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Someone Please Explain "Pocket Listings"


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2007 Apr 11, 4:57am   42,830 views  507 comments

by Randy H   ➕follow (0)   💰tip   ignore  

We've talked about so called "pocket listings" and the reasons this happens. But this is the first time I've witnessed one occurring first-hand, and I'm a bit confused.

There's a home in the neighborhood, near enough that I see it every day. It is clearly for sale. The owners cleared out, had it entirely repainted, staged, and it now sits in pristine showing order. No for sale sign. No MLS entry. No key box. Not a peep. Yet people are being shown the place by obvious realtors, sometimes many per day.

Seems to me there is too much activity to be just a "sister or brother" realtor trying to sell it before listing it. And unless there are multiple agencies colluding in the pocket-listing-racket, there is too much activity for this to just be within a single agency; even a large one. This house is getting more traffic than two others in better condition which actually have signs and key boxes.

And aren't pocket listings technically against the CAR's so called "code of ethics"?

And even more so, why the hell would any buyer even be interested in this? This particular home sold for $1m a in mid 2005, but only 0.5m in 1999. Given the listed comparables in the neighborhood, I'll bet they're easily trying to get $1.4-1.5m. But this is Tamalpais Valley, not exactly prime South Marin. Nothing close to exclusive "you have to be invited to buy here" prime Larkspur or Tiburon. So I can't for the life of me figure out why someone would even entertain buying from a shady agent a "not yet listed" home. It's not like finding a home in Tam Valley is hard to do. For sale signs on overpriced McCrapsions are everywhere -- I can see dozens from my bedroom balcony. And this particular "not yet for sale" house is kinda crappy compared to the standard in the immediate neighborhood, adding to the mystery.

I'm curious what people think. I know pocket listings are no big deal to those in the industry, but the practice is unethical according to their own industry representing body. I hate to be naive, but this one strikes close to home (as it were) and so blatant as to be a bit offensive to someone like me patiently renting and waiting for a tiny glimmer of sanity in house prices.

---Randy H
(I'm withholding the Zillow link for now, until I figure out if there are any legal repercussions to the owners. They're actually reasonably nice folks, which is itself a rarity in Marin.)

#housing

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261   Malcolm   2007 Apr 12, 6:21am  

Unfortunatley I was off the market before those really caught on in the mid to later 90s, but SDSU in my opinion has the highest concentration of beautiful girls on the planet. Going there was like some of those early Nazi society movies of beautiful people everywhere. I think in the main courtyard they should build a fountain with a waterfall and pool for the girls to frolic in. Maybe a few white horses meandering around in the background, and a rope swing from a tree branch to finish it off.

262   Malcolm   2007 Apr 12, 6:22am  

Even though I hear she is kind of white trashy in person, Jewel really set the standard for those hiphuggers. Big fan!

263   Peter P   2007 Apr 12, 6:22am  

I still prefer conservative fasion.

No dress or skirt should reveal the knees.

264   DinOR   2007 Apr 12, 6:23am  

"People maxed out on loan products to buy more house, then they bought less and less house with that maxed-out price point"

That about sums it up. In most markets we possibly reached that point in 2003 and definitely by 2004. Especially in close to major urban centers. You could still have gotten "more house" in the Inland Empire, outside PHX and maybe Henderson NV. Any area that didn't require central air 10 months out of the year had already peaked (s/f wise).

That's also that "coat tailing" effect we talked about where pathetic, small and not all that well maintained places were able to cash in on their proximity.

265   HeadSet   2007 Apr 12, 6:26am  

"I still prefer conservative fasion.

No dress or skirt should reveal the knees. "

Just the breasts, Eutruscan style?

266   Malcolm   2007 Apr 12, 6:26am  

Steve, a lot of the recent buyers who can't sell are in that predicament. They put the house up for rent hoping things would recover. Instead of taking what they could get, time is working against them. I know people renting for $1500 per month, while the FB has a $3,000 per month mortgage. Basically the landlord is subsidizing the house. My friend is aware of this and figures he'll just take it while it lasts.

267   lunarpark   2007 Apr 12, 6:28am  

I believe it's "tramp stamp."

