A legend exists in San Francisco about a secret, tree-lined, magical area of affordable houses. Off-market homes for sale in San Francisco – opportunity or offal? Personally, we don’t know of any magical place with easily affordable San Franciscso real estate, but we sure wish we did. Welcome to another episode of Escrow Out Loud, our San Francisco Real Estate podcast. This week we talk about non-MLS (Multiple Listing Service) listings and finding off-market homes for sale. Join Matt and Britton as they guide us through some of the pitfalls to avoid when searching for that perfect property!
Escrow Out Loud: San Francisco Real Estate
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Why don’t sellers typically answer letters?
While (unfortunately!) we can’t conjure up awesome and cheap houses for our clients, we have on occasion sent letters out to homeowners of off-market homes when buyers were interested in a specific block or particular property. Although this method has been known to result in them selling their house with us, more often than not, these letters will go unanswered. There is good reason for this – Matt explains.
Pre-Foreclosure, Foreclosure, Probates, Bankruptcy
What are some other avenues people might consider when trying to snap up a property for cheap? We talk about pre-foreclosures, foreclosures, probates and bankruptcy court sales. What are some of the risks with these types of purchases? No contingencies. No inspections. Taking on whatever is on the title report including any, and all, unpaid bills.
All things considering, it doesn’t sound like we can really count on pre-foreclosures, foreclosures, probates or bankruptcy court for a good deal.
So, what can we count on? Paying market value for a property if you’re lucky.
Out of Area Agents are Easy Marks
What about out of area agents?We get a lot of complaints involving out of area agents. We talk about the practice of listing a property outside of its home MLS and why hiring one as a seller is one of the best things you can do to help our buyers get a below-market-value deal.