a scam going on, .......How the heck can we get a correct comp when the MLS is not reporting the correct square footage, or the broker? Who is responsible for reporting the correct bedrooms, baths and square footage? How do we get around this? Looks like the broker is Real Estate Broker, Inc

[Russell Brazil]

Originally posted by @Donna Capa:

Who is suppose to report a change in square footage after a rehab? If not reported then the city is not getting the proper taxes due per property!

 This will not be updated typically until a new tax assessment is done. Some municipalites do it every year, some every 7 years. Sometimes the square footage is never updated. We have plenty of homes in my area that lists the original square footage from over 100 years ago.