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Regular Contributor
TheGreenBanker
Posts: 86
Registered: ‎12-11-2011
0

Off market deal

I met a neighbor's friend who is a real estate agent.  The agent told me he has a seller that may be interested in an off market deal.  Followed up with agent recently again and it looks like this deal may happen.  Has anyone had any experience in this type of transaction where one agent is brokering the deal.  What about contingencies, inspections etc?  If anyone has any anectodes, I would love to hear.

Platinum Super Contributor
buyinghouse
Posts: 5,879
Registered: ‎04-23-2011
0

Re: Off market deal

  You are the one buying so if you are not allowed to any contingencies you're in for a bad deal. Do you have any friend in the RE business that can check that property for you? Where is that property you located? I can help suggesting a good Realtor but depending on the town.

 

  Besides that, no matter what, the Realtor has to abide to the rules, disclosure, disclosure, disclosure!

Gold Super Contributor
norcalnative
Posts: 3,277
Registered: ‎05-04-2009
0

Re: Off market deal

[ Edited ]

My brother bought an off market home two years ago. The sale and process was identical to an on market sale. Both Agents got their standard fee - and the process was no different than "On Market" Meaning officially listed with MLS.

 

All contingencies and inspections were done just as a standard MLS sale would have them.

 

Why would a seller want to do an off market deal? Simple some people like their privacy and don't have any interest in strange people tromping through their home.

Silver Super Contributor
ptiemann
Posts: 1,228
Registered: ‎08-07-2009
0

Re: Off market deal

I sold 2 houses last year "off market".

My business partner, who had a 50% interest in each property, keeps mentioning that I [probably] sold too low.

 

Yes, full exposure on the MLS will find the true value.

 

Why would the buyer agree to buy privately? According to my partner, because the buyer thinks that he gets "a deal".

 

Maybe. Neither of the 2 properties had comps. In fact, one did not appraise and the buyer had to add $30k on top of the 20% to make the loan happen. I keep saying we probably did ok.

Silver Trusted Contributor
Michelle1x
Posts: 1,063
Registered: ‎02-17-2008
0

Re: Off market deal

ptieman, 

Are you buying anything now or just holding back?

Silver Super Contributor
ptiemann
Posts: 1,228
Registered: ‎08-07-2009
0

Re: Off market deal

[ Edited ]

Michelle1x wrote:

ptieman, 

Are you buying anything now or just holding back?


 

Should I invite competition by saying "yes"?

And, if I say yes, will you ask me for zip codes?

 

Yes, buying.

Silver Trusted Contributor
Michelle1x
Posts: 1,063
Registered: ‎02-17-2008
0

Re: Off market deal


ptiemann wrote:

Michelle1x wrote:

ptieman, 

Are you buying anything now or just holding back?


 

Should I invite competition by saying "yes"?

And, if I say yes, will you ask me for zip codes?

 

Yes, buying.


No- just curious.  I know the entire bay area since I was born here but I only buy in certain zipcodes in San Jose at any rate.  Seems too aggressive of a sellers market for me to buy.

Platinum Super Contributor
buyinghouse
Posts: 5,879
Registered: ‎04-23-2011
0

Re: Off market deal

  I heard they are paying $350+ for a shack. Any shack. Wow!

 

19 to go? Did I lost the count?:smileyvery-happy:

Platinum Trusted Contributor
elt1
Posts: 5,030
Registered: ‎01-04-2010
0

Re: Off market deal

In Stockton they are paying $100k for any shack, so there is still hope:smileywink:

Silver Contributor
bld999
Posts: 473
Registered: ‎04-15-2011
0

Re: Off market deal


buyinghouse wrote:

  I heard they are paying $350+ for a shack. Any shack. Wow!

 

19 to go? Did I lost the count?:smileyvery-happy:


Does it matter whether ther are wheels on it...?  I'll be right down!