268   Jimbo   2007 Apr 12, 6:28am  

Tramp stamp.

269   Malcolm   2007 Apr 12, 6:28am  

GC
I think many (if not most) military men are a very sexy bunch. These are true males.

That I can atleast understand, since they represent the best of the population gene pool, and the are protecting it. But why do women like the crystal meth, heroin looking guys? I see that shit all the time on Venice beach.

270   Malcolm   2007 Apr 12, 6:29am  

Tramp stamp!

271   Malcolm   2007 Apr 12, 6:29am  

So say we all.

272   DaBoss   2007 Apr 12, 6:29am  

"No dress or skirt should reveal the knees"

Wimp!!

There aint nothing like a hot micro-mini skirt
with stiletto to match!!

273   Malcolm   2007 Apr 12, 6:30am  

Like, what is not to be considered hot about a Trekkie?

274   Malcolm   2007 Apr 12, 6:30am  

They wear uniforms.

275   Malcolm   2007 Apr 12, 6:31am  

I hate the execu-slut look.

276   Peter P   2007 Apr 12, 6:31am  

They wear uniforms.

Why are uniforms sexy?

277   HeadSet   2007 Apr 12, 6:33am  

"I think many (if not most) military men are a very sexy bunch. These are true males. "

I flew for the Air Force. I noticed that the women tended to either prefer officers or prefer enlisted. The fighter pilots had the ugliest women.

278   skibum   2007 Apr 12, 6:36am  

Sorry I can't think of the reference right now, but there are pretty well-publicized studies suggesting that women look for the "macho" masculine type younger in life for dating, but will generally favor the breadwinner for marriage and spawning. Classic survivalist behavior of finding the mate best suited to provide a stable and advantageous environment to raise the children and, again, perpetuate the genes.

279   HeadSet   2007 Apr 12, 6:39am  

"Sorry I can’t think of the reference right now, but there are pretty well-publicized studies suggesting that women look for the “macho” masculine type younger in life for dating, but will generally favor the breadwinner for marriage and spawning. Classic survivalist behavior of finding the mate best suited to provide a stable and advantageous environment to raise the children and, again, perpetuate the genes. "

I read this in the text of a Dilbert paperback

280   Claire   2007 Apr 12, 6:40am  

"while the banking standard requires 5 years"

Better tell my husband not to move jobs just yet then? How much does length of job impact mortgages? Or how much should it post bubble popping?

281   Steveoh   2007 Apr 12, 6:41am  

"The fighter pilots had the ugliest women.

The pretty ones don't want competition for attention. They want an adoring, fumbling financier (read Sugar Daddy), or a status symbol (trophy husband.)

I was enlisted. She's hot.

282   Steveoh   2007 Apr 12, 6:42am  

...fumble, fumble. "Yer so pritty darlin."

283   astrid   2007 Apr 12, 6:43am  

Tattoes are gateway body modifications, then we have piercings, then scars...the next thing you know, your little princess is hanging on wires piercing her skin.

284   sfbubblebuyer   2007 Apr 12, 6:44am  

Whoever figured out to sell shirts to girls that only go down to the midsection is my absolute favorite person on earth.

And whoever figured out to sell them in XL+ sizes is my least favorite.

285   Peter P   2007 Apr 12, 6:44am  

How about a Gen-Y digital music implant?

286   HeadSet   2007 Apr 12, 6:45am  

"It could be that pilots are considered techies? Officers have power and prestige and women like that. By “enlisted” you probably meant the combat troops? "

In the Air Force, the officers (pilots) are on the front lines and get combat exposure. Except for the enlisted ground controllers (on the ground in Afghanistan in enemy territory, directing air attack) the enlisted work back at the base.

287   DinOR   2007 Apr 12, 6:49am  

Headset,

The way I heard it told, in the other branches of the service Generals sit behind desks and order the troops to fight and die!

But in the Air Force, the enlisted guys just fix the plane, and then go tell the OFFICERS to go fight and die!

288   DinOR   2007 Apr 12, 6:55am  

"I hate the execu-slut look"

You and me both brother. Yet it seems that's "the look" most realtwhores favor, no?

