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Pocket Listings
July 29th, 2014 7:59 AM

A pocket listing is one that is not in the MLS.  However, pocket listings appear for many different reasons.

Sometimes, a listing is referred to as a pocket listing in the short time between its being secured by the sellers' agent and its appearance on the MLS.  A listing can sell before the broker completes MLS paperwork, which would mean the listing sold to someone who knew about the listing outside of the MLS, whether to a friend of the seller, a buyer known by the listing agent, or other friend of the listing agent.  Sometimes, this happens with an offer made during a "prelisting" period.

Other times, homeowners may want to sell their homes privately.  They might ask that their agent refrain from listing the property on the MLS to keep news of the sale quiet.  In this case, sellers are selecting a pocket listing more as a marketing choice than anything else.  But sellers should be cautioned that excluding a large pool of eligible buyers from knowledge of the sale might reduce the final sale price.

Some argue that pocket listings violate local MLS rules; there is a chance that they may affect comparable listing numbers for appraisers; and some think it is just wrong to "secretly" sell a property.  However, there are currently no official policies regarding this practice with the National Association of Realtors.  It is simply a choice by the sellers of the property.

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Posted by Barbara Doeringer on July 29th, 2014 7:59 AMPost a Comment

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