What is it? An off market property can be a home not currently for sale. However this term can also mean a house that is sold without being listed on the Multiple Listing Service or MLS, which is the database of homes for sale. This is the database real estate agents use to promote for sale listings. The picture here is of an actual off-market property currently for sale.
Reasons For Off-Market. Some of the reasons for it being an off market property may be that the seller advertises the home privately or to a select group of potential buyers without advertising it publicly. Some sellers may list their houses off market for privacy reasons, the results of a life event they don’t want people to know about such as the divorce or financial hardship. Some sellers are more private and don’t want a lot of people inside their homes, as would be with an open house and other sellers don’t want their nosy neighbors coming by. Sellers may eventually list their home on the MLS if they didn’t get the price they wanted.
Benefits of buying off market properties. Some owners are usually not in a rush to sell. They have a price in mind and will even negotiate down. Finding off market homes properties for sale gives you access to inventory your competitors don’t know about. This may increase your chances of buying a property with fewer competition and no bidding wars. Let me know if you are interested in such properties, and when one comes my way, I will be sure to let you know.
