When you are thinking about selling your home there can be a variety of reasons to have an open mind to avoiding the conventional listing method. It could be that you do not want a huge number of people walking through your house. Maybe you do not have the time or energy to make repairs necessary to get the house into “listing ready” shape. Potentially you live out of state or have a rental with tenants that you would prefer not to bother. The list could go on but the main point is that there are benefits to considering the off market approach.
Often times, off market sales happen when a home is in need of serious repairs and a seller might not be equipped financially to pay for them before it hits the market. However, an off market sale can provide simplicity and efficiency to a seller even if their house is not in dire condition.
Let’s look a bit closer at what selling off market is and whether it is the right decision for your situation.
What is an ‘off market’ sale?
When you sell a home the standard way, you enter a listing agreement with an agent and they place all your property’s details into the MLS. This is the multiple listings service and it is a database that gives access to a huge pool of properties for sale in the marketplace. The MLS includes statistics about properties like the size, number of bedrooms and bathrooms, days on market, annual taxes, and of course the listing price. These listings are often also broadcast on real estate websites such as Trulia, Redfin, and Zillow.
Alternatively, an off market listing occurs privately between the seller and an interested buyer, without being marketed to the general public. This gives the seller and buyer flexibility to structure a transaction however they’d like.
Why sell your home off market?
Selling to a cash buyer: Most property investors prefer to purchase houses off market because of the flexibility they can bring. These types of people or companies have the capacity to analyze a property, limit intrusions, and move quickly with a closing.
Damaged property: If your house has had a tragic event occur it may be too expensive to repair it yourself. Many investors are well equipped to handle scenarios such as water leaks, fires, or natural disasters like a tree falling on your house. Depending on the severity, these types of events can necessitate huge amounts of work. It can be beneficial to find a fast moving cash offer to be able to move on and start fresh.
Health or financial struggles: Life can create a lot of adversity at times. If times are tough, it can be very helpful to sell your home without multiple inspections, performing repairs, or thinking about staging your interior. An off market sale can allow someone to get what they need in a short timespan and focus on what is most important.
The pros of selling off market with Community Home Buyers
Off market sales have benefits but you also need to make sure you are working with a trusted party. Community Home Buyers has completed numerous transactions and pride ourselves on making the process transparent, efficient, and cost effective. Some advantages to selling off market with us are:
Maintaining control and privacy over your property: This applies to anyone who does not want many strangers perusing around their home. We only need to visit the property once to evaluate its current condition and then we can make you an offer.
Avoiding the logistical efforts of staging, repairs, and showings: All of this can be costly, time consuming and does not guarantee the best results. We always buy a property in As-Is condition so the seller does not have to worry about spending time and money on presentation. We can even take care of leftover clutter and trash that may not have a place in your new home.
Paying reduced or no commission and closing costs: Often times an off market sale means you pay no commission at all since there does not need to be an agent involved. Community Home Buyers will always make cash offers with all the closing costs included. This can amount to 8% savings compared to a sale made on a listing website.
If you are unsure whether selling off market is the best approach you can reach out to us directly and we will provide more information. We respect the importance of your home to you and will always be up front about what we are able to offer.