Title Insurance King Kevin Tacher Weighs In On Pocket Listings - Pro or Con?

FORT LAUDERDALE, Fla. - June 28, 2013 - PRLog -- It’s widely known that most homes put up for sale are posted on a database called MLS - Multiple Listing Service.  On MLS real estate agents cordially share information with one another to find coveted buyers for available properties.

However, pocket listings are properties that are not made public on MLS but rather are kept under wraps by the selling agent.  “Often brokers who engage in pocket listings will get a property and then only show it to the potential buyers they think will buy the property right away with cash.  For them all things are optimum - the property is great, the price is right, and the potential buyer has money to spend.”  said Tacher.

A benefit to high-end sellers because it cuts down on the foot-traffic to their properties and often heightens interest, in the past, pocket listings have only been an option for luxury clients.  But due to the increased need to put eager buyers in properties listings for homes with an asking price of as little as $500,000 have been making their way into the “pockets” of brokers all too willing to sell.  “The number of buyers far out weighs the number of homes for sale in hot markets.  You can see where that drives a more moderately priced home into these deals.  And really, the seller has nothing to lose because if the home doesn't sell then they can just readjust the price and list it publicly on MLS.” added Tacher.

While the practice is sometimes used as a way to “fish” for buyers to make an offer to a potential seller who needs to be prodded to sell pocket listings could violate some Co-Brokerage Agreements.  “There are certain agreements that stipulate that all agents must share listings.  In reality, they can only withhold listings if the seller requests that they do so.” said Tacher.  “For that reason alone, I highly suggest that all potential sellers look deeply into whether or not a pocket listing is something they want to encourage when it comes to the sale of their property.”

Founded several years ago by Amazon.com Best-Selling Author Kevin Tacher, Independence Title Inc. is located in Fort Lauderdale, Florida. They are one of South Florida’s fasting growing Title Insurance Agencies. Independence Title is locally owned and managed. They provide their team of title professionals with state of the art technology, mobile applications and continued training. Together with support of the top underwriters in the title insurance industry, they have the expertise to complete real estate transactions with the highest level of efficiency and client service.  For more information on Independence Title, Inc. or to download Kevin Tacher’s best-selling book, “SOLD” visit http://www.TitleRate.com