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I am in love with this home in Los Angeles and it sold in February of last year for way less from where it started when it first went on the market, so I was just wondering if anyone here bought a home that wasn't for sale? how did you go about it?
Our first house was not on the market when we made an offer. We had friends who lived nearby and had told us that the widow who owned the home had put it on the market previously but hadn't gotten an offer at a price she wanted. So we contacted her, telling her about our friends and that we realized that she might have no interest in talking with us, we didn't want to intrude, etc., but she was VERY interested, especially because no agents were involved, saving her some $, and we went from there.
But I am curious - if the home sold in Feb. of last year, why would you think that the owner would be interested in selling it now? Given the high costs of transactions, and the cost of moving, etc., they would have to ask you for a big jump over last year's price in order to make it worth their while.
Found out who bought it, contact them and ask if they would be interested in selling. Many will say well I am not sure (not really, etc.), but they might be smart enough to ask what price are you thinking about? If you know what they paid then be prepared to throw a number on the table and see if they bite. The worst they can say is no and it might even be a starting point for negotation.
I had some friends looking at houses. I have known her since third grade so I wanted to make sure she got extra special care so she knew she was using me for my skills and not just because I was a friend. There was a house she liked, not for sale. I walked up to the door and asked if they were interested in selling and if they would allow an appointment. I told my friend that I got her an appt, to which she was shocked. I brought my friend back the next day and she bought it.
We just bought a house in June. We snatched it up very quickly, leaving many interested parties out cold. If somebody called/sent a letter asking us if we were interested in selling, I would definitely listen to what they had to say!
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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The house I'm in now, we bought that way 19 years ago. We had been looking for several months and were not finding anything suitable, and our old house was pending. While driving with my realtor I pointed out this one and said from the outside it was just what we were hoping for, so he pulled up. He knocked on the door and spoke to the owner, who said no but he left his card. The wife wasn't home but when she returned they called the realtor. Turns out the oldest daughter was married and moved on, and the younger was going off to college so the wife wanted a townhome. They did want more than my budget but the realtor offered to pass up his commission if they would let him handle their townhouse purchase and it all worked out perfectly.
We were interested in a house that was taken off the market a few months before our house-hunting trip. Our realtor contacted the realtor who had listed the house, and she said the owner was still interested in selling.
We looked at it and made an offer that was more than 95% of asking. He came back with something like, "We'll talk if they have a serious offer." Here's what he said a "serious" offer would look like:
-100% of asking
-3-4 months to close
-4-5 days to think about it once "serious" offer was presented
That same day he instructed his agent to take the lock box away: he was not selling. At least we helped him make up his mind.
It doesn't hurt to ask, but don't set your heart on it.
I have seen this happen quite a few times, actually.
My parents sold a house that wasn't on the market. The year after I got married, someone came along and offered them a price for it that they couldn't turn down. Since I had moved out, it was more house than they really wanted to be in anymore, anyway, and they had been kicking around the idea of selling it and had run it in Homes & Land magazine months earlier. Someone saw it there and approached them with an offer. The only problem: The buyer wanted to close and move in in 2 weeks and it was a 6000 square foot house that they had packed precisely NOTHING in. They negotiated for 3 weeks, and my sister and I helped them pack about 8-10 hours a day for those 3 weeks, and made it on the last day.
Also, working in a real estate office, I have seen, several times, when a person wanted to live in a specific subdivision for some reason, where the agent helped them get a list of homeowner names and addresses, and send a letter out to every house they might have interest in, asking if anyone was thinking of selling to please give them a call. Puts the buyer in a weaker bargaining position, obviously, but that is always going to be the case when trying to buy something that isn't for sale.
A year or two ago a few of my neighbors got notes under their mailboxes from someone looking to move into our neighborhood. One of the neighbors actually responded but the house hunters were way out of line of the value of the homes in the neighborhood. So it's definitely not entirely unheard of.
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