CNN quotes Wei Min in Secret Pocket Listings
Posted by Wei Min Tan on September 21, 2017
Publication: CNN Money
Summary: In this housing market rebound, a little known practice of “pocket listings” is making a comeback. Since there are more buyers than sellers, this has become a seller’s market. Traditionally, a seller lists a property through a broker and the property is shared through a Multiple Listing Service for all to view.
In this article, CNN reports on secret pocket listings, where sellers are not openly listing their property for sale. Instead, sellers have brokers “ask around” to see if there is a potential buyer.
Wei Min’s comments in article: Wei Min Tan informs CNN that pocket listing sellers are not motivated to sell. A motivated seller would list the property in the open market to attain the highest price. A pocket listing seller is looking for a buyer to make an offer he cannot refuse.
In New York, such practice could also violate the Universal Co-Brokering rule according the Neil Garfinkel, counsel for the Real Estate Board of New York.