There’s no “For Sale” sign on the front lawn and no listing online of that perfect Nashville home you have had your eye on, so it’s safe to say that the home is not for sale. Still, you can’t help but fantasize about owning it one day. It’s not technically on the market, but that doesn’t mean you can’t at least try to buy it. The worst the owners can say is no, right?
You can offer to buy a house that’s not for sale, but prepare yourself for rejection—or perhaps the owner asking for more than the estimated value of the Nashville home. But nothing’s stopping you from trying.
How to put an offer on a house that’s not for sale
First, you should try to figure out why a property isn’t on the market; this will help you tailor your offer to the situation.
For example, if a property was previously listed, but the listing has expired or was withdrawn, it might mean that the owner was unhappy with the listing agent or the market’s response, or that the owner’s plans had changed. In this case, the owner might be more open to offers. You can either approach the owner directly or hire a Nashville real estate agent to approach the owner for you.
If a property is vacant, however, you or your real estate agent might need to do more legwork to track down the owner and determine if the property can even be sold. The Nashville home might be foreclosed on, condemned, or awaiting litigation—all situations that would affect whether or not the house could even be sold.
But if you have determined that a blind offer could sway the homeowners, think twice before directly approaching them with a cold letter.
Of course, making an offer on a house you’ve seen only from the street means you could be missing crucial repairs that must be made. Perhaps the home needs a new roof or the downstairs bathroom has a nasty case of black mold that needs to be eradicated. The biggest risk is offering too much money for a house that has serious issues. When making an offer on an unlisted house, it’s always recommended that the buyer include an appraisal contingency.
Be ready for rejection
Everything has its price, but when it comes to homes and people’s sentimental ties to them, sometimes money can’t compete. For some, no amount of money will be enough to hand over the keys to their property.
Continue reading: Realtor.com