You just missed them. Right above this line of text. That blank spot? That’s it!

In a market like this one, where everybody is out to get a real estate deal before it’s too late, a lot of people are looking for an edge — a way to get the great deals that nobody knows about, or at least learn about them first. And some real estate agents cater to that desire with offers like “FREE LIST of up-to-date bank-owned, REO, and pre-foreclosure properties”. Never mind that the “free list” is compiled from the same Multiple Listing Service that I use to generate customized lists of homes for people, often with very specific needs or very picky tastes.

The truth is that there is no “secret” list that only the “right” Realtor knows. You don’t need a special Realtor who only deals in, for example, homes owned by Countrywide or GMAC. The nice person from Century 21 can easily show you any listing from Coldwell Banker. The only way any Realtor would possibly have an “inside track” on a property is if the signed listing agreement is sitting on her desk waiting for her to put it in the MLS system.

In this day and age, it would be a huge mistake for a Realtor to keep what used to be known as a “pocket listing”  – that’s a listing that stays in his pocket rather than being shared. What are the odds that one of his buyer clients is interested? Rather small. He’s got a lot more chance of selling that house if every agent in town knows about it and shares it with their clients!

The myth of the listing that isn’t in the MLS is almost as hard to fight as the myth of phantom inventory. Check out this San Diego realtor who went to find these mysterious listings owned by the bank but not for sale. There weren’t very many of them, a few were still occupied, and one had a lockbox on it — clearly being made ready for sale. Since mechanical lockboxes are not terribly secure, he was able to give his Youtube audience a little tour (remember I mentioned back in December to change the locks on your new place).

I don’t chase rainbows. I help real people find real properties.