An off-market sale gives sellers more privacy, discretion and confidentiality. Selling a home off the market has its pros and cons. It can also allow home sellers to bypass inspections and repairs that can delay closure during a traditional sale. In the real estate business, off-market selling means that a property is not listed or marketed for sale to the general public.
An off-market property is one that is not listed in the MLS (multiple sale service). This means that the property (yet) hasn't been marketed to the public, so you wouldn't see that property publicly listed for sale, even though the seller is in the process of selling the house. When a buyer makes an offer on a home, they are faced with several other potential buyers. Buyers who bid on an off-market property rarely face the same number of buyers.
In the real estate industry, an “off-market” property refers to a home that is sold without ever being publicly marketed for sale. If you are considering selling a home off the market, it may help to have an idea of the value of your home. For example, an investor selling a tenant-occupied turnkey single-family rental home is usually not interested in spending time holding open houses where anyone and their sibling can enter, or letting curious neighbors take a look at the house next door. When a home is sold off the market, generally, a cash buyer purchases it in cash in a more direct transaction and is not subject to this market process.
In fact, there are a few different ways to sell your home “off the market” that don't involve the traditional process of selling homes. The later the house sells on the market, the more expensive it becomes and the more inclined the agent may be to liquidate real estate for less than a higher dollar. If you're short on time, don't have money to make repairs, or can't bet on how quickly your home will sell, then off-market selling may be the best option for you. Whether you're selling your home off-market or taking a more traditional route, working with a major agent can help your home sell faster and for more money.
Often, if the seller is motivated enough to sell the home, they may work with you and include light repairs and renovations as a stipulation in the contract for the sale of the home. If you want to prevent your neighbors from knowing that you are selling or prevent your home from being on the market for months, an off-market sale may be your best option. If you've heard that you should always sell your home through a real estate agent, you should know that this isn't always true.
