| May 28,2020
In the current Covid-19 market, there has been an increase of ‘off-market’ listings and for any buyer there are some key steps every buyer should know when purchasing a property off-market.
‘Off-market’ listings or ‘quiet’ listings are those properties that are not publicly advertised but are genuinely for sale. Some vendors choose this method for a number of reasons:
There are a number of steps you should consider to be successful when purchasing a property that is being offered ‘off-market’ but firstly, let’s look at where you can find off-market properties for sale in your local area.
Getting access to these properties in the past required buyers to either hire an expensive buyers agent (charge a fee c2% of property sales price) or contact all the real estate agents in their local area. This requires building a relationship with real estate agents, letting them know you are looking to buy a property and the requirements you want to be matched with and ask them to put you on their agent database to be alerted when a suitable property comes up.
Even doing all this does not guarantee a new buyer will be notified as agents will generally prioritise their longstanding buyer customers.
This approach is time-consuming and many buyers are missing out on finding a property to buy.
Today there are new platforms created such as Property Whispers giving buyers access to off-market properties for sale and matches are delivered straight to your inbox.
So once you’ve been notified of an off-market property available in your area and you’ve spoken to the real estate agent about, there a number of key steps you need to take prior to making An offer to purchase.
If the property ticks all the boxes then you need to do your due diligence to ensure that there are no hidden surprises. You need to ask the real estate agent for the following:
The real estate agent will most probably ask your opinion on price. Don’t feel pressured to offer any price until you are ready. However be sure that you are comfortable with the price range that the agent is telling you. In an off-market scenario where there is little competition you can be in a good position to own the property if you are comfortable in that price range.
An offer includes three things:
Your offer is then taken to the vendor for their consideration. There may be some negotiation required to get to a mutually agreeable price. If you are not comfortable with the negotiation process then it’s best to find someone who can assist you with this process.
Once your offer is accepted you will then be required to sign the contract and attach the deposit cheque. The vendor will then sign their copy of the contract & contracts are then exchanged. Congratulations, you’ve now purchased the property.
Article written by: https://propertywhispers.com.au/
Liane Fletcher is Co-founder of Property Whispers – Australia’s first online platform for off-market properties for sale. With years of experience in the real estate industry, Liane has a wealth of knowledge and understanding when it comes to the needs of buyers and agents alike. After seeing a gap in the market, she partnered with Larry Mendelowitz, to create Australia’s newest and most innovative online real estate platform. The duo launched propertywhispers.com.au in May 2017 – the home of off-market properties which has now become a marketplace for agents to list all their properties for sale including, on-market, just listed & off-market properties.