289   HeadSet   2007 Apr 12, 6:58am  

DinOR,

Speaking of fight and die, we were briefed in Gulf War One to expect 25% casualties. Very sobering to think that the politicians valued us so cheap, as to trade all those crews and aircraft to put a king back in power in Kuwait.

Of course the casualties didn't turn out anything like that.

290   Randy H   2007 Apr 12, 6:59am  

@athena

It could be realtor owned I guess. Could be that it's owned by one of their parents who is also a realtor. There are no signs or hints that they were foreclosed upon. And I still see them come by occasionally, which I wouldn't expect if they were chased out.

291   HeadSet   2007 Apr 12, 7:01am  

"You and me both brother. Yet it seems that’s “the look” most realtwhores favor, no?"

I have noticed that at the last "Parade of Homes" that all the Reators at every house were wearing low cut tops. I wondered if that was just new fashion I missed.

292   HARM   2007 Apr 12, 7:03am  

Steveoh,

Please do me the favor of including the following when you write your "intent to vacate" letter to your old landlord:

Dear Flipper McGreedbag,

After considering your generous offer of 5% above my current rent for six months (with the prospect of more arbitrary hikes after that), I have "reassessed" the situation and decided I would be better off renting from a more financially stable landlord.

I realize that, as now unemployed real estate flippers/speculators, you and your spouse are having severe cash flow problems. Problem is, that's simply not my problem. Market rents are dictated by what the market will bear, not by what you need to unwind your unfortunate position in the housing bubble/easy-credit Ponzi scheme implosion.

However, I hold no ill will towards you and wish you the best of luck in bagging that Greater Fool. Remember, there's one born every minute --don't give up, and most importantly don't just "give it away". Remember: your investment properties are "special". Don't let the steadily rising tide of for-sale signs and foreclosures tell you otherwise.

Sincerely,
Steveoh

PS. Should I assume you're keeping my deposit and go ahead and file my petition with small claims court now, or wait til I move out?

293   Malcolm   2007 Apr 12, 7:03am  

Yeah, why don't the realtwhores get a clue. If I am buying and I can go with any buyer's agent I want and for my own 'professional reasons' I pick a really hot chick I don't want to see a blazer. I would not feel it unprofessional for her to present my offer in a G string. Now that's negotiating.

294   Malcolm   2007 Apr 12, 7:05am  

BTW I almost hit the deck when I read the XL post.

295   Malcolm   2007 Apr 12, 7:06am  

A chick with a back tatoo, with the XL mid shirt, with back and neck hair, now that's what I'm talking about.

296   Malcolm   2007 Apr 12, 7:07am  

Funny story about back hair. We used to tease my brother about his backhair problem. His back follically active issue, so he went in for a waxing. He had a $25 coupon. When he showed up and took his shirt off the price doubled.

297   Malcolm   2007 Apr 12, 7:08am  

I think that was wrong since they could have sold the large stip of tape afterwards as a nice shag area rug.

298   Malcolm   2007 Apr 12, 7:11am  

GC Says:
April 12th, 2007 at 2:04 pm
There’s something to be said about those who are so secure that they don’t care about being or becoming the “best” and are so content with being an average guy (troop, enlisted, whatever), living in an average neighborehood, driving an average car, and

They're so secure they don't bat an eye when their women go to the Bahamas for a 'girl's trip'.

299   Malcolm   2007 Apr 12, 7:12am  

GC we're talking about a lot of back hair. Mother Teresa wouldn't have taken that on for free.

300   HeadSet   2007 Apr 12, 7:13am  

GC,

KC-135, a modified Boeing 707 that refuels other aircraft in flight. We would burn circles in the sky over northern Iraq, and the combat planes would hit the boom for fuel. Kept this up long after the war for "Deny Flight" and over Yugoslavia for that mess also. Great TDY's though, we were based out of Sicily, Anatolia (Turkish Riviera), and Provence (France)for months at a time. We even got time at Bodo, Norway. Flying low over the fjords was just beautiful, as was flying over the Alps.

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