Buying a Property that Went Off-Market Recently

Buying a Property that Went Off-Market Recently

Investor · Fairfax, VA · Member since 2022 · 24 posts · 9 votes

So, weird situation - I saw a condo come available way cheaper than ones in the same exact complex that I've been keeping my eye on. This one was listed around $75k while others around it were going for $125k-$150k. I tried to put in an offer but it went under contract <24 hours from being on the MLS. I've kept tabs on it out of morbid curiosity and noticed after that, it ended up back on the market, then the listing got pulled. I can't find a record of a recent sale... last sale was 2020.

I'm thinking about reaching out to the owner (whose info is public record) and/or listing agent and inquiring whether the owner may once again be willing to sell it. Some questions first:

1) Is it possible that it did, in fact, sell, but that the public records haven't been updated yet? (If so, how do I confirm my info is correct?)

2) Who is it preferable to reach out to (owner, listing agent, someone else?) and what exactly do I say? I've never done something like this.

3) If it turns out he's interested in selling to me, how can I be sure to protect myself against a hot mess express of a deal/property?

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  • Investor · Fort Lauderdale, FL · Member since 2020 · 1k+ posts · 755 votes
    4y

    Hi Laleh. I had a similar situation years ago and THANKFULLY I was still able to buy the house 2 years later! lol. I'll save you details on mine. To answer you questions:

    A1. That is possible though pretty unlikely.

    A2. Whoever you reached out to initially when you first tried to put an offer in (I would assume an agent?). If that person is not available, then the owner.  

    A3. Well, simple answer is "do your homework". You need to find out if the property has liens against it, if there are any large assessments from the HOA, if there is some kind of major physical damage inside the property, did the owner (or one of the owners) die and now it is in probate court, etc. You can do some of this online like checking local court records and some by talking to the agent. It could be totally fine...

    In my case, the owner took it off market and lived in it for a few months....and then rented it out for a year. I ended up buying the house 2 years after and living in it currently.

  • Rental Property Investor · Member since 2020 · 1k+ posts · 1k+ votes
    4y

    My last house I purchased I got this way.  I had just started looking and submitted an offer but was outbid.  The listing agent let mine know a week later it was going back on the market so I watched it but after a week and a half it didn't show.  My agent called her back to see why it wasn't listed and the seller was just burnt out and didn't want to show that weekend but will post it back up in a couple weeks.  I already saw it and liked it so we re-submitted my offer and ended up getting the house.  The last person was a flake but I had done several deals with my realtor so he vouched for me that I was a serious buyer with funding lined up and that was what they needed to hear.   Have your agent reach out to see what happened and how you can solve whatever problem the seller has.  If it was posted by a realtor I am assuming they have an exclusive contract to show so you may as well keep using yours and let them do their thing.  

  • Rental Property Investor · Boston, Massachusetts (MA) · Member since 2016 · 2k+ posts · 2k+ votes
    4y

    smells like a pocket listing. Put on MLS to get credit and commish. Could be wrong.

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