I currently rent a condo in Irvine, and have been noticing a lot of for sale/lease signs around the neighborhood. Every time a new sign pops up, I try to look for the online listings (ziprealty, redfin, zillow, ochouserentals, etc), and they have not been showing up. Some of them have been on the market for a few weeks, and I still cannot find them. Are the MLS listings being held back? Or does it take a while for them to be listed?
MLS not showing all listings?
- Thread starter fhyun_IHB
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That is the interesting part, I see for sale signs with realtors like Coldwell Banker, etc...but, I cannot find the listings on their websites (or even other real estate websites). I PM'd usctrojanman29 a couple addresses, so hopefully he can help clarify this issue.
It's possible the house isn't officially on the market at the moment. Either it's an REO that the bank hasn't approved the price yet, a house (probably a vacant one) that was once listed but taken off the market for whatever reason, or a recent or pending sale. The Realtors tend to not take down signs until yelled at, because it's like a free mini-billboard for their office. People call the number on the sign, and the Realtor will go, "That one is in escrow (or whatever), but I have another one just like it for sale over here yatta yatta".
Edit: Or it might be a "pocket listing". Sometimes Realtors hold back houses and don't put it on the MLS, at least not at first-they only show it to their existing clients first. There are a lot of theoretical reasons for this, but in the real world the main one is so the Realtor can get double commission (because he's representing both the buyer and seller)-he's being greedy.
usctrojanman29_IHB
New member
It could be that they are not listed on MLS. I've rented my 2 condos in Orange County using craigslist.org. Take a peak at craigslist.org to see if they are posted up there. If you PM me the addresses along whether they are for lease or sale I can look them up on MLS and let you know if I'm seeing a listing.LiveAndWorkInIrvine said:
Geotpf_IHB
New member
Most For Sale By Owner sales aren't on the MLS. A good place to find all sales is Redfin.com, which lists MLS sales as well as FSBOs off of Zillow, Oodle, and several other websites, as well as bank-owned REOs that are only on the bank's website and not the MLS. The only major source of listings they don't list is ones off of Craigslist because Craigslist won't let them.
freedomCM_IHB
New member
Also, the leases may well be advertised in the dead tree edition of your local journalism establishment.
Amazingly, much of the individually owned rental inventory is transacted in this archaic way.
Amazingly, much of the individually owned rental inventory is transacted in this archaic way.
Geotpf said:
That is the interesting part, I see for sale signs with realtors like Coldwell Banker, etc...but, I cannot find the listings on their websites (or even other real estate websites). I PM'd usctrojanman29 a couple addresses, so hopefully he can help clarify this issue.
usctrojanman29_IHB
New member
I'll get back to you this evening with the results of what I find.LiveAndWorkInIrvine said:
Geotpf_IHB
New member
LiveAndWorkInIrvine said:
It's possible the house isn't officially on the market at the moment. Either it's an REO that the bank hasn't approved the price yet, a house (probably a vacant one) that was once listed but taken off the market for whatever reason, or a recent or pending sale. The Realtors tend to not take down signs until yelled at, because it's like a free mini-billboard for their office. People call the number on the sign, and the Realtor will go, "That one is in escrow (or whatever), but I have another one just like it for sale over here yatta yatta".
Edit: Or it might be a "pocket listing". Sometimes Realtors hold back houses and don't put it on the MLS, at least not at first-they only show it to their existing clients first. There are a lot of theoretical reasons for this, but in the real world the main one is so the Realtor can get double commission (because he's representing both the buyer and seller)-he's being greedy.