patrick.net

Pocket listing. The agent who's getting the listing tells her buying clients, or other agents in the same office who have clients wanting to buy, about the house and gets them in to look at it early. They have their offers drawn up, they put it on the listing service and hand their seller the contract 10 minutes later.

Part of ensuring you get to double dip the commission tin.

why would they even bother to put in on the MLS if they already have a buyer lined up for the purchase? I don't think the MLS is a mandatory requirement for homes that are for sale right?

I actually think it is a requirement in the NAR 'rulebook' to ensure a 'fair and ethical' representation. Just like there are rules where realtors HAVE to present ALL offers. However, a large percentage of realtors are unethical scum that want the biggest paycheck for the least amount of work and don't care if they hurt their clients in the process. There SHOULD be a requirement of a minimum 2 week listing to make sure you get at least SOME market exposure before presenting the seller offers. There's not. Instead you get pocket listings, realtors convincing sellers to take low offers from other agents that are their friends that will flip the property.

For the most part, they make used car salesmen look respectable.