New Listings | Real Estate On Tap by Jason A. Kapit, Esq.

Pocket Listings – For Those Who Just Can’t Seem To Find What They’re Looking For

June 1st, 2011 by Jason A. Kapit, Esq.
Categories: Buyers, New Listings, Sellers
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COMING SOON – REOT’S LIST OF OUR EXCLUSIVE POCKET LISTINGS

Explanation Courtesy of Wikipedia – A pocket listing is a real estate industry term used which denotes a property where a broker holds a signed listing agreement (or contract) with the seller, whether that be an “Exclusive Right to Sell” or “Exclusive Agency” agreement or contract, but where it is never advertised nor entered into a multiple listing system (MLS) or where advertising is limited for an agreed-upon period of time.

When a broker is hired to sell a property, a listing agreement is executed in writing. In an “Exclusive Right to Sell Agreement”, the broker normally agrees to cooperate with other brokers and to share a portion of the total real estate commission paid by the seller. However, in this situation, it is stated that the property shall not be placed in an MLS, and thus there is no agreement to work cooperatively with other brokers.

The reasons for a pocket listing vary and some sellers may have their own reasons for not advertising a listing in conventional ways. Regardless of explanation, Jason A. Kapit, Esq. has a short list of some fabulous “under wraps” properties. For more information contact him directly with specific details of what you’re looking for. It might just be available.

Oh, and look out in the next few weeks for our “Pocket Listings” display!

Tags: Buyers, j kapit, Jason A. Kapit, jason kapit, jay kapit, New Listings, pocket listing, Sellers