What is an Off-Market property sale?
How are people buying property off-market and what does it all mean?
When you’re searching for a property in Sydney, it can seem near impossible to find the right home that fits your price and criteria. When you engage a buyer’s agent, you can access a whole series of off-market properties that suit your needs and would be otherwise unavailable to you.
A property for sale off-market is selling or has been sold without any public advertising or public scheduled inspections. Purchasing off-market occurs if its owner is presented with an acceptable offer, but chose not to promote the sale.
Buying on a public listing means that anyone can compete against you. When a buyers agent brings you an off-market home to inspect, making an offer gives you the advantage of setting your price exactly where you want to, rather than feeling pressured by competing buyers.
A buyer’s agent can act on your behalf with a tailored strategy providing you with the confidence and assurance that many buyers desire.
Often, off market home purchases occur when vendors simply contact a buyer’s agent to gauge if buyers are interested in purchasing properties similar to their own.
At Search Find Invest, our relationships are one of our greatest assets. Through our contacts we pair you with undiscovered off market opportunities that would not be possible if you did the searching on your own.
Off-market sales are where savvy home buyers avoid the pitfalls of buying at auction, where emotions run high and the quoted price is painfully unrealistic.
Advantages of an off-market sale:
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Price
Often, an off-market property is one that needs a quick sale, where the sale can be more important than the sold price itself.
As there is usually little to no competition for the sale, you can often snap up a property for a fair and logical price, away from other keen buyers that inflate the price of property through competitive bidding.
This level of exclusivity can mean buying for a lower price than on the open market.
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Better chance of success
There is greater potential for your offer to be accepted if the owner has some urgency to sell, often this can be due to personal circumstances where the priority is not always the highest price possible but speed and ease of sale.
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Off-Market property sales can allow for more flexibility
Vendors of a quick low-key sale are more open to conditions that would not be possible on the open market, such as flexible settlement periods and flexible payment options.
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Time
One of the problems with a highly competitive property market like Sydney is that time is never on your side. Buyers rush to purchase against other keen bidders, and often due diligence goes out of the window as a result.
Off-market deals are different; competition is much lower, prospective buyers get the time to look over the property thoroughly before making an offer they are comfortable with.
For more information on purchasing property off-market, speak to Sydney’s off-market specialists at Search Find Invest 1300 132 970 or visit www.searchfindinvest.com.au
