There seems to be more “off-market “sales now but are they just de-facto Expressions Of Interest?
In the past, off-market sales were pretty straightforward. The agent called several potential clients and buyers advocates with the details and price, and if the price was met, the property sold.
But in today’s market conditions, where sales prices can significantly exceeding quote ranges, any agent would be recommending an auction.
If that’s the case, why is a property offered off-market?
It could be:
- The agent is unsure of the actual value
- Something is wrong with the property
- The property is overpriced
- Some external factor that is necessitating a need for total privacy
Are some off markets now de-facto EOI?
Well, we think so! Some off markets have evolved, for now, as de-facto Expressions Of Interest.
We are involved in two off-market properties that certainly DID NOT fit into the above off-market “reasons”. These two properties were high-end residential A-Grade properties in great locations.
- The properties were not listed
- The agency contacted a handful of Buyers Advocates and their agency clients
- The Open For Inspection was limited to just a few to judge the interest.
- The price offered was set – but DID NOT necessarily mean if you agree to the price, the sale would be made
- The off-market created competition and the agency headed for a boardroom auction to get the best outcome for their client.
Buying in these circumstances requires skill and understanding of the market and the process, and to help you make good property decisions give us a call.