Real Estate Professionals
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OFF MARKET PROPERTIES ? WHY IS BETTER?
“Off-market” generally refers to a home that’s being sold without being listed on the Multiple Listing Services. Property information circulates among a connected network of realtors and their vetted high-end clientele. In some cases, the sellers of these homes never initially intended to sell them, or, if they did, did so unofficially, quietly floating the property’s availability among a small, contained network of contacts.There are several kinds of off-market deals, though scenarios can essentially run the gamut and even brokers disagree on definitions: informal pocket listings, exclusive listings that are officially offered for sale but not by way of a listing page, and super secretive confidential sales. The term pocket listing (sometimes called a hip-pocket or whisper listing) gets tossed around quite a bit but it has a very specific meaning. A “pocket” refers to a scenario in which a seller informally engages a broker (usually one worked with before) to discreetly and unofficially gauge demand among the prospective buyer pool. There’s no official listing contract signed but if the broker finds a buyer, he or she will reap an agreed-upon commission or fee.A privately marketed “exclusive” plays out much like a pocket — but the parties sign a contract that enables the broker to officially market the property, legally acknowledging an intent to sell. A confidential or private sale can encompass a variety of secretive scenarios, for example, a transaction in which a homeowner is made an offer by a prospective buyer that inspires them to sell even though it was never on the market.“There are a number of people that come to town and specifically ask me what is off market that they can see,” says Audrey Ross, a senior vice president at EWM RealtyInternational, an affiliate of Christie’s in the Miami area. Ross has handled a variety of off-market transactions including an eight-figure exclusive sale last year. “If it’s a truly wonderful property, a wealthy buyer will pay a premium for it because there just aren’t that many available.”
Morgan Brennan Forbes MAGAZIN
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