You have heard stories about people finding amazing deals on off-market properties. Deals that are almost unheard of. So where are these incredible deals found? If you are interested in learning how to find FSBO’s (for sale by owner) and off market properties in Memphis? Our latest blog will help you learn about where to look!
Some of the best property deals are found when buyers purchase away from the MLS. Finding these people and understand their reasons for wanting to sell will help you when looking for motivated sellers! Using some out of the box thinking will help you find excellent Memphis properties!
When properties aren’t advertised on the MLS and other real estate sites, you will need to scout them out yourself. A great way to reach people is through direct mail. A handwritten letter sharing your interest and vision for the property can help you reach a seller who may not have even thought about selling previously.
Let’s say you are driving around your neighborhood, and you pass a vacant house with a ton of potential. The owner might not be listing it because it is run-down and in need of work. Or maybe they are holding on to the property in hopes they will someday restore it.
Meanwhile, they are losing money by paying annual property taxes and continual maintenance. Your direct correspondence might be the motivation they need to finally let go of an old home!
Finding owner information is usually as simple as accessing your local property appraiser’s website. Ownership information is public record. Simply search for the property you are interested in, and you will most likely be able to find contact information for the owner.
There are many people you can reach out to who can help you find off-market properties.
- Property wholesalers are professionals when it comes to buying and selling. When you are first starting out, working with a wholesaler can be an excellent option! You will still acquire the property at a deep discount, just not as deep as if you would have acquired the property directly.
- Estate attorneys will often come into contact with individuals who want to sell property quickly and without fuss.
- Builders and contractors will often find themselves stuck with a half-built, custom project that another buyer fell through on. This gives you the opportunity to swoop in on the deal before they advertise it publically as being for sale.
- Real estate agents will often have the inside scoop on off-market properties. While you might still pay a commission, you will be able to get access to properties that the general public isn’t seeing.
Public Records and Auction Sites
You can search public records to spot any foreclosures in your neighborhood. You can also research tax information. If someone is a couple years behind on their taxes, and at risk of losing their home to auction, you might want to consider writing them a letter!
A quick internet search will lead you to all sorts of auction sites offering foreclosures and other off-market properties. Do some homework on the site to avoid any scams or excessive fees.
Recently Expired Listings
Keep your eye on recently expired listings on the MLS. The sellers are likely being bombarded by agents to relist the property, but if you can catch them before doing so, you will be able to work directly with the seller, without having to pay out a commission to the listing agent.