What is a Pocket Listing in California?
Pocket listings are homes for sale that aren't on the open market. These places you cannot find on your local MLS or other third-party syndications like Redfin. Since pocket listings are considered exclusive, you may pay a premium to avoid a multiple offers situation.
These off-market houses, lofts, and condos aren't listed on traditional real estate websites like Zillow or Trulia. Instead, you'll need to contact a local broker specializing in pocket listings to access this unique, quiet market. If you are like many other folks having a difficult experience finding the right home in Los Angeles, you should check out pocket listings.
Why Would Someone Do a Pocket Listing?
The main advantage of pocket listings is that sellers can entertain offers without the MLS indexing activity. Once a property is listed for sale on the market, it becomes a public record. But off the market, activity or solicitation is not trackable. A pocket listing is also a bonus for buyers overwhelmed by the competitive seller's market.
Cons of Pocket Listings
Sellers could leave money on the table, or buyers could overpay. Without guidance from real estate professionals, it's risky to participate in an off-market sale. Sellers may be less likely to make monetary concessions once in escrow for buyers. Sellers have nothing to lose canceling escrow.
How Can I Get a Pocket Listing?
To get a pocket listing, you'll need to be working with a real estate agent who works with off-market sellers. If you're interested in learning more about pocket listings in California, get in touch with a local broker. They'll be able to provide you with more information and help you find the best deals in Los Angeles.