Want to buy an "off market listing" in Marin County?
What is a "pocket listing"? How common are "off market sales"? Why would someone offer their home off market? Common questions answered by a seasoned Marin County realtor.
Many buyers ask me about "off market listings", or "pocket listings". These are homes for sale that haven't been entered into the Multiple Listing Service (MLS).
There are a number of reasons why a seller would chose not to list their home officially, the most common are:
- illness or other personal matters that make it uncomfortable to have the house shown often and to have "Sunday Opens" etc
- tenant occupied properties
- sellers who need to sell fast but have no time to "prep the house" for photography and staging
Buyers tend to believe that off market sales are "bargain deals". That is usually not the case. These sales most often sell for market value because the sellers' take is : "If we like the offer, the house is yours. If not, we will put it on the market."
And since realtors are engaged with the same duties and fiduciary responsibilities as in regular sales, no party is taken advantage of. There is a little hype around these sales and have always been. But frankly, if you are a seller you are ALWAYS better off listing your home on MLS and give it maximum exposure.
I'm always honest with my buyers and tell them not to think too much about an off market opportunity. If it happens, great but most likely it won't.
If you have more questions regarding these types of sales, I'll be happy to answer them.