Can I buy a home that is not for sale/not on the market?

Real Estate Sign - Off Market / Pocket Listing

I was asked recently if it’s possible to purchase a home that’s not on the market, or prior to it going on the market. Sure it is, as long as you and the seller can agree on the price and terms. Agreeing on the price is the easy thing, but who is going to pay for the closing costs, transfer fees, licensed inspectors, etc.? Knowing the language in the contract is very important. You also need to determine if you want Liquidated Damages, and or Arbitration clauses included.

I would strongly advise you to have a Realtor who knows the area to help represent you. I’ve been asked if it’s better to use a Real Estate Professional over a Real Estate Attorney? While both know the legal aspects of the contract, using a Realtor would be more advantageous because the Realtor is the one who knows the inventory, floor plans, and comps in the area.

It’s one thing to look at the comps and compare the prices, square footage, as well as the lot size, it’s another to have seen these properties and walked thru them to determine if the home had functional floor plans.

Finally, the person who represents you should have strong negotiation skills.

Good luck! If you have any real estate questions that you need answered, feel free to call or write.

David “Tap” Tapper

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