Out on the road attempting to locate certain properties for
your client sometimes become a game of hide and seek. With low inventories on the market there is
not a whole lot of choice in starter and beginner homes let alone properties
that are very specific in nature.
Many Realtors that list homes often come across that one
seller that isn’t ready to take the step of listing their home for various
reasons. They may not list the home at
all unless “The Right Buyer” comes
along. These are called “Pocket Listings”. This is my definition because I don’t think
it is a Real Estate term.
They are usually not under any form of a contract with the
Realtor and are only known if you have a conversation with someone that has
one. Every agent has pocket listings of
some form. My real definition would be a
property that is going to be listed at some point and the seller may be doing
fixes or getting the home ready for the market.
They usually come on the market in a very short time.
So what does a Pocket listing mean to you as a Realtor or
home buyer? Nothing unless it becomes one of the many other properties listed
on your MLS or for sale by owner. So the
next time you hear of a Pocket Listing encourage the seller to come out of the
pocket.
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