Can you buy a house that is not for sale in the market? The short answer is, “Yes.”
When you plan to buy a house, it does not always happen in the usual way – if you find the property of your dreams and it’s not for sale, that doesn’t mean that you cannot make it yours.
But the buying process can get complicated, and there is no way to know how successful you will be.
However, you will need the right strategy to ensure you are heading the right way – so here are 6 steps you should consider first.
1. Do your research
Firstly, find out whatever you can about the property and its surrounding location. Explore the neighbourhood and its demographics – who are the people living there? What are the facilities available there?
Get in contact with an agent who is well versed in the area, where they can tell you if there are applications for developments nearby and ensure there are no surprises.
2. Determine the property’s worth
When researching, determine what kind of offer you want to make.
You obviously don’t want to offer more than you have to, but you also don’t want to make an offer that will fail to impress the said house owner.
Once you’ve done your research to find out as much as you can about the property and the area, now you need to check out the house prices in the area.
Find out the property’s sales history by typing the property’s address into Google, bringing up any online advertisements if it has sold in the last 10 years.
3. Plan ahead your mortgage
It is always a good idea to get pre-approved for a home loan, and have a letter from the bank in hand to submit with your offer. By doing so, this proves to the seller you’re serious and can put your money where your mouth is.
Read more;
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Sub-sale Property: 7 steps to buy a second-hand house in Malaysia
4. Be flexible
When your real estate agent finds you the perfect house, not for sale, be ready and willing to see it at a moment’s notice. You will only have a short window of time as the seller can change their mind in the snap of a finger – as any human being out there.
5. Don’t underestimate the seller
Just because you are the first buyer to come knocking at a homeowner’s door with an offer of their lifetime, don’t assume things will stay that way once you’ve piqued the seller’s interest in selling.
If you showed interest in their house, they would be many who provided the same offer. Be on the top by preparing to make an offer quickly.
Remember, be fair, legitimate, and direct in your offers.
6. If you are rejected, you are rejected
Imagine that you live in a home that you love and a stranger approaches you and offers to buy it.
If you like your home and have had no plans to move, you will likely reject the stranger’s offer unless they were willing to offer you a ridiculous amount of money.
The owner of the home you want to buy is likely to feel something similar.
Bear in mind, you may be lucky to approach the right person at the right time with the right offer — but if you are rejected, accept it and move on to the next property.
Here at IQI, we provide many services such as purchasing the perfect property, aligned with the budget that suits your needs.
Help us by asking your burning questions, and we’ll provide a free consultation!
