Off the Market Transactions refers to when a property has been purchased prior to being made available to the public.
This is a real life example of an “Off the Market Transaction” where the agent has called me with a new property listing and we have been able to inspect and secure the property prior to it going out to the general public.
In this case an agent had contacted me regarding a new property listing, a very big 4 bedroom 2 bathroom home on over 800 m2 of land in the most perfect street. We need to react fast to these types of opportunities and in this case I had a couple from Sydney who had been referred to me by another client. The agent was due to auction off the property in 2 weeks however the owner was motivated to sell fast if he could and was open to offers.
The property was perfect for the Sydney couple who viewed via the Virtual Tour I created, from there we discussed it’s vale and made an offer which was accepted. In my professional opinion this property could have achieved and price just over $400K, however we based our offer on the urgency of the sale required and made an offer well below $400,000 with minimal conditions and a short settlement time frame.
The offer was crafted to appeal to the owner without being too cheap as to insult him. He accepted and we secured the property. The owner is happy, the agent looks good and in this case my clients secured a very good property at a very good price and they will do well out of it.