Buying a home is already hard enough. But then there are those times when you drive by a house that you immediately fall in love with. Maybe there is a garage you just love or a front yard that you just want to be able to enjoy with your family. Your search for a for sale sign but see nothing, you check online and find nothing, all hope is lost. But you wouldn’t be the first person to want a home which isn’t for sale and some of them have even succeeded. It’s not an easy road and it is never a guarantee but it also isn’t impossible. There are ways to buy a home that’s not for sale.
You can easily learn how to buy a home that’s not for sale and while it is difficult it is not impossible to get the job done.
The Type of Market
There are always options when trying to buy a new home. People go from house to house hoping to fall in love with it but they just don’t. That is usually the case when trying to buy a home off the market. It isn’t that you just drove by the house and thought yea, I’d like to own that one. Instead, you have tried to look for houses but haven’t found the perfect one. This usually is an indicator that you’re in a tight seller’s market. That means you need to be prepared for the worst if you are going to learn how to buy a home that’s not for sale.
Search for Hope
There are many occasions when a home is taken off the market for one reason or the other. One reason could simply be because the listing expired. There have been cases where a real estate agent or company couldn’t get the home sold within their contract period. The house is removed from listing sites when that happens. Another reason could be that the real estate agent was fired, and the listing is canceled. Either way, your real estate agent may be able to find it in canceled, expired, withdrawn, or even coming soon listings. That may mean the owner is more likely to sell the house if it fell into any of those categories.
Going Above and Beyond
A good real estate agent is ready to do whatever it takes, within legal parameters, to get you your dream home. Your agent should be willing to write letters, or simply knock on the door and open a dialogue with the homeowners. The goal would be to see how willing they are to sell and what it would take to get the job done. It isn’t uncommon for some real estate agents to send letters to beautiful homes asking them to sell. But this situation is slightly different. This time, the buyer is already lined up, you.
Prepping an Offer
The offer itself might be the most difficult part of learning how to buy a home that’s not for sale. You will almost have to make an offer that is good enough to satisfy the homeowner. However, you also don’t want to overspend on the house based on local markets. There are even more problems that could arise from this situation. All you know about the house is what you see when you drive by.
There could be black mold, terrible pipes, or maybe rotten floors that you just won’t see from your car at 5 MPH. Luckily, you can do your research. In fact, your agent has access to info on the house, when it sold last and for how much. All of that information is perfect for basing your offer. Still, you will want to protect yourself as much as possible by adding in some contingencies. The most important contingency is that your offer is only valid after a thorough and clean home inspection.
Expectations for Learning How to Buy a Home That’s Not for Sale
Your real estate agent needs to be the best, we happen to know a couple of real estate agents if you are in need. But even the best real estate agents can’t guarantee a successful outcome from trying to buy a home that’s not for sale. You should always be prepared for being turned away. However, that is really good news. The worst thing that could happen is the homeowner says no and you move on. We all can handle that rejection which means it is worth a shot. Who knows, you might get lucky and catch the right person, at the right time, with the right number, and the right everything. In fact, we have had this happen and workout perfectly more than a few times. Don’t forget about that home inspection contingency.