Offering to buy house not for sale

[rkp]

Would it be crazy to write letters to owners of houses we like offering to buy them if they are interested?  We found a plan and a neighborhood we like and not much changes hands.  There are about 20 houses that have the plan and elevation we like so thinking I write 20 letters to the owners telling them we are interested in the house and if they consider selling, give us a ring.

I doubt any thing will actually come of it but thought it was an interesting idea. 

 

[qwerty]

You should talk to USC - he has a success story with one of his clients by doing just what you are asking about.

 

[irvinehomeowner]

You might find this thread interesting:
http://www.talkirvine.com/index.php?topic=578.0

Your results may not be the same... but if you know exactly what you want... it wouldn't hurt to try (don't know who you are using for an agent but you should include them on the plan).

 

[villiagepeople]

you prob. already know but have you seen any in the area you are looking for ,with a "make me move" price in zillow.com?

 

[irvinerealtor]

Would it be crazy to write letters to owners of houses we like offering to buy them if they are interested?  We found a plan and a neighborhood we like and not much changes hands.  There are about 20 houses that have the plan and elevation we like so thinking I write 20 letters to the owners telling them we are interested in the house and if they consider selling, give us a ring.

I doubt any thing will actually come of it but thought it was an interesting idea. 

It's a very good idea and can work out good for both parties if you know what you want.
I can provide some sample letters if you would like assistance.  -IR2

 

[usctrojancpa]

Would it be crazy to write letters to owners of houses we like offering to buy them if they are interested?  We found a plan and a neighborhood we like and not much changes hands.  There are about 20 houses that have the plan and elevation we like so thinking I write 20 letters to the owners telling them we are interested in the house and if they consider selling, give us a ring.

I doubt any thing will actually come of it but thought it was an interesting idea. 

As Qwerty mentioned, it did work out for one of my buyers.  I sent about 30 letters and we got responses back on 4 of them.  Two of the sellers were wanting more than market, but we were fortunate to find a seller who was looking to sell their property a few months after we contacted him so it worked out nicely for both sides.  We did a private transaction (aka not on MLS) and I assisted both the seller and the buyer.

 

[rkp]

thanks for all the feedback guys.  glad to know its not a crazy idea. 

does it help for letter to come from buyer to owner or RE agent to owner?  i think a personal hand written note is better than them thinking an investor is trying to lowball them.

regarding private transaction, is there any benefit for recording or not recording it on MLS?  it still gets recorded with county right?

 

[usctrojancpa]

thanks for all the feedback guys.  glad to know its not a crazy idea. 

does it help for letter to come from buyer to owner or RE agent to owner?  i think a personal hand written note is better than them thinking an investor is trying to lowball them.

regarding private transaction, is there any benefit for recording or not recording it on MLS?  it still gets recorded with county right?

You can have your agent or you can do it yourself.  Be sure to check what the seller/s have in terms of loans on a property as you don't want to deal with someone who is upside down.  Just make the letter as personal sounding as possible.  The benefit is to keep the information about the sale private, but yes the county still recording the sale and you still go through an escrow company and obtain title insurance (same as with an MLS sale).

 

[irvinehomeowner]

does it help for letter to come from buyer to owner or RE agent to owner?  i think a personal hand written note is better than them thinking an investor is trying to lowball them.

I would go handwritten (or printed) from you and then give them the contact number of your agent. But again this depends on how involved you want your agent to be.

Even in a private sale, I would want some real estate pro overseeing the transaction because there would still be the normal RE things you have to go through (escrow, inspection, contingencies etc etc).

As an owner, I would be wary if it's just from an agent because more than once I've received a letter or something on my door from an agent saying they have a qualified buyer and it's just a fishing expedition.

 

[irvinerealtor]

thanks for all the feedback guys.  glad to know its not a crazy idea. 

does it help for letter to come from buyer to owner or RE agent to owner?  i think a personal hand written note is better than them thinking an investor is trying to lowball them.

regarding private transaction, is there any benefit for recording or not recording it on MLS?  it still gets recorded with county right?

1. The letter can come from anyone, but it's important to share enough about yourself (proof of funds, preapproval status, etc.) to show that you're for real.
2. You will want to have the sale recorded with the county to prove that you have ownership.
3. You are probably perfectly capable of doing this by yourself if you already have the neighborhood in mind, and know what you'd be willing to pay for it.
4. Regardless of whether or not a seller is upside-down or not, they can still sell it to you at market value. Short sales are good opportunities, if you have the time and backing to make them happen.  (If it is a short sale situation, I would suggest having an experienced broker help.)
5. YMMV.

-IR2

 

[homer_simpson]

subscribed to this thread as my dad wants to do the same on one of the homes in NWP. 

 

[AliceT]

I've always wondered if owners of homes ask for more than their house is worth in these cases? I would think that they would since moving and selling is kind of an inconvenience. I would think enough over market to pay for moving and a little extra for time involved in selling and finding new home.

 

[usctrojancpa]

I've always wondered if owners of homes ask for more than their house is worth in these cases? I would think that they would since moving and selling is kind of an inconvenience. I would think enough over market to pay for moving and a little extra for time involved in selling and finding new home.

Out of the responses I got from my letter writing effort, more than half of the sellers wants a price HIGHER than market price even though they were paying about 1/2 of the total commission to sell their home so you may be correct.