Off-Market PropertiesDiscover Rare Investment Properties You Can't Find on the MLS
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In an increasingly competitive market, it pays significantly to stay ahead of the competition and take advantage of opportunities that allow you to act in due time, with complete ease. The Daily Dose Properties site accomplishes that, by introducing investors and home buyers to the best real estate deals nationwide - before they hit the open market.
Take advantage of our Daily Dose Properties site to stay informed of any available off-market properties that meet your specific buying criteria, and join our Facebook group to be connected to discussions that enhance your homeownership and investment journey.
Off - Market Properties Frequently Asked Questions
What are Off-Market Properties?
Properties that are for sale, but aren’t listed on the Multiple Listing Service (MLS) databases of homes for sale. Hence, it is not marketed to the public, but the seller is in the process of selling the property through a private sale.
According to the National Association of Realtors (NAR) 2021 Home Buyer and Seller Generational Trends Report, 11% of all sellers find a buyer without listing their property on the MLS. This is because they get to preserve their privacy by having tighter restrictions on their home showing. It also allows them to sell quickly, without going through the cumbersome process of public marketing campaigns. Some home sellers prefer not to have their homes listed on the MLS databases of homes, as they believe it helps them attract only serious leads who have a high potential of becoming buyers.
However, the limitations of selling off-market is that often times, the property may not sell at its highest value, due to less competition, short turnaround time and limited exposure.
Advantages of Buying Off-Market Properties
- Access to more inventory: having off-market listings in your search widens the scope of properties available to you, especially if your search includes areas where the local housing market is hot. This subsequently reduces (or eliminates most of) your competitors.
- Avoid bidding wars: with off-market deals, if there are any competitors, it is not more than 2 or 3 buyers, because the deals are not open to the public. This allows you to avoid bidding wars or losing out on unique deals due to being outbid.
- Less stress: with the lack of time pressure, off-market properties tend to involve smother negotiations, have flexible transaction times, and avail you the opportunity to do your due diligence in deciding if the property is really what you desire or if it is a right fit for your financial goals.
- Lower sale prices: off-market properties sometimes come as a great deal in terms of price, because less competition often translates to lower sales prices, and the seller might be interested in a quick sale. Also, in situations like this, certain costs – like broker commission fees – may also be reduced, helping to lower the buyer’s total purchase price.
Disadvantages of Buying Off-Market Properties
- Hard to determine true market value: you may never accurately know the market value of the property, and thus, can end up paying too much or too little for it. This is because without it being publicly listed, it is difficult to determine how much the property will sell for when in competition with other properties, or when a bidding war is involved. To overcome this disadvantage, it is imperative to carry out an extensive real estate market analysis on each off-market property you are considering.
- Challenging to find: these properties are often times not easy to come by because they are extremely private. They require a lot of research, patience, negotiating and networking. Also, you may be charged membership fees by off-listing services to have access to their databases.
Where Can I Find Off-Market Properties?
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3. SIGN A NON-DISCLOSURE AGREEMENT
Our team will require you to sign a Non-disclosure Agreement to protect the interests of the seller not to have their property information publicly disclosed. Once we receive this, all interior photos, estimates and/or repairs will be further made known.
4. SCHEDULE SHowing
The seller of the property will normally require a letter of intent with an ability to close known as proof of funds prior to showing the property. Once received, the seller and the buyer can agree upon inspection, viewing, and closing schedules through the Evergreen Investment’s agent and seller’s representative(s).
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