{"id":97219,"date":"2018-03-04T17:30:30","date_gmt":"2018-03-05T00:30:30","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=97219"},"modified":"2021-03-16T13:50:29","modified_gmt":"2021-03-16T19:50:29","slug":"offer-on-off-market-property","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/offer-on-off-market-property","title":{"rendered":"How to Make an Offer on a Property Not Listed on the MLS"},"content":{"rendered":"

If you are buying a property that is not listed on the MLS, you will probably not be using a real estate agent. While this can seem intimidating, this happens all the time, and although an agent won\u2019t be there to hold your hand, you\u2019ll get through it just fine!
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\nRelated:<\/strong> The Easiest Way to Find \u201cOff Market\u201d Deals: Pocket Listings<\/a><\/em><\/p>\n

Making an offer to a private seller usually begins with a verbal offer, offered in casual conversation. It\u2019s usually far less official at first, and it\u2019s usually just brought up when touring the property. When I am trying to buy a home from a private seller, I like to start by asking the seller how much they would like to get. Then, after some negotiation (which I\u2019ll cover later in this chapter), you\u2019ll come to an agreement on price. At that point, you can pull out your official purchase and sale document and sign in all the necessary places to make it official.<\/p>\n

Letter of Intent<\/h2>\n

Another casual way to make an offer without being too official is by using a letter of intent. A letter of intent is a simple document that lists the conditions of the purchase and sale, usually on one page, and doesn\u2019t use all the legalese. It\u2019s not a legal document, just a way for both parties to see the summary of what\u2019s being offered. Often, the official purchase and sale document can be dozens of pages long just to explain a few important facts.<\/p>\n

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The Purchase and Sale Agreement<\/h2>\n

A letter of intent simply places those facts on one page, so both parties can decide whether an official purchase and sale agreement is worth drafting. If you don\u2019t have a purchase and sale (P&S) agreement lying around, don\u2019t worry! There are several places you can go to get one:<\/p>\n