Are There Any Realtors/Former Realtors Here?

officerripley

officerripley

Well-known Member
Location
Porlock, Calif
I have a question about "pocket" listings of homes for sale. (I'd call a local realtor but Huzz doesn't want me to.)
 

Not a realtor, but I believe the last house I sold was something like this. It was a special problem house, declared severe repetitively flooded by FEMA and almost uninsurable. Mortgages also almost impossible. We needed a cash buyer.

The realtor we used had sold a lot of similar properties, most in the area, and had a good list of potential and qualified buyers. So we went with him. I think we got a good price, more than I expected actually and pretty quickly. It was also quiet, no signs, no published listing. Most neighbors and friends were surprised after it happened.

Not sure this helps, but it is what I know.

Something I found on the internet:

What Is A Pocket Listing?
https://www.rocketmortgage.com/learn/pocket-listing
 
Years ago I worked in real estate, started out as secretary, then got my license and sold for a short time.

There is a realtor well known in our community who mostly sells pocket listings. She is not popular with other realtors for this reason. Last trip around she approached a couple about selling their home for $250,000 and then put them into another home for $220,000 which was bigger and better.

The original home for $250,000 went back on the market a few months later as the buyers decided they had made a mistake. Listed at $299,000 then dropped to $279,000 then $259,000 then $249,000 when it finally sold, rumour said selling price was $225,000 and after paying commission they suffered a great loss.

Moral of this story, stick with an above board realtor, not a fast talker, which habitual pocket listers usually are.
 

When I was in the business, a pocket listing was one the listing agent kept it to himself instead of immediately putting it into the MLS system. It usually involved a property that was very, very good and would sell quickly. "If I sell it myself, I can get both the listing and the selling commission." A couple of days would also give the agent time to arrange a private sale either to himself or to a friend.
 
helenbacque said:
When I was in the business, a pocket listing was one the listing agent kept it to himself instead of immediately putting it into the MLS system. It usually involved a property that was very, very good and would sell quickly. "If I sell it myself, I can get both the listing and the selling commission." A couple of days would also give the agent time to arrange a private sale either to himself or to a friend.
Click to expand...
I don't know if this is the same but when I went to sell my house in 2008, right after the down turn. Of course. The agent listed it at 150 square feet. I noted it immediately. I even had a co-worker call me to state she had noticed it. Only a couple trusted people knew I was listing my house. I had called the agent and she told me "once up on the MLS, it can't be changed" and it was an error. I knew this was a lie. Listings change all time. My co-worker also said she was lying and she was trying to keep the listing low so she could sell it herself.
 

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