All Topics / Help Needed! / How do you buy a property that isn’t listed or for sale?

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  • Profile photo of lifesjourneylifesjourney
    Participant
    @lifesjourney
    Join Date: 2006
    Post Count: 40

    Hi all,

    Wondering if anyone can give advice or experience on approaching someone if they want to sell their property? ie large parcel of land amongst other houses siutable for development.

    Would I need to know what it is worth before approaching or approach and then when they say "yes" or "maybe" or "for how much"  say "what sort of money do you need?" then to stall i'll get back to you when i talk to my partner,etc?? and then start to negotiate.. your thoughts and experience much appreciated.

    Thanks in advance for your replies

    Matt

    Profile photo of AstrawanAstrawan
    Participant
    @astrawan
    Join Date: 2007
    Post Count: 27

    Canvas the real estate agents in your area of interest – if you like you can give them a good description of what you're looking for how much money you're planning to spend and any other pertinent information you think might help. We were just asking the Real Estate in the area of our IP for a rough valuation and within a week one of them had got back to us with a 30 day settlement offer with a price. They had people on their database who were sitting on the sidelines waiting to get a jump on any property that fits their criterias hopefully before it gets out into the market proper.

    Astra

    Profile photo of lifesjourneylifesjourney
    Participant
    @lifesjourney
    Join Date: 2006
    Post Count: 40

    Hi Astrawan, Thanks for your reply

    I was thinking more along the lines of those that have had experience approaching the owner of a property (that is not for sale)  that you think may be a deal in the making:  For example:  you notice a house with a very large back yard, which is scarce in the certain area and want to approach them to see if they would sell.

    Thanks
    Matt

    Profile photo of NucopiaNucopia
    Member
    @nucopia
    Join Date: 2007
    Post Count: 102

     Nice question:
    I think you have to approach the home owner very carefully.
    Don't go around at an in opportune time  when they are sitting down  to eat  Dinner but choose a time between 3;30 pm and 5:30 pm
    maybe knock on the door and introduce your self , you could say I hope you don't mind but I have been driving past your lovely home and have admired the garden or some other feature compliment them and say  you know I always wanted to have a house like this etc most home owners are house proud if you talk about things that they can easily relate to and especially things about the house they take pride in. To gain their trust  you must be able to make a connection with them on an emotional level, and they need to feel you and they  share some thing in common and if that's an admiration for their home  they are more likely to open up to you.  I remember stopping i guy in the street just after he parked is 1966 Ford Mustang … I said wow man I love your stang   what is it a 66  must have a 286 in it  etc etc the guy and I talk for about 20 minutes because that car was his pride and joy and he was getting is ego stoked….. home owners are the same if you know how to approach them….
    Feel them out  slowly and be a little descreet , don't be so forward that they feel your salivating over their home or your just a  slick investor rubbing his hands together in anticipation of the great deal your going to make with their home if your sell it to you and you tear it down and carve it up…. .
    remember most people have a lot of emotions invested in their homes and are more likely to sell to some one who they feel will appreciate the uniqueness of their home.  you will know if you have said the right things by their reaction and their willingness to open up remember treat them with respect and show respect that will come across and be appreciated..
     Great if you can approach them when they are in the front garden watering or doing some gardening activity. Its easy to strike up a conversation then.
    good luck don't be disappointed if they refuse your suggestions  but don't be surprised if the invite you in to see more, even if its just the to give you a drink of water its breaking the ice and being sociable, leave them with a very subtle thought like ' I know this sound crazy but I know my wife would love your house , I hope its ok if I drive her past one day to show her this is just the kind of house we both been dreaming of "   or some thing like that….
     any way nothing ventured nothing gained.
    good luck and let us know how you go with this …

    Profile photo of lifesjourneylifesjourney
    Participant
    @lifesjourney
    Join Date: 2006
    Post Count: 40

    Hi Nucopia, thanks for your post,
    You make a good point about being relatable and finding a common interest & you want to have a win win situation.

    The property is very run down and no nice garden, the only way i can tell it has someone living there is a car in the drive way, so i would come across crazy with the nice garden approach LOL – I heard from a  work colleague in general conversation that they know who owns it.

    It has an old shop on it – maybe i could ask about the history behind it?? and go from there…

    Thanks again for your suggestions

    Matt

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