South County realtors should be cautious about “pocket listings,” a real estate industry term referring to a private for-sale home listing that has not been advertised or entered into a local Multiple Listing Service (MLS). Gov Hutchinson, assistant general counsel with the California Association of REALTORS® (CAR), recently discussed pocket listing at a legal update meeting hosted by the Pacific Southwest Association of REALTORS® (PSAR), a San Diego-based trade group for local realtors.
Hutchinson said that bypassing the MLS could affect the typical seller’s interest in procuring the highest and best offer. He also said realtors privately offering pocket listings could expose their listing office and themselves to liability involving breach of fiduciary duties, ethics violations and fair housing and antitrust issues. CAR offers resources with more information for realtors about issues relating to pocket listings.
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The Pacific Southwest Association of REALTORS® (PSAR), representing realtors who serve South County communities, offers ongoing educational training, advocacy and other services and resources for its members. For more information about PSAR, visit www.psar.org
