Market Conditions in 96150>Question Details

Zanesr, Home Seller in 96150

Pocket Listing is it a good way to sell my property?

Asked by Zanesr, 96150 Wed Jan 13, 2010

Have Good Renters. Don't want to disturb them.I want to down size my investment properties by selling it. Ask the renters if they want option to buy, not sure. Due to their limited income.

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If you want to sell your property for all the reasons you described, list with a Realtor with the stipulation that all offers are to be submitted without viewing the property and then you weed out the less serious buyers. You have to provide excellent photos of the interior and price the property very well to get perhaps multiple offers. If the price and condition are right, buyers will be happy to respect the tenants and can view the property along with the home and pest inspectors. I have had success with strategy more than once.
1 vote Thank Flag Link Wed Jan 13, 2010
First you need to find out what the property is worth, then ask the renters if they are interested in buying at that price. If they are they willneed to get pre approved prior to filling out any paperwork on the purchase. If they do not quailify now, the loan officer should tell them what it will take and perhaps you can structure the lease into a lease purchase and offer them credit towards their deposit or closing costs. goo dluck working things out.
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1 vote Thank Flag Link Wed Jan 13, 2010
The best way to get your property sold in as little time as possible is to list it with an agent who will place it on the MLS. The agent can set up strict guidelines for showings that will not distrub your renters too much. MLS exposure is key to getting your home sold.

I would not recommend pocket listing, infact some realtor associations frawn on pocket listings.

Best of luck to you!

KawainPayne, Realtor
0 votes Thank Flag Link Sat Mar 24, 2012
The assumption is that the pocket listing, you are attempting to evaluate is engaging a real estate broker to sell the property "quietly". Some MLS rules require members to multiple list certain types of properties, typically 1-4 families, unless the owner specifically asks to hold the property out of the system. Regardless, a pocket listing will not give your property much exposure to potential purchasers. A better way to approach the situation would be to engage a real estate broker and make clear your desires to protect the tenant's rights, restrict showings to appointments made well in advance and only to prospects who have been qualified as ready and able to purchase.
0 votes Thank Flag Link Sat Mar 24, 2012
In New York "pocket listings" are not legal because to protect the public and keep things fair.
0 votes Thank Flag Link Sat Mar 24, 2012
My suggestion: Set up a day to take interior and exterior pictures. Take the pictures the day after the landscaping has been done, so the place is looking at its best. Order a pest inspection and get a pest clearance. Inspect the property for any "health and safety issues". Fix any issues. The property has to be healthy and safe whether you sell it or keep it as a rental.

Then have your listing agent put it on the MLS with all the nice pictures. Yes, definitely have your agent offer it to your tenants. If they can't or won't buy, open it up to the general market. To keep your tenants happy, explain that their lease will be honored. Require in the MLS remarks that interior tours be scheduled AFTER you have accepted an offer "subject to inspection"

So, that's my suggestion. Best wishes to you.
0 votes Thank Flag Link Sat Mar 24, 2012
Jim Walker, Real Estate Pro in Carmichael, CA
If you are really serious about selling this property, you will want it in the MLS and exposed to as many buyers and agents as possible. You've already explained the situation to the renters and it does not sound as if they will give you any problems as far as showing the property. I would stipulate that all showings have to be scheduled 24 hours in advance in order to give your tenants as much notice as possible. This will keep the disturbance down to a minimum. But definitely do not keep your intent to sell a secret.
0 votes Thank Flag Link Wed Jan 13, 2010
You need to speak with a Realtor about all your options and about all the facts. Based on the information you provided, you may want to speak with the renters first then list the property on the open market. You would need to put in the listing that you are offering the property with the contingency of first right of refusal. This means once you get an offer you will need to let your renters pay you the same and you will give it to them. If they decide that they don't want to pay what an outside buyer is offering, then they will refuse it and you will sell it to the outside buyer. This way everybody is happy. You get the highest price based upon market competition and the renters have the opportunity to buy it from you.
Of course, you need to review the lease and ensure that you are able to sell the property unencumbered by the lease.

Feel free to contact me if you would like to discuss this more.

Good Luck,
0 votes Thank Flag Link Wed Jan 13, 2010
I have a current listing with tenants. As long as I keep a good relationship with them I can show almost any time. Why would you let your agent be the only one to know about your property. List it in the MLS.
0 votes Thank Flag Link Wed Jan 13, 2010
That's actually not what a "pocket listing" is, but, that's besides the point.

Market theory says that you have a better chance of finding the person who will net you the biggest profit if you expose your property to all of the prospective buyers in the marketplace. Keeping the information "in your pocket" would not qualify as "total market exposure."
0 votes Thank Flag Link Wed Jan 13, 2010
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