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How to purchase a house thats not for sale

How to purchase a house thats not for sale

  • 22 Jan 2021
  • Jon Byrne

The traditional way doesn't always happen when buying a home. That doesn't mean that you can't make it yours if you find your dream property and it's not for sale.

That doesn't mean that you shouldn't get in touch and see if the owner is interested in selling if you want to purchase a house that's not for sale.

However, in order to insure that you do it the right way, you will need the right approach and a bit of preparation. Here's what you should first think.

1. Do your property analysis

The first thing to do is find out about the property and its location, everything you can. Explore the location and its demographics. Who's there living? Are they changing?

Check in with the city council, where they will tell you about zoning and if there are nearby construction applications. Your objective is to make sure that no surprises exist.

2. Find out what the house is worth

When you have done your homework to find out about the property and the area as best as you can, you need to check out the house prices in the area now. 

Start by testing similar property sales online to insure that the properties you compare are as identical to the one you want to purchase as possible.

Also, you'll want to find out the sales history of the house. To do this, type the address of the property into Google, which should pull up any online ads if the property has been sold in the last 10 years.

You should be able to find the price it was sold for in the past with a little detective work, and by measuring the average appreciation for the area, what it should be worth now on the market.

3. Find out who owns the property?

You'll also want to find out who owns the house if you want to get in contact and eventually make a bid.

If your research on the sales history of the property does not show this, the electoral roll, phone directories or just Googling the address include other useful places to look for the owner.

4. Think of what you are prepared to offer

Now comes the tricky part: bargaining without paying a crazy price to buy a home.

The truth is, the owners aren't selling (at least officially), so you'll probably have to pay a little above the market price to get your house to motivate them to part with their land. Before you start and budget like you usually would, set a reasonable ceiling on what you can deliver.

Find someone to work on your behalf, such as a consumer advocate, real estate agent or someone who negotiates business deals for a living, if you are not skilled in negotiating.

5. Ask the homeowner to get in touch

Simply posting a note in their letterbox to let them know that you are interested is a good way to get in touch with the homeowner. Include your name and address, which will help create confidence, and tell them why their property interests you.

For example, a note saying, 'We love the area and your house,' it would be the perfect place to start our family,' would get you further than,' If the price is correct, we want to buy your house,' which may sound a little cold and intrusive.

Your goal is to get the owners in the deal as interested in you as they are and encourage them to think about possibilities that they may not have thought about.

If you're negotiating on your own, it's best to say that one of your first questions is, What are you willing to pay? 

Try to postpone this issue in the subtlest way until you find out a little more about the owners themselves.

Did their kids move away from home? Are they looking for a Gold Coast upgrade or retirement? The more you know about their motives, the more you can understand what variables will help you make a deal.

And when it's time to talk about money, try to get them to tell you what price they'd be willing to pay first.

6. Find out what is inspired by them 

Price might not be the sticking point, it's always the timing or circumstances for the people involved, one of the most unexpected things you'll encounter trying to close a real estate deal. Although price matters, at heart we only want the best at any given moment for ourselves and our families. See if you can get the alignment of the stars.

Ask for a building inspection, but you can not benefit from other provisions. Make the deal work for the owners. You need a settlement of six months - no problem!

And be as sweet and personable as you can, and you can only buy a house that is not for sale with a little luck.

Note this article is not financial or legal advise. Please check with your financial and legal specialist counsel before making any decisions of your own.

For further information about real estate in this area, contact No Bull Real Estate, your most reliable and friendly real estate agents in Newcastle and Lake Macquarie. Buying, selling, leasing for residential, commercial, industrial property, contact your local expert to buy, sell or lease today on 49552624 or https://www.nobullrealestate.com.au

 

 

 

 

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