A sale of a home on the “UN“market can work for all parties interested in facilitating a transaction. When a home is starting the preparation process, many times an agent will post a “Coming Soon” sign on the property to start the pre-marketing of the home. When this happens, there is the potential a buyer, neighbor, friend or buyer’s agent will notice the sign. They might just have the perfect buyer for the home and could also be able to offer a price and terms which might make the seller consider an “UN“market sale. The buyer might also willing to offer a price could be considered potentially higher than expected market value. In a hot market, if the buyer can eliminate the possibility of having to compete with other bidders for the home, it can be worth paying a little more. This also would save the seller some preparation time and costs as well as knowing a certain sale price for the home, so they could begin looking for the next home. When all of this comes together with willing parties it can make for a wonderful situation for them.
The BIG question remains, though, could the seller have done better on the open market by completing the preparation process, using the multiple listing service, having open houses and then a date certain to review all offers? More in Part 3…..
To see Part 1 go to UNrealestate.info and subscribe!
What is the deal with Off Market real estate sales? I have termed it the “UN” market! This is an UNprecedented phenomenon which seems to be growing in popularity. Why would somebody not want to expose their home to the entire real estate market through the MLS? Many reasons can go into this decision. One is having to prepare a home for sale. Another is the seller may not know where they are going. In HOT market, its enticing to sell your home for a very nice price, yet the seller would have to buy a home and might need time to find the right home. A sale on the “UN” market could provide a buyer with the flexibility to provide a seller time to secure another home without having a condition of selling a home. An “UN” market home sale can work for all parties. More on this in Part 2 next week………