Why Would Seller Take Property Off the Market?
(New Orleans) Hi everyone, looking to purchase my first rental property in the next 6 months likely in New Orleans or Jefferson Parish. I just started looking seriously at buying in the last few months and am mainly focusing on small multi-family.
There's a double I found and started analyzing the numbers on. I planned a walk through but when we went to go inside the keys weren't in the lockbox. A couple days later the seller agent's showing service called my agent to ask if they had the keys. Later that day my agent was informed the seller was taking the house off the market (after ~65 days).
When I did pass by the house I noticed it was being updated (no one was there) but that it still needed some work as I had expected.
I've been listening to the Bigger Pockets podcasts and don't believe I've come across an episode that addressed this situation yet. Should I look into it?Maybe they are planning to rent it out again or it is being sold privately and does this mean my agent was not informed correctly? Not tied to this in any way but I was looking forward to at least walking through it. Any thoughts on this would be appreciated, thanks!
#3 Managing Your Property Contributor
If it was on the market for 2 months and didn't sell, they probably decided to take it off the market, do some quick updates and will relist it at a higher price shortly.
As Theresa said above, the seller likely didn't get the price they wanted.
Why not try getting ahold of the owner and see if they'd sell to you while off market?
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Quote from @Mariah G.:
(New Orleans) Hi everyone, looking to purchase my first rental property in the next 6 months likely in New Orleans or Jefferson Parish. I just started looking seriously at buying in the last few months and am mainly focusing on small multi-family.
There's a double I found and started analyzing the numbers on. I planned a walk through but when we went to go inside the keys weren't in the lockbox. A couple days later the seller agent's showing service called my agent to ask if they had the keys. Later that day my agent was informed the seller was taking the house off the market (after ~65 days).
When I did pass by the house I noticed it was being updated (no one was there) but that it still needed some work as I had expected.
I've been listening to the Bigger Pockets podcasts and don't believe I've come across an episode that addressed this situation yet. Should I look into it? Maybe they are planning to rent it out again or it is being sold privately and does this mean my agent was not informed correctly? Not tied to this in any way but I was looking forward to at least walking through it. Any thoughts on this would be appreciated, thanks!
There are many reasons why they take property off the market. They may have decided to renovate it and keep it. Or rent it again. Or fix it up and put it back on the market for a higher rate. Or the seller died and his family is doing something different with it. Or he is making a private deal.
It's off the market. Your choice is to contact the seller and see if they are still interested in selling or you can move on and look for different properties.
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
This would be a good time to start communicating with the owner directly and have a serious conversation on why they think it didn't sell. Get them to talking and make them an offer without realtor commissions involved.
#1 Starting Out Contributor
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- Mendham, NJ
There is a difference between who you can contact based on how it was removed from the market.
Was it temporarily withdrawn, meaning it will come back on the market shortly for reset or repairs? Have your agent check with their agent.
Was it conditionally withdrawn, meaning it is off the market, but the listing agent still has rights to it? Have your agent check with their agent.
Was it unconditionally withdrawn, meaning you are good to contact the owner directly.
#1 Market Trends & Data Contributor
Quote from @Mariah G.:
(New Orleans) Hi everyone, looking to purchase my first rental property in the next 6 months likely in New Orleans or Jefferson Parish. I just started looking seriously at buying in the last few months and am mainly focusing on small multi-family.
There's a double I found and started analyzing the numbers on. I planned a walk through but when we went to go inside the keys weren't in the lockbox. A couple days later the seller agent's showing service called my agent to ask if they had the keys. Later that day my agent was informed the seller was taking the house off the market (after ~65 days).
When I did pass by the house I noticed it was being updated (no one was there) but that it still needed some work as I had expected.
I've been listening to the Bigger Pockets podcasts and don't believe I've come across an episode that addressed this situation yet. Should I look into it?Maybe they are planning to rent it out again or it is being sold privately and does this mean my agent was not informed correctly? Not tied to this in any way but I was looking forward to at least walking through it. Any thoughts on this would be appreciated, thanks!
Most of us, has low mortgage rate, and we have a commitment with the agent, if they can't sell the house with this XYZ price, it's better to keep it.
We know the price would be higher anyway in 2024 and beyond.
Quote from @Jonathan Greene:
There is a difference between who you can contact based on how it was removed from the market.
Was it temporarily withdrawn, meaning it will come back on the market shortly for reset or repairs? Have your agent check with their agent.Was it conditionally withdrawn, meaning it is off the market, but the listing agent still has rights to it? Have your agent check with their agent.
Was it unconditionally withdrawn, meaning you are good to contact the owner directly.
Thank you for this perspective, Jonathan. Very helpful!