I NEED HELP ON WHAT TO TELL AN AGENT WHO TOLD ME ABOUT THE POCKET LISTINGS HIS COMPANY HAS BUT HE DOES KNOW HOW IT WORKS

Hi TC,

Pocket listings are properties that a real estate agent know someone wants to sell, but they haven't been put into the MLS yet, for a whole host of reasons. Sometimes the seller wants to some repairs and clean-up before listing. Flip and fix investors will do this a lot. Once they have a property under renovation they will work with their agent to determine a fair market price upon completion, but they can't set a price until the renovation is done. Since the agent is aware the property will eventually be listed he/she can work on getting potential buyers lined up.

Banks that have foreclosed properties also work with set agents to sell properties, however a bank doesn't just randomly dump properties on the MLS, they have a process the go through to make sure the banks interests are protected. However, they usually give the selling agency advanced notice that a property will be coming up for sale in the near future. All of these examples are pocket listings.

What you need to do now is get with your contact and get as much information as he can give you. Who are the sellers of his pocket listings., are they banks, individuals other investors, etc. Don't pressure him for details, generic information will be fine for now. Se if he can give you the address of his pocket listings so you can do your due diligence now. See if you can view the properties. Then while you are waiting for the seller to approve the purchase for sale do your research. Figure out the ARV, if you can view the property estimate repairs, if not but you get the address go to the neighborhood and look at the outside.. Then when your contact gets approval to list the property and an asking price you will be able to make an offer sometimes even before it's listed.

You will need to build the relationship with this resource, but if he can successfully sell you his pocket listings, then you are creating a win for him. Because he won't have to spend tons of his time marketing a property to make his commission, he can hand them off to you with much less effort.

So pursue the relationship and see what fruit it yields.

Good luck,

Sean

Thanks so much for your quick response on how pocket listings works.

I haven't replied back to him since last night (lol I hope he don't feel some type of way).

I just called up the agent and asked him " can you please tell me who are the sellers of these pockets listings" like you told me and he was like "they are bank owned sellers". He was like "They bank sends him the pocket listings every friday" how is cool is that. But he doesn't know how to put the offer contract when there is no asking price.

I told him I would appreciate it if he can email me the address of these pocket listings so I can do my due diligence and put in my offer before you put it on mls and make this a win win for the both of us. Then he was like "Ok cool I will see which of the pocket listing is still available and I will email it to you" BUT he doesn't know how to put an offer contract when there is no asking price.

This was my reply to him: As soon as you email me the address of these pocket listings I will do my due diligence, estimate the cost of repairs and figure out the ARV and make my best offer even though there is no asking price.

Then he was like ok cool.

_____________________
TC
Miami, FL

"KEEP ON GOING THROUGH EVERY FAILURE AND MISTAKE AND LOOK AT THEM AS STEPPING STONES TO YOUR SUCCESS!!"-Tammy

Follow my daily Journal http://www.deangraziosi.com/real-estate-forums/investing-journals/144538...

Sounds good TC,

Also you might not be able to put in an offer until the bank sets a price, the bank may not be able t accept an offer before they complete their process. So you may need to wait until the bank sets a selling price, however even with al the work you will still be in a great position to make offers.

Let me know how it goes for you.

Sean

How can the agent get the pocket listing from bank directly?
If I approach to banks, then do I have chance to get those possible listings?

I appreciate you sharing this information with me. I will keep you posted on how everything goes. I'm still waiting for the agent to email me the pocket listings which are still available. I will follow up with him tonight if he doesn't send it to me.

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TC
Miami, FL

"KEEP ON GOING THROUGH EVERY FAILURE AND MISTAKE AND LOOK AT THEM AS STEPPING STONES TO YOUR SUCCESS!!"-Tammy

Follow my daily journal http://www.deangraziosi.com/real-estate-forums/investing-journals/144538...

TC - great to hear! When you get to the point of making an offer, just double check the contract. The bank may or probably will insert language stating it can't be assigned, or how many days until it can be resold. So just a heads up to double check that.

Good luck and keep us in the loop!

- Tom

I would suggest you to contact an REO agent and tell them to pull up reo listings that matches your buyers criteria. Also you got to build a good rapport with the agent so you can inquiry about the pocket listings or pre-listings which the agent has access to and haven't hit the mls yet.

I hope this helps!

______________________________________
TC
Miami, FL

"KEEP ON GOING THROUGH EVERY FAILURE AND MISTAKE AND LOOK AT THEM AS STEPPING STONES TO YOUR SUCCESS!!"-Tammy

Follow my daily journal http://www.deangraziosi.com/real-estate-forums/investing-journals/144538...

Thank you TC and Sean about the topic of pocket listings. This is the first time I have heard of them. The RE agent probably wont bring it up, if not asked. Thanks DG family.