Pocket listing? (West, Howe: for sale, real estate, get credit)

[Johnhw2]

Noticed a home in creeks of willow bend which was not listed in most as for sale, has a sold sign on it. The agent does not mention it on her web page as a recent sale or as one listed by her. I'm curious any rules governing a listing that sales before it gets into mls in 72 hrs from time of listing? Anyway to find the list price? Pictures etc?

[Austrian2]

If you saw name of the realtor then call him for details, let him know that you live in the neighborhood and would like to see stats of comparable properties.

[jdallas]

Anyone can buy anything at any time from someone else if they agree on a price.
If it's a cash sale, it's doubtful you would be able to find out without asking the new/previous owners or the agent(s) involved a direct question.
I'm guessing either you are interested in gauging the market value of your own home or you want to purchase a similar home in the neighborhood and are seeking the info to determine your budget.

[Johnhw2]

I keep track of Activity in my area, that is correct.

I understand that people can sell Things at anytime without being subject to mls rules. However this home has a sold sign out front with a realtor sign on it but it as never listed in mls. My question is a simple one, what mls rules govern this situation.

I am familiar with a phone and how to call the realtor to get information.

[clickbear]

The agents, by TREC (Texas Real Estate Commission) rules must list the listing and sale to get credit for completing the transaction. It's a tough situation to prove but unfortunately probably goes on way more than we know. It is not ethical and if can be proven a direct rule violation.

[Johnhw2]

Originally Posted by clickbear

The agents, by TREC (Texas Real Estate Commission) rules must list the listing and sale to get credit for completing the transaction. It's a tough situation to prove but unfortunately probably goes on way more than we know. It is not ethical and if can be proven a direct rule violation.

No doubt the sale is on the sign but no web site claims it as pending or shows a listing for this home. I checked several realt estate sources including the agents own website.

[FalconheadWest]

The Texas promulgated listing agreement, put out by TREC, does NOT say the property has to be listed in the MLS. Not sure why the above poster said it's an ethics violation and a rule violation. Listing agreements can be written that they are not to go in the MLS. They can also be written that they go in the MLS after X amount of days or even once it's been closed if they want the sale reported in the MLS.

No where does it say is must go in the MLS. The agent is probably trying to procure sign calls while acknowledging she sold the property. Nothing wrong with that. Happens all the time.

[Johnhw2]

Originally Posted by FalconheadWest

The Texas promulgated listing agreement, put out by TREC, does NOT say the property has to be listed in the MLS. Not sure why the above poster said it's an ethics violation and a rule violation. Listing agreements can be written that they are not to go in the MLS. They can also be written that they go in the MLS after X amount of days or even once it's been closed if they want the sale reported in the MLS.

No where does it say is must go in the MLS. The agent is probably trying to procure sign calls while acknowledging she sold the property. Nothing wrong with that. Happens all the time.

Thanks. I thought there was a hard and fast rule on listings going into mls within 72 hours. I didn't know that rule was negotiable. I'm going to call the realtor because of the sign too so it's sure does work!

So a sale can be counted as an official mls sale without the property ever being listed in mls?

If sharing market information is a goal of realtors and the mls system, why wouldn't they show the listing info in mls and classify a pocket sale as pending or under contract? Perhaps that is not the goal....it's simply a tool to make money.

[FalconheadWest]

Originally Posted by Johnhw2

So a sale can be counted as an official mls sale without the property ever being listed in mls?

I'm not sure what you mean by "official MLS sale" because it doesn't matter how the house sells. It could have sold because someone drove by the sign and called the agent, not seeing it in the MLS. The MLS doesn't "sell" houses. The MLS is just a database of information. If an agent can sell the house without the use of the MLS, as long as the seller agreed to this upfront, then they've done nothing wrong.

The only reason to put a sale in the MLS after it closes is to just provide a comparable sale for future listings and to make sure other people can see the agent's transaction volume.

[TurtleCreek80]

Originally Posted by clickbear

The agents, by TREC (Texas Real Estate Commission) rules must list the listing and sale to get credit for completing the transaction. It's a tough situation to prove but unfortunately probably goes on way more than we know. It is not ethical and if can be proven a direct rule violation.

Wrong.

Originally Posted by FalconheadWest

The Texas promulgated listing agreement, put out by TREC, does NOT say the property has to be listed in the MLS. Not sure why the above poster said it's an ethics violation and a rule violation. Listing agreements can be written that they are not to go in the MLS. They can also be written that they go in the MLS after X amount of days or even once it's been closed if they want the sale reported in the MLS.

No where does it say is must go in the MLS. The agent is probably trying to procure sign calls while acknowledging she sold the property. Nothing wrong with that. Happens all the time.

^^^ This.