Quick question for someone kind enough to elaborate on.
Unfortunately, a friend of the family passed a few months back. His family and heirs to his estate immediately put his home on the market. I had a walkthrough of the property once before and once after it was on the market through my realtor friend.
I'd like to make them a cash offer off the market so they can save some money on commission fees and inherently giving me a better price on the property.
Question: In the state of Pennsylvania, is it possible to sell the property privately after it's has been on the market ?
Yes, once their contract with that agent expires
Why not express your interest periodically, regularly until that occurs so that you are "top of mind" when they are free again to sell privately and, perhaps, more motivated?
No need to talk specifics, just to stay in touch and remind them what you are doing in your investing career. Meanwhile, learn your comps, rehab costs, rental market, etc.
I bought my residence literally the day after it went off-market.
Thank you for your quick response.
Great advice! Is there an average contract time? I'm sure they vary but is there a norm? 6month, 1 year etc?
Most sellers sign an exclusive listing agreement with their agent for between 60-120 days, and then there may also be a period of time (1-2 weeks) after that that the seller might still be liable for the agent's commission if they sell the property themselves, depending on the agreement signed. After that, it's no problem to buy from them off market. I'd take @Donald Zaroda 's advice and just stay in touch with them periodically as they look to sell.
Best of luck!
This house has been listed for about 8 months.
I thought I'd be in the clear to contact the owner through an email which I have done in the past.
I got a response from his son,who is a Canadian realtor, stating that now they can't sell it off market to me for a long period of time because I made a "formal offer".
I did put a number figure in the email. Does that count as a formal offer ?
If it does , what's the period of time that has to pass before I'm able to purchase ?
Lastly, is there anyway around this ?
It doesn't matter if you made a "formal offer" or not. You were shown the property by your realtor friend, who you're trying to cut out now along with the listing agent. Most listing contracts call for a commission to still be paid for whoever was shown the property during listing, for a number of months after the listing expires, just for this reason.