Are you looking for a way to buy a property not listed for sale? Maybe it's a house in a beautiful neighborhood you recently drove through. The one with a reputable education system, healthcare facilities, and close to your favorite employer... Wait, are you moving to Chapel Hill, NC? 👀 

You may be wondering how to purchase an off-market property. 

Off-market properties are not advertised to the public but are sold privately by owners or real estate agents. 

Wait, real estate agents? Yes.

Sometimes listings get pulled off the market, and sellers opt to keep them private so they don't get spammed *cough, cough*. More on that later.

What are some advantages of purchasing an off-market property?

• For one, you probably won't read an e-mail that states, "We want your highest and best no later than 5PM sharp!" Who doesn't love a good ol' bidding war? Uhhhh, awkward #TinaBelcher pause. No, thanks.
• There's less competition which means less pressure.
• Secondly, there may be more room for negotiation.
• You may have unconventional financing opportunities, contingencies, or closing terms.

That said, off-market properties can require more flexibility and creativity from buyers than regular properties.

So where do we find these unicorn properties?

Hmmm... Guess you'll have to call me to find out. "Bwahaha."

"Alright, alright, alright," suppose you're trying to bypass a real estate agent #TearyPuppyDogEyes #Sniffle. You can still use some search tools like our property search website. Look for:

• Foreclosures,
• Short sales,
• Expired listings,
• and For Sale By Owner Listings (FSBO's)

Some additional online research may reveal websites specifically dedicated to the above.

Do your homework. I know, everybody's favorite.

• Before making an offer on any property on or off-market, research the market value and history. Try to get an idea of its condition, check out satellite images and previous listing photos, and, if possible, drive by.

"R.E.S.P.E.C.T. Show you what it means to me."

• When approaching an off-market seller, always be respectful and professional. Do you welcome unsolicited visitors or mail? Don't try to pressure them or make lowball offers. You should also respect their privacy and confidentiality.

Lastly and possibly firstly, find a good agent.

• It's like that sign at the gym that says you shouldn't lift by yourself- Let us spot you.
• Your friendly neighborhood REALTOR® can leverage their network and resources to help you find off-market properties that meet your criteria.
• We can contact those sellers and schedule a tour.
• There might even be something that's a better fit on the market. Just because a property is "off-market" doesn't necessarily mean it's a "good deal." What constitutes a good deal is subjective.
• There's a lot of legal in real estate; we can check for any liens, encumbrances, or legal issues that aren't obvious.

If you still prefer to go Han Solo, do yourself a favor and at least consult a real estate attorney who can help you draft the appropriate paperwork.

A good REALTOR® can save you more than enough time, money, and headaches to justify their weight in gold.

We hope you found this information helpful. Please message us or stay tuned by following us on social media.

J. Le Hardy

Real estate consultant

HIVE MIND REALTY

Carrboro/Chapel Hill, NC

Published 2023 04-22