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What is the Private Listing Network in Winnetka /North Shore?
 
What is the Private Listing Network in Winnetka & the North Shore 
Updated 2022
TWO THINGS HAPPENED IN REAL ESTATEIn 2018, our Northern Illinois Multiple Listing Service (MRED) introduced the “Private Listing Network” (PLN) to real estate agents.
 
Then, last November (2019) the National Association of Realtors banned the use of “pocket listings.” 
 
 
WHAT IS A POCKET LISTING?First, what is a pocket listing and why is it problematic? A pocket listing (sometimes called an exempt listing) is an agreement between the home seller and real estate agent (more specifically, the brokerage) that the house will not be listed on the  Multiple Listing Service (MLS,) but rather sold behind the scenes.
 There are multiple reasons sellers might not want their homes publicly listed. They may have work to do on it, they may not be ready to move yet but want their agent to spread the word among other agents. High-profile sellers might request to keep their house private until it sells, avoiding public scrutiny.
 
THE MULTIPLE LISTING SERVICES RULESAll signed listing agreements must be entered into the MLS within 48 hours or the agent risks a fine. But if the seller is fully informed by the agent and signs the appropriate form, the agent can proceed ... more

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