If you are a serious
qualified buyer and you can’t find a seller or what you’re looking for posted
on the internet, or in the local real estate agents window then you need to ask
around about any “pocket listing” in your preferred neighborhood.
“Pocket Listings” are
not included on the multiple listing services, where realtors can tap into
other agent’s buyers and these properties are not openly advertised.
Instead it is marketed directly by the agent or broker – “it is in that
person’s pocket”. The seller keeps control about who knows the home is
for sale, who may view it and ultimately who may buy it.
REASONS WHY A HOME MAY BE A POCKET
LISTING:
·
Seller may be a high
profile person who does not want nosey tire kickers wasting their time.
·
Seller may want
privacy due to divorce proceedings.
·
Seller may have
previously listed the property and it didn’t sell. They feel that listing
at the present time is a hassle and they just can’t cope with the rigmarole of
listing, open houses and disappointments
·
Seller feels that
agents will charge at the end of the listing term regardless of whether the
property sells. With a pocket listing the agent or broker will have to
work and get the place sold and earn their guaranteed broker percentage.
·
Seller bought the
property for top dollar before the 2006 – 2008 property bubble burst and has
come to realize that to get the place sold a realistic selling price may be
less than he paid.
·
Seller may be
embarrassed selling at a loss.
·
Seller wants to avoid
a posse of neighbors who may accuse him / her for selling too cheap and for
driving down prices.
·
Sellers who are not
high profile people, like movie stars, who go down this route are generally not
so motivated to sell and may want to seek a “make me move” offer at a good
price without the expenses and risks associated with listing on the MLS.
A pocket listing can
heighten interest by giving an illusion of exclusivity that may stimulate some
buyers to start bidding higher than asking prices. This kind of
arrangement is not new for luxury houses costing millions of dollars but now
even $200,000 house sellers may be enticed by a 3% – 4% broker commission to
get their place sold. FSBO’s (for sale by owners) often fall back onto a
broker deal as 80% of FSBO’s fail to sell at a desired price. It is more
likely that folks selling in this lower price range will have been courted by
agents and brokers rather than being the instigator of the arrangement.
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