The longer you are a Realtor, the greater the possibility there is for a one party listing. One party simply means that the listing agent knows someone.. it may be their own customer one of another agent's...that buys a listing that never goes to MLS. There is a listing agreement of course, but it is limited to the private showing of a specific or sometimes more than specific buyer for a limited
period of time.
For the Seller, it means that the listing does not "hit the market"...there are not multiple prospective buyers and agents. No competition. For some Sellers, that can be a welcome relief...the elderly or for someone who may be physically incapacitated or for other personal reasons, welcomes the privacy of fewer showings.
There are no bidding wars...the Seller(s) set a price on the contract and decide whether or not they want to accept it. A one party is not a guaranty the Buyer will buy or the Seller will sell at the price listed on the contract...which in no way differs from any other contract.
It can be a comfort to a Seller to know that the property is sold without the disruption that a typical listing brings while at the same time, they are choosing a price that they believe is equitable and works for them.
One Party...is really a party...all about the Seller(s)...an option they chose that is comfortable for them in every sense of the word.
This is a Real Estate public service post brought to you courtesy of Sally K. & David L. Hanson, Broker Associates with Keller Williams Realty...honored to be at your service for all things real estate in southeastern Wisconsin.