Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This coming soon / pocket listing thing is really starting to bug me. I'm kind of surprised there hasn't been a rash of lawsuits from sellers thinking they got screwed over.
We've been looking off and on for the past year, mainly at fixer-uppers and infill lots near Durham. In addition to the houses that are under contract before a sign even goes up in the yard, I've seen a half dozen lots sell for a good deal less than we'd have been willing to pay. I get the feeling that since the commissions on more run down places, and especially lots, are lower, agents don't bother marketing them widely and instead just go to a handful of area builder/ developers and look for the quickest sale.
This coming soon / pocket listing thing is really starting to bug me. I'm kind of surprised there hasn't been a rash of lawsuits from sellers thinking they got screwed over.
You may be feeling bugged for awhile to come. Saw a report on CNN that said 'pocket listings' were up nationally and are now also being used on moderately priced properties as well.
If that doesn't make you lose sleep, they also mentioned that cash sales have nearly doubled lately, something like nearly 30% as opposed to 15% in previous years.
Ugh...my N. Raleigh neighborhood has consistently done the OPPOSITE of what the rest of Raleigh does in the 11 years I've lived here. I'm in an older townhome community. Stuff isn't selling out here. I really would like to sell and move.
My very first realtor back in the late 80s advised me to not buy a townhouse in a suburban setting. She said it would not appreciate as fast and would be harder to sell.
If that doesn't make you lose sleep, they also mentioned that cash sales have nearly doubled lately, something like nearly 30% as opposed to 15% in previous years.
With the rise in investor interest, and the general difficulties people have been having with banks, I'd expect cash deals to be on the rise. As the bubble inflates again, it'll go back.
But that's the thing though. We have cash. I guess what we need to do is write a letter to all the regular Durham realtors an say just that.
what I'd suggest that you do is HIRE a Durham Realtor after interviewing one or more of those you consider the "best". And unless you're paying all-cash, have your lender prequalify you.
A sign in the yard vs signed listing agreement vs. active in the MLS are different things. As are the connections we as agents cultivate with each other.
Any agent that you write a letter to has to remember you as an unrepresented prospect when the time is right. Otherwise, the real concern of a pocket listing - that the agent is double-ending the deal which doesn't happen that often that way - now DOES come into play.
If I see an opportunity, who should I present it to first - a client I DO represent, or someone who has said they MAY be interested in buying a certain type of property?
With the rise in investor interest, and the general difficulties people have been having with banks, I'd expect cash deals to be on the rise. As the bubble inflates again, it'll go back.
Interestingly enough, it's not overwhelmingly investor (in the traditional sense) purchases. There have been a lot of folks have keeping their money relatively liquid or on the sidelines altogether because returns have been so weak, and as you mentioned, mortgages can be more difficult to secure. Doing a cash deal also can open up of lot of pocket listings as well, not to mention some latitude on pricing.
Obviously it's not an option for everyone, but it would be a mistake to attribute the entire increase to real estate investors.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm in an older townhome community. Stuff isn't selling out here. I really would like to sell and move.
