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Has anyone ever made an offer on a home that was not for sale?

post #1 of 12
6/19/10 at 11:05pm
Thread Starter 
And had success? I am thinking about making an offer on a home which isnt for sale, and offer $20,000 more than value as the neighborhood will soon be up and coming. I know its been done, my mom gets offers on her home all the time, but has anyone done this and had success?
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post #2 of 12
6/20/10 at 2:10am
my aunt used to get people doorknocking at her place all the time when people were predicting the shitty area she lived in was going to catch on. She turned them all down, then she had some financial issues in a downturn and sold it for a pittance. The area caught on. The place is worth a fortune now.
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post #3 of 12
6/20/10 at 5:39pm
As long as you got the dough and willing to keep raising the offering price, at some point the houseowner will bite.
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post #4 of 12
6/20/10 at 5:41pm
make 'em an offer they can't refuse... what's the worst that'll happen? They'll refuse? nothing lost on your part. Even if they say yes you're still not obligated * in no way legal advice
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post #5 of 12
6/20/10 at 5:45pm
Are the home owners retarded??? You don't think offering $20,000 more than value is gonna seem suspicious to them? Your desperateness would show. First offer them less then the value, and don't seem eager. Maybe they want to flip it later on as well. Feel them out.
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post #6 of 12
6/20/10 at 6:12pm
The very concept of making an offer on a home that's not for sale sort of annoys me as an investor. For starters, the golden rule of home buying is never to fall in love with any single home. You want to cultivate options. You should be approaching the home-buying process (or any negotiation process, really) from the standpoint of having many options available to you. No single option should be all-important, live-or-die. In as much as fixating on a single home is guaranteed to give you a weak bargaining position, I'm almost categorically opposed to this idea. Now, if this home were one of many that you were considering, I wouldn't care as much. But I get the impression that that's not the case. If you love a home so much that you're willing to chase it when it's off the market, that signals to me that you are fixated on it. Any halfway-savvy homeowner / potential seller will use this to his advantage and will absolutely buttrape you on the sales price (assuming he is even willing to entertain a sale).
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post #7 of 12
6/21/10 at 12:53am
Quote:
Originally Posted by butterflystyle View Post
And had success? I am thinking about making an offer on a home which isnt for sale, and offer $20,000 more than value as the neighborhood will soon be up and coming. I know its been done, my mom gets offers on her home all the time, but has anyone done this and had success?

I know that the CEO of a hospital group around here came to my parents' house and asked my father if they were interested in selling. Of course, my father said no, but I do know that a dentist in their neighborhood sold his house to the man. He paid 1 mill for a house appraised at $763k. I guess the moral of my story is, if you want a specific house, be willing to pay for it. However, as always, YMMV. Good Luck!
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post #8 of 12
6/21/10 at 12:57am
Quote:
Originally Posted by Arrogant Bastard View Post
In as much as fixating on a single home is guaranteed to give you a weak bargaining position, I'm almost categorically opposed to this idea. Now, if this home were one of many that you were considering, I wouldn't care as much. But I get the impression that that's not the case. If you love a home so much that you're willing to chase it when it's off the market, that signals to me that you are fixated on it. Any halfway-savvy homeowner / potential seller will use this to his advantage and will absolutely buttrape you on the sales price (assuming he is even willing to entertain a sale).

How, too, like the ladies..
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post #9 of 12
6/21/10 at 1:04am
Quote:
Originally Posted by butterflystyle View Post
And had success? I am thinking about making an offer on a home which isnt for sale, and offer $20,000 more than value as the neighborhood will soon be up and coming. I know its been done, my mom gets offers on her home all the time, but has anyone done this and had success?
My aunt and uncle sold their house to a couple that knocked on their door. Depending on the house, $20,000 above value is only (5% on a $400,000 house) so you may want to think about asking a bit more if you really want it.
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post #10 of 12
6/21/10 at 3:32am
Quote:
Originally Posted by tagutcow View Post
How, too, like the ladies..
It's basically the secret to success in anything in life. Cultivate options, so that no single option is a make-or-break scenario for you. As the old saying goes, don't put all your eggs in one basket. The essence of strength is having many choices available to you. The essence of weakness is having only one choice (or very few choices) available to you.
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post #11 of 12
6/22/10 at 12:16pm
Bought an apartment building that way. Cold called and asked if the owner wanted to sell. Turned out that his good friends were also friends of my parents- but Chicago is strange like that (everyone knows everyone).
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post #12 of 12
6/22/10 at 3:48pm
Quote:
Originally Posted by Arrogant Bastard View Post
The very concept of making an offer on a home that's not for sale sort of annoys me as an investor.
I know this is going to sound crazy, but I think the OP wants to live in this house, not "invest" in it, and is comfortable paying his stated price in order to achieve this.
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