Possible off market deal - what to do?

Question

Friend just told me that their next door neighbor is looking to put the property on the market in the next 60 days. The owner apparently tried to sell back in 2014 and even lowered price once, but ultimately withdrew the listing. Friend knows the tenants currently occupying the property, but doesn't know the owner.

How should I proceed? I've been interested in that particular neighborhood for a while but everything on the MLS sells within days, best and highest, usually over asking. I'd like to avoid that of course. What would you do?

Debra Grumbach · Answer

See if he can get you into the property and talk to the tenants. What do they pay? Are they planning on staying? Are there any problems? Has the current owner kept up with repair requests and general maintenance? Then contact the owner and ASK them what they are looking for in a sale. Maybe they are soured on working with a realtor after the last time. Listen. It may not be all about the money. Then try to find an offer that works for you and satisfies the seller. Give them a couple offers. Maybe a "full price" offer if they hold the mortgage. Less $ if they want out quick and clean and you need to get financing or there is delayed maintenance, etc.

Pat Coogan · Answer

Thanks @Debra Grumbach. I know the tenants were given 60 day notice to vacate due to the owners intentions to sell. Working on my friend to get an introduction to see the place first. And yes, I'm all about listening...considering I don't know what in heck I'm getting myself into just yet.  LOL

Brian Ploszay · Answer

Looking for off market properties is great.  Approach that neighbor and tell them you are interested.  That's a start.  If you like the property, present an offer right away, even if they plan on waiting.