A property for sale off-market is selling or has been sold without any public advertising or public scheduled inspections. Purchasing off-market occurs if an owner is presented with an acceptable offer. Buying on a public listing means that anyone can compete against you.
Often, off-market property purchases occur when a selling agent simply contacts a buyer’s agent to gauge if buyers are interested in purchasing properties similar to their own OR as a buyer you have developed a very strong relationships with every agent in the area in which you are looking and they know what your budget is and what it is you are looking for and can match a property to your needs before selling publicly.
Many clients ask us why anyone would sell off-market? To this, there are a few reasons. The first is to save on marketing and advertising costs. Depending on property type, the owner will save $10,000-$50,000 in marketing and advertising costs by going off-market. This saving can be then passed onto the buyer’s purchase price.
The second is the need for privacy and is one of the more common reasons. Prestige property, divorce, death or a change in financial circumstances often leads to a need for an off-market sale. These vendors do not want to attract the attention of the general public with their sale, prefer confidentiality or do not want anyone just coming through an open house inspection for a sticky-beak.
The third is to avoid the hassles of being open for inspections every week. This eliminates constant cleaning, arranging children and pets to be out of the house and instead, you have a few serious buyers inspect the property.
Please feel free to CONTACT US if you would like further information on buying off-market or you would like further information on our property buying services.