How does one find off-market potential sellers?

[Anonymous]

Anonymous wrote:Tell us something about what you are looking for. Or where. My house is not on the market yet and maybe i want to sell to you!

I fantasize that someone will contact me and offer a great price for my house and we're not even considering going on the market.

[Anonymous]

If you’re getting outbid, then your eyes are bigger than your wallet. A seller would have to be dumb to offer it to you below market value with contingencies, without ever listing it for sale.

Shrink your wish list.

[Anonymous]

Get a better realtor. Let friends know you’re looking. We told our neighbors before we signed with our realtor. We knew we’d sign with her but what not done it yet. One neighbor was interested in buying it but wanted a “deal.” My house was appraised for $150k more than she wanted to pay so why would I walk away from that much money?

Also OP if the market says no contingencies and you want contingencies they probably won’t go with you. You need to be competitive. Some people want an early close but rent back so their kids can finish school, so offering things that like might also help.

I would find a better realtor/ ask around and also lower expectations or wait until fall or winter.

[Anonymous]

Anonymous wrote:My husband and I have been trying to identify potential sellers of properties that fit our criteria but it feels like a losing battle - we are already getting passed by due to all cash, no contingency offers, with some sight unseen. It's freaking ridiculous out here.

We have an agent but I don't feel like they're doing much of anything to help in these efforts. They said the sent letters to potential property owners but that's it.

No mention of networking, posting online, or anything to help further the cause.

I'm tired of sitting around and waiting because that's all we've done for homes that eventually come on the market. We need to be ahead of the market because once something goes live, we've already lost.

So.. is there something I can be doing to help our odds? I'm so frustrated..

If you are getting out bid, then you need to lower your sights or up your budget. Otherwise, it sounds like you are trying to trick someone into selling their house to you at a below market price.

[Anonymous]

Send letters to owners of houses that aren't for sale but that you're interested in. You probably won't have a ton of success, but you could have some. I'd entertain an awesome offer even though I haven't listed.

But I also wouldn't expect to be able to get contingencies.

[Anonymous]

Anonymous wrote:Fall is peak supply for the year.

Uh, no. Fall is peak "leftover supply" - stuff that didn't sell in the spring or summer months because it was either priced wrong or just a busted home (for whatever reason). But it is also the best time to get a great deal due to much less competition. Lots of old people die in the fall and over the holidays - estates with out-of-state heirs are looking to dump properties, good opportunities for a property with sweat equity potential.

[Anonymous]

You need a different realtor. The top ones know what is coming on and who could be convinced to be a seller. Each area has one or two. We get notes and emails at our main house regularly from 3 agents. We have investment properties in dc, and same deal but it’s the top agents there. Every time we’ve gone to sell something, we reach out to the top agent in the area, and they already have a list of ready buyers. The top agents are like this even in more normal/not so aggressive markets. Your agent doesn’t sound like she specializes in the area you want. Cut your ties and start over

[Anonymous]

Anonymous wrote:You need a different realtor. The top ones know what is coming on and who could be convinced to be a seller. Each area has one or two. We get notes and emails at our main house regularly from 3 agents. We have investment properties in dc, and same deal but it’s the top agents there. Every time we’ve gone to sell something, we reach out to the top agent in the area, and they already have a list of ready buyers. The top agents are like this even in more normal/not so aggressive markets. Your agent doesn’t sound like she specializes in the area you want. Cut your ties and start over

You’re missing the point where OP very clearly states they are being outbid. A new realtor isn’t going to convince Barb to sell her house for $100K less or whatever. OP needs to increase the budget or adjust expectations. Or move to a MCOL area where their $ goes further, jobs permitting.

[Anonymous]

Anonymous wrote:Send letters to owners of houses that aren't for sale but that you're interested in. You probably won't have a ton of success, but you could have some. I'd entertain an awesome offer even though I haven't listed.

But I also wouldn't expect to be able to get contingencies.

NP. Has anyone had a cold letter to a homeowner work?

Wondering because a few years ago, DH and I saw a house that we adored, but it went for way over asking (and our budget at the time). Now that our careers have taken off, I daydream about sending a letter to the current owners. Probably delusional of me.

[Anonymous]

You have to pay for something like Property Shark then have cash. A distressed buyer or one looking for quick sale does not want a million contingencies.

I sold my house a nice couple a bit below market and was a good deal. They even go mortgage. But they put down 10 percent ernest money and was ready to close even if they did not get a mortgage.

I would I take a discount when I moved out of state have an empty house on a buyer with a bunch of contingencies

[Anonymous]

I found my current house by posting on the neighborhood listserve that I was looking in x, y and z zip codes for 3+ bedroom house and already knew everything on MLS and I was inundated with people offering their homes. Some were ridiculous make me move prices, but many were people who were delaying pulling the trigger on listing and would love to do an off market sale.

[Anonymous]

We bought our home off market and a lot of it was luck.

It was winter, so not peak season. We had put in bids on a few places and lost out, but a seller’s realtor like us and our financials. She knew of a family that had been renting their place for a few years but were between tenants and were thinking of just selling. They didn’t want to fix it up for showings (it did need cosmetic work) and we didn’t want to loose another bidding war. We were able to work it out and everybody won.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You need a different realtor. The top ones know what is coming on and who could be convinced to be a seller. Each area has one or two. We get notes and emails at our main house regularly from 3 agents. We have investment properties in dc, and same deal but it’s the top agents there. Every time we’ve gone to sell something, we reach out to the top agent in the area, and they already have a list of ready buyers. The top agents are like this even in more normal/not so aggressive markets. Your agent doesn’t sound like she specializes in the area you want. Cut your ties and start over

You’re missing the point where OP very clearly states they are being outbid. A new realtor isn’t going to convince Barb to sell her house for $100K less or whatever. OP needs to increase the budget or adjust expectations. Or move to a MCOL area where their $ goes further, jobs permitting.

You are missing the point. The most trusted/in realtors know about certain properties that most other realtors do not know. These properties can sell for less than market when the connection is made with the right buyer because the seller doesn't have to put it on the market. They would rather just sell as-is. Of course, increasing budget, etc is helpful to get what they want but the right realtor is just as if not more important.

[Anonymous]

Like someone already said I would post on Nextdoor and do it weekly for like 6 weeks. There are many people out there who don’t want to pay the realtor fees. You just need to find each other. However no one is going to sell for less than market value OP. So don’t waste peoples time either.

[Anonymous]

Anonymous wrote:My husband and I have been trying to identify potential sellers of properties that fit our criteria but it feels like a losing battle - we are already getting passed by due to all cash, no contingency offers, with some sight unseen. It's freaking ridiculous out here.

We have an agent but I don't feel like they're doing much of anything to help in these efforts. They said the sent letters to potential property owners but that's it.

No mention of networking, posting online, or anything to help further the cause.

I'm tired of sitting around and waiting because that's all we've done for homes that eventually come on the market. We need to be ahead of the market because once something goes live, we've already lost.

So.. is there something I can be doing to help our odds? I'm so frustrated..

Yes, lower your expectations. Target lower-priced properties than you have been, so that you can bid up higher than the others do. It is less likely you will get "passed by due to all cash, no contingency offers" if your offer is significantly higher.