How to Find a Great Deal on an Off Market Investment Property. If real estate properties are “off market” then how do you find them? Also, how can you buy a home that’s not on there market? There are two good explanations for this and I’ll tell you what they are.
Properties can be labeled as “off-market” simply because they are not listed on the MLS (Multiple Listing Service) but they are still for sale. Houses are sometimes not put on the MLS because the listing agents knows that they can sell the house quickly without listing it on the MLS and, in doing so, save on the commission that they would otherwise have to pay to the buyer agent. The money that they save from this could outweigh the cost of selling it off the market.
One way that you can find properties that are off-market is to become friendly with wholesalers. Bigger Pockets explains it this way:
“A real estate wholesaler essentially puts a property—typically a distressed property—under contract and then assigns or resells the property to another investor within just days of purchasing the property. Networking with wholesalers is a great way to find investment deals; just keep in mind that they’re acting as ‘middlemen’ and you’re likely not getting the same deal you’d get if you went direct to the source.”
In order to find real estate wholesalers, you can use LinkedIn to network and meet professionals. Don’t be shy about why you’re seeking them out though. Make sure that they know what you’re looking for in regards to properties to buy and flip.
However, when it comes to buying a property off-market it is important to be wary of sellers trying to sell the property for more than its worse to buyers who don’t know the market or what questions to ask. Having a professional with you will help you learn which questions you should ask and what you should look for when viewing a home that is not on the MLS.”
According to Inman:
“Despite these risks, the tide isn’t going to change. There will continue to be an increasing number of off-market (not on MLS) properties competing parallel to the ‘traditional’ market. Buyers and their agents will have to fish from both streams if they want to catch what they are looking for consistently.”