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I saw a few new listings and asked my Realtor to contact the listing Realtor immediately only to find out that they were pending. Only after a few hours? And they tend to closed at much lower price than the market. And there were properties on sold record but I never saw them listed. Could you please explain?
If you are looking at listings on Zillow or realtor.com there is a 2-7 delay to get listings on public websites. Realtor regulations require Realtors to put homes on the MLS FIRST and they filter from there to all of the public websites sometimes taking a couple days. Your thread is the prime reason the public should work with a Realtor to find a home because a Realtor can auto set up listings to be sent to you as soon as they hit the MLS in realtime.
There are websites that rank agents by Days on Market.
So, some agents game the system by arranging for the house to be under contract with no MLS listing.
Then, with the closing scheduled for Thursday afternoon, they put it into the MLS on Thursday morning and marked it sold that evening. Voila! DoM = 1. Aren't they awesome?!
I suspect you are looking at 'pocket listings', where a Realtor takes a listing and then markets it among contacts and clients - before listing it on MLS.
I suspect you are looking at 'pocket listings', where a Realtor takes a listing and then markets it among contacts and clients - before listing it on MLS.
Could also be a FSBO where they worked with an agent on the buyer side. The agent put the info into the MLS for both production reasons and comp reasons.
A top notch Realtor will have several potential buyers standing by for a certain type home in a certain area of town. He has let top agents in other offices as well as his own know that he is looking for a certain type and located home. As soon as that home becomes available he is notified, and the home is sold.
In the cases above with two homes needing extensive work to even be lived in, there are buyers standing by, and when they hit the market they are sold to these special buyers. When I was an investment Real Estate Broker before I retired, agents all knew that I would buy any homes like that if the price was right, and when they listed them they would call me. If he price was right, they knew they had a sale. I had my own part time crew, that would get them into shape to sell to my investors as rentals, making a nice profit in the process.
They only show up on the MLS as it is a requirement, and to show that a certain agent gets that type of property sold quick. Helps him/her attract more listings, and helps give comps for that type and condition of property to help determine value for his/her next listing.
If you are looking for a real run down house at a cheap price to be able to have a cheap home for your family, you are going to find it nearly impossible as he pros like I was, have first chance as it is a fast sale for an agent, a quick closing and a fast commission. Unless you have cash, they are impossible to finance, and agents and owners don't want to fool around for a couple of months to have the sale fall through due to financing not being available.
People like me, have cash available or use a line of credit to buy. I had two $500,000 lines of credit to be able to buy and fix up any home or other property. All I had to do was write a check against one of those lines of credit if I had my cash tied up at the time. A normal person, does not have the kind of track record to be able to compete with the pros.
This may not sound fair, but that is how the world works.
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Gaming the system
