Your home is not for sale, but you just got an offer. What do you do? In tough real estate markets, buyers might take a gamble on a home that’s not for sale. Here is how you should handle an out of the blue offer. It is the unexpected envelope in the mail or knocks on the door. A complete stranger says he/she wants to buy your home, and for a wonderful price.
It’s even quite common for an old friend or an acquaintance to approach you about their desire to buy your home. Getting an unsolicited offer for your house can feel a little odd.
What are you supposed to do when you get an enticing offer from a home buyer when your home is not for sale? It occurs more often than you would think, and it is helpful to carefully consider all your options, whether you have thought about selling your home or not.
Your home is not for sale – Why did you receive an offer?
While you go about your day-to-day business and enjoy the comfort of your home, able and ready buyers are eager to be homeowners. In most areas of the country, the inventory for houses is still at record lows.
Quite frankly, there simply are not sufficient options for home buyers, so they are forced to think outside the box. Some of the zealous home buyers decide to take matters into their own hands and mail letters to houses in the neighborhoods they desire and hope for a winner.
Your home is not for sale – What do you do with an offer?
If you do not have any desire to sell your home, do nothing. However, some homeowners will want to hear what the home buyers want to say, and others may seriously take into consideration an off-market offer.
Your first step is just to listen. You will want to first vet the prospective homebuyer over the phone so that you can ensure that they are serious. Often, real estate agents will search for expired listings and reach out to the owners in an effort to drum-up some business for themselves. It is a way they accumulate real estate properties to sell.
You should ask the prospective home buyer how long they have been searching if they have already made other offers, and what are the areas they desire.
You should then ask the homebuyer why they decided to select your house. A homebuyer who mails an offer directly to you and only you most likely really wants your house, as opposed to the home buyers who send postcards to fifty people.
Hear them out and try to better understand their experience in the market, possible price or terms, and motivations.
You will most likely have to show them around the house. If they seem serious, you can take that step. You should, however, be cautious when letting a total stranger into your home.
Enlisting a real-estate agent
If you used the assistance of an exceptional local real estate agent when you bought your house, you may want to engage them again at some point. If you don’t already have your Realtor picked out, we highly recommend our Preferred Partner: Residential Realtor. The Woodcock Real Estate Group has been buying and selling homes for their clients in Las Vegas since 1974 and they know a lot about maximizing homeowner value.
Although sellers and buyers dream of completing a deal, it is normally a good strategy to first consult with an experienced and honest agent. A good real estate-agent looks out for the long-term relationship, and being the adviser to an off-market sale is also in their best interest.
Most real estate agents will help in an off-market deal for a reduced commission because they do not have to prepare and show the house for several weeks or months.
Off-market deals might not pan out
These deals do not at all times come to fruition for a wide variety of reasons- frequently, it is because the seller isn’t motivated enough to let the house go.
And in almost all off-market deals, there is a struggle over the last few 1000 dollars – and that conflict frequently keeps the house sale from happening.
In many cases, if the home buyer wants to purchase, they have to pay the price quoted by the homeowner. The homeowner has what he/she wants, and buying off the market is, in some ways, a good opportunity that they have to pay for.
Thank you for reading our post, “Your home is not for sale, but you just got an offer. What do you do?” For more Las Vegas home Seller tips, information on moving to Las Vegas, Las Vegas real estate market news, information on Las Vegas homes for sale, buying a home in Las Vegas, or general real estate information please visit our website www.lasvegasrealestate.com.