It could just be that the agent has a pocket listing (not posted on the MLS yet) knows its going to be a short sale, already has a buyer works with the bank, makes the deal and then posts on the MLS for a comparative market analysis (CMA's) for setting value for the neighborhood.  Send me some MLS numbers and I will research for you.

Of course all this is just my opinion.

RE_Guy,

I'll take you up on the offer.

Here's some for kicks, the first is really strange:

P709599

RE_Guy, 

Thank you for your time.

Sickofit –

One of your listing examples looks bizarre. 

The property on Hidden Oaks in Yorba Linda (P700080) looks like a listing on 8/16 a sale on 8/17 and off market on 8/17 but had a list price change on 11/3 to $1,350,000 while still in escrow.  It’s a short sale so the bank may have countered at the higher list price, $1,350,000 which the buyer met.  The agent was accepting back up offers so he needed to post the higher price for anybody wanting to make a backup offer.  From data on the MLS it appears to still be in escrow.  Currently it’s a rental with a tenant.  As posted occupant phone number is 714-555-5555 which makes no sense.  In conclusion your guess is as good as mine.

The other two look standard it me –

P704523 on Steeplechase Way in Yorba Linda is also a short sale added to the MLS on 9/14 and sole on 10/13.  Other than being a short sale nothing looks out of place.  Listing price per square foot does look low and the actual selling price will not be posted until the close of escrow.

P709500 on Trotter Ln in Yorba Linda is another short sale that was listed and sold in the same day, (11/3) was probably already sold through the broker and is just being posted on the MLS for information and appraisal information for other properties in the area.  We don’t know the selling price because the property has not closed escrow and the listing price per square foot looks low for the area.  I see this all the time.

RE_Guy,

Thank you for your work and I just have one question.

You said on the Trotter property that it was probably  sold through the broker.  You also mention that you see this all the time--I assume sold through the broker.

So does this mean a broker gets a listing has a client in mind for a dual agency representation and instead of listing the property on the MLS, the broker calls up his client tells them they have a hot property at a certain price and sell to them first?

I understand that the seller should be OK if the seller gets their desired price, but I would think the broker runs the risk of being accused that they did not fairly market the property.  As you mention, those listing prices are seemingly low so if they do go at that price, they are probably going under market.  

sickof it –

Remember that the broker is working with the bank and negotiating with a bank is different than negotiation with an individual seller.  The bank has calculated a “strike price” at which it will sell the property.  This price is usually higher than the listing price (let the bidding begin) if the property is listed on the MLS.  In this situation the broker, working with the bank may already have a purchaser for the property, possibly an investor with an all cash offer that is at the strike price or higher.  The bank agrees to accept the buyers offer but the property has never hit the MLS.  The bank knows that but does not have a problem with the property not being listed on the MLS because the broker brought in a buyer that has hit the “strike price” or higher.  Generally, the bank won’t care if the property was MLS listed if the buyer hits their “strike price”.  Some brokers will disclose to the bank that the property was never listed on the MLS.  Most of the time the banks know that the property was not listed on the MLS; they just want their “strike price”.  Remember they are handling thousands of transactions and don’t have time for and don’t really want to deal with price negotiations or any contingencies.  That is why if you are a buyer of a short sale or REO it is extremely important that your RE agent get that “strike price” from the bank and be willing to accept a deal with no or very few contingencies. Not understanding this mind set is why so many neophytes bidding on short sale or REO property never get their deal done and usually blame their RE agent for their failure.

It can take months for the property records to be updated and brokers usually want to establish a sold price for appraisal purposes. They will post the property on the MLS as a sale pending, rather than active, or sometimes is there is some doubt about concluding the transaction as a back-up offer. As almost all brokers and their agents use the MLS this procedure is a way of quickly imparting price knowledge about the current marketplace.

If you stay in this business long enough you develop contacts with investor or other individuals that have a lot of money and are looking for good deals.  They offer cash with no contingencies, short escrows, etc.  All these attributes are very desirable to banks.  I know one individual that carries around 2 million is checks in his pocket every day just looking for the deals.  He is an extremely intelligent real estate investor but to look at him you would never know it.  Drives an old beat up car, usually wears a tee shirt and jeans and is a kick back guy (his wife drives the Benz).  But he knows his stuff and makes a lot of money in real estate, even during the bad times.  When he sees something he wants he tells his broker, all cash, no contingencies, fast escrow.  That is how to get a short sale or REO sale done fast.  He has the contacts and he knows the market.  You best believe that the property he purchases almost never see the MLS as active.

Of course all this is just my opinion.