This past week has been a royal circus. Scottsdale homes under $400,000 are selling quickly if they are clean, updated, and in good locations. The ones that sell the fastest are priced right and the glossy pictures are a testament to the effort engaged from the get-go by the listing agent. A good listing agent knows how to read between the lines and interpret a buyers' contract as it benefits a seller.
Being engaged as a listing agent means understanding the current market and accurately pricing homes according to their condition so that homes sell faster and for more money. Homes that are over-priced tend to sit on the market longer. But what if the home isn't listed for sale in a hot buyers market?
If a buyer offers a contract and his home isn't on the market, how does a buyer expect his offer to be accepted in a hot sellers market? The buyer is disadvantaged in the buying process if his home isn't listed for sale. A seller will surely seek an offer that does not have such a contingency. There is no guarantee how fast a home will sell if it isn't on the market and a seller is less than reassured if their are no current photos or information as would be displayed on a MLS listing service.
Not only will his offer not be accepted, the entire scenario reflects poorly on the listing agent. And especially if the listing agent has kept the home as a "pocket listing" rather than offer the home to the public via the local MLS.
Wading through the weeds in a contract and counseling a seller properly also includes presenting every offer. Every offer is reviewed for accuracy so the best decision can be made as to which offer to accept. Offers that have the least favorable terms will be bypassed. The offer price may not be the winning offer if the terms of the offer aren't favorable toward the seller.
If you're a buyer in today's housing market be aware that communication is VERY important in the sales process. An agent needs to communicate by phoning the listing agent to learn of other offers, status of the sellers position, and when and how a seller might make a decision with regards to multiple offers. Neglecting said communication might cost you a purchase that you could have won.
In this case, the pocket listing of a potential buyer who is writing an offer on one of my listings will not be accepted.