Suppose you are looking for your dream property but don’t want to fall into the competition in the real estate market; off-market properties are your best bet. Off-market properties are properties for sale which have no adverts. These properties are legitimately for sale, but the seller refuses to list them for various reasons.
These reasons could include a disinterest in the auction process and a refusal to pay huge advertising fees. They could also not want their neighbours to know they intend to sell, or they don’t want any pressure from buyers and want to take their time. Whatever their reason, off-market properties are a prime opportunity for you to get the house of your dreams. So here are 5 tips for buying off-market properties.
1. Discover the Property
There are varying ways to find off-market properties around you, and they include:
- Ringing your local agents: You can get the first pick at the choicest properties without any stress by simply ringing agents around you. Buyers Agents usually have all the local intel, and their connections can make the sale super easy.
- Listing services are springing up these days that allow sellers to show off their off-market properties. Sign up for notifications to get the first pick.
- Alternatively, you can go the route of getting houses for foreclosures or bank-owned houses. You can find these at auctions, bank websites, and newspapers. Remember to view the property to ensure it’s in great condition.
2. Request a Private Viewing
A private viewing helps you form your initial thoughts and opinions on the property without pressure. The good thing about off-market properties is the rush to close is usually low due to low competition from other buyers. So you have enough time to bring friends, family and partners over to look over the property before making any commitment.
3. Inspect The Building
After viewing the property, make arrangements for a thorough inspection by a professional. Request permission for pest and building inspectors to visit, as this will save you a ton of grief in the future. A good inspection can determine the property’s actual value, as the inspector has standard metrics you might be unaware of.
4. Mandatory versus Voluntary
Before committing to off-market properties, have your list of compulsory features handy. The list should contain everything your ideal property should have, and you won’t waver. You should also have a secondary list with features you can do without. Lists like these help with decision-making and the fear of missing out. An example of a compulsory feature could be the number and size of rooms in a property. And the secondary list could contain items like cupboard sizes.
5. Get a Lawyer’s review before making an Offer
Before deciding on any property, run it through your lawyer for a proper review. A good lawyer should spot discrepancies, especially as the property is off the market. If your lawyer does not find the contract satisfactory, do not go ahead and instead keep searching.
However, once you get the go-ahead for your offer, ensure your offers contain the property’s price, the deposit fee and settlement fees. Further negotiations may continue at this point, but this is normal. Once negotiations are over, it is time to sign the contract and hand over the deposit cheque.
Buying off-market properties is a good way to avoid competition and find hidden gems. There is less rush for off-market properties, more unique properties and a vast array of properties are available.
Article Submitted By Community Writer