Anyone who is looking at off-market deals should expect to partner up with someone who has a strong reputation in the business and patience is very important when it comes to off-market transactions. We spoke with Silvia Portugal-Singh, a local real agent who specializes in off-market real estate, to get the scoop.
Off –market transaction tend to come from anyone associated with the property whether it’s a broker, an owner, or an attorney that represents the owner. So off-market transactions are not necessarily transactions that will save you money but will provide you an entry into a situation that will lead to less competition.
1. Remember, that off-market deals will come in many different variations. Some off-market deals are there simply because the owner does not want anybody o know that they are selling the property. It’s a way to do something very quietly, but not necessarily at a lower price than it would normally get on the market.
2. Where and with whom should one network with when starting out? The best way is to try to attend as many industry events as you can in the beginning, just to understand who the players are. Start building relationships. Find the people with the best reputation in the business and learn from them. Try to volunteer and work with those who’ve been around for a long time and have a strong reputation in the business.
3. Paperwork is crucial. These types of situations usually are built on relationships some off-market transactions will take place without any documents signed other than the contract to purchase the property. But, to do it right and try to get a Non-Disclosure Agreement signed that gives comfort level to the seller or the party that is across from the table from you
Silvia Portugal-Singh specializes in off market real estate. You can reach her at (562) 577-9953 or by emailing [email protected]
