It’s not everyone’s cup of coffee to sell his or her house in an off-market. Some houses may not worth taking the risk, and few others may not fulfil the demands of buyers. It is intriguing and perplexing to know why such high-end buyers or sellers wouldn’t participate in an open market competition through listing their exclusive houses and deal big instead of doing undercover operations. One obvious explanation for the above cliché is that often premium properties either belonging to celebrities or high-end wealthy individuals who wouldn’t like to come in the limelight and get noticed by public and tax authorities. Most of the properties that are out of the listed ones for sale will be part of such deals. Some of the impressive reasons to sell in the off-markets are:
Owners of such sweet homes may not be in a hurry to dispose and clear the debts if any. In a way they must be wealthy enough to keep it till it can fetch good yield as desired. There is no competition, it is pure monopoly having one seller and many buyers. But seller has all the powers to choose his buyer and deal at leisure.
Such sellers will prefer to maintain privacy and deal with exclusive terms showcasing their unique property with premium amenities that no other house could provide. This exclusivity makes the homes more niche to yield high prices that only similar wealthy or passionate buyers can afford.
Selling in off-market usually is done at ease without external pressures. Neither the buyer not the seller is under any compulsion to make the deal happen. They spend good time understanding each other’s interests, and then move on to strike the deal. Such deals happen once in life time which is why good patience and precautions will be considered by both sides.
Often it is noticed that ancestral properties and uniquely built palatial houses that sound more of antiquity and regal will be dealt in such off-markets. Such houses, even if maintained infrequently, would yield good price than the market value due to their fascinating layouts and exquisite interiors.
Many of the high-profile housing deals are done quite secretly without getting into publicity stunt. People in the neighborhood too will not get to know how and whom the property got transferred unless they get introduced after the deal through agent or owner themselves. Sometimes, even the family members also will be kept aloof from the deal and will disclose after the deal is finalized or payments are received. But, why would any celebrity, a minister, a sports personality or any businessman want the attention of public on their personal / families property transactions? Only under some exceptional cases of open bidding such high-profile transactions get noticed that eventually lead to exorbitant payouts. Not every such deal could be graded in those ‘ocean blue’ strategic sales nor can get the attention of real estate investors.
Perhaps another merit derived from the pocket size market is that both sellers and buyers are free from bearing the brunt of heavy advertising expenses of the realtors. Instead, they can gain on it by sharing to benefit mutually for a win-win deal.
Some sensible and intelligent owners of saleable property would avoid last minute prep work that may be both time consuming as well as signalling the intentions to the open market vigilantes.
All said and done, buying from such pocket size market seems as a boon, but the question is where and how to dig-out those sellers. Unassailably, the digital world is so advanced, that the owners who want to sell in the off-market hassle free and get an immediate cash, can approach either iBuyers who keep cash ready for disbursals in a short notice, and or those who buy and hold, or as a last resort flippers who in turn invest in old houses and remodel them for resale. Ranking of the above three classes of buyers is in the same order of preference with regard to yields and effortlessness while dealing.