Jan 12 2008
Pockets
At any given time Malibu has real estate listings that aren’t really listed. They are known as “Pocket Listings” and can make up as much as 10% of the available houses for sale. The problem is that these listings are never presented to the public by way of the MLS, media advertising, or real estate signs. There are many reasons why a seller may elect to sell a house this way. Some don’t want neighbors or divorced spouses to know about a large financial transaction and others don’t want signs in their yards or adds in magazine that show valuable possessions. They are in essence secret listings that an agent keeps to themselves until they hear about a potential match with a buyer. When the agent finds a potential buyer the agent with the “pocket listing” will get the seller to sign a one party listing agreement that grants them the right to show the house to a named client and collect a commission if the house sells to the named client within a specified period of time . In most cases the homes are in the upper price ranges. Beach houses are often sold this way as well as estate properties above $3,000,000. Good agents who keep “an ear out” usually know about several of these listings or have a few themselves. The benefit of finding a pocket listing is that you may be one of just a few buyers who have the opportunity to purchase it. The down side may be that the seller might only sell if the price is high enough to encourage them relocate. If you have any interest in finding out more about the pocket listings in Malibu, please call me at 310 699 8428 to discuss your real estate needs.
