You’ve got your eyes peeled for a beautiful house and dream to own it as soon as it goes on sale. Yet, you find a “Sold” sign in its front yard one day and wonder why you have never seen a “For Sale” sign. If the situation sounds familiar, you’ve encountered a “pocket listing,” where a house gets sold before it officially hits the market.
Wondering why some homes never really go up for sale? Or how you can be part of the action to become the fortunate owner of such a house? Well, let’s take a deeper look.
Why aren’t some homes listed?
Not everyone may need their potential buyers to check out their house on sale, which is why they don’t list the property in the first place. For instance, celebrities interested in a pocket listing often prefer to keep their identities secret. Even normal people who aren’t just yet ready to buy but want to test the market nevertheless may be inclined toward a pocket listing and prefer to hear an offer.
For the seller, a pocket listing is beneficial because in case he/she finds a buyer, he/she probably won’t have to bear the hassles of improving the landscaping, repairing a roof, or staging the interior as the potential buyer usually agrees to buy the property in its existing condition. Also, avoiding open houses and multiple showings is an added benefit where though the seller may attract many people, he/she is likely to get most who’re just interested in looking but not yet ready to buy.
What should you do to be part of the action?
Hiring a well-connected agent is the key as he/she would be able to leverage an extensive network when looking for the right fit for you (the buyer), particularly in markets that have low inventory. For example, if you’re super-focused on a specific community and your agent knows someone active in the domain, he or she may tap into that contact to find homes or interested sellers before a certain property is officially listed.
There’re some invitation-only or private agent networks where agents are aware of both pre-market and off-market opportunities. Having such an agent as your partner would mean knowing about homes for sale that won’t hit the public market but would be sold to some insider.
In case your real estate agent has a good rep, he/she may even get news of a private or upcoming listing. That’s because being perceived as a thorough professional and someone easy to work with has its own perks. Sellers or their agents surely don’t want to waste their time and your agent could just catch that lucky break for you by getting the insider information about a pocket listing.
Your agent could even contact the homeowners directly with an interesting offer to see how they would react, even if they don’t have plans to sell or have just half-considered the idea. Apart from hiring a competent real estate agent, you should also let others know you’re looking to buy a home. After all, it’s impossible to predict who in your network (family, friends, neighbors, colleagues, etc.) would let you know of a great offer or even a pocket listing before a house is officially put up for sale.
If you need help selling your home in New Jersey quickly for cash, reach out to Cash Buyer New Jersey by dialing (201) 472-3554.