Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

Cannot Find The Right Home To Buy? Look For Pocket Listings

by Luke Fields

There are times when people are out looking for a home to buy but cannot seem to find any that meet what they are looking for. If you have been looking for a home to buy for many months now and cannot find one that really works for you that you love, you could ask your real estate agent about pocket listings.

The Definition of a Pocket Listing

In real estate, pocket listings refer to homes that are for sale but are not listed on the MLS. Typically, every home that is listed is placed on the MLS for the purpose of marketing the home. A pocket listing is not placed into this database, though. This means that there may be more homes for sale in your area than you know about, if there are pocket listings, but you would have to determine a way to find out if there are pocket listings in your area.

The Reasons Sellers Use Pocket Listings

Before you rush to your agent to find out about pocket listings, you should understand a little more about these types of listings. Sellers of homes will not typically want to keep their home sale private; however, there are times when they will. One reason for this is simply to avoid letting the whole world know that their house is up for sale. The person selling might have personal reasons for not wanting this information to get out to the public, and he or she might decide to use a pocket listing because of this. There are also sellers who use pocket listings to keep a tight control over who views their homes.

How to Find Pocket Listings

The only way you can really find out if there are pocket listings in your area is by talking to the right real estate agent. Some agents will have this type of information, especially if the agent you speak to is the listing agent for a pocket listing. Agents will not just tell every buyer about these homes, though. They will generally only offer the information if they are asked and if the buyer meets the qualifications to purchase the homes listed as pocket listings.

If you have questions about finding the right property for sale, you can ask an agent. The agent you talk to might even be able to give you more information about pocket listings in your city.


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.