What is an off-market property sale?
An off-market property sale is one that has not officially been marketed to the public. There is usually minimal advertising and scheduled inspections and can therefore be less costly and disruptive to the seller.
Purchasing off-market is where a buyer presents a seller with an acceptable offer for a property. In this case the buyer may be competing with less people than an on-market transaction. The acting real estate might reach out to their database of interested buyers and other contacts to drive interest in the property being sold.
Sellers may choose to sell off-market for a number of reasons including relationship breakdowns, inability to accommodate multiple inspection times, the need for a quick sale for tax reasons or because they have committed their finances elsewhere.
We highly recommend discussing a property sale strategy with a trusted real estate agent who has insight into the current state of the market. They will also have a good understanding of your targeted buyer and whether an off-market transaction will suit your property. They will also consider your other goals, such as settlement timeframes, in making their recommendations.
Many agencies now have an "Off-Market" portal which you can access via their websites.
Reach out today with any property related questions and our team of brokers, solicitors, conveyancers and tax agents will be happy to help.