How Do I Buy Something That Isn't For Sale?

Discussion in 'What to buy' started by --Michael--, 16th May, 2019 at 10:43 PM.

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  1. --Michael--

    --Michael-- Member

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    If I wanted to buy for example a house but the house isn't for sale, how do I approach the owner about buying their house?. Also how would you get it for a good price?. I'm sure they would want top dollar if I'm approaching them to buy and its not for sale.
     
  2. Trainee

    Trainee Well-Known Member

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    At this rate itll be 3 weeks before you give up after being overwhelmed with ideas you cant piece together into a coherent plan.
     
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  3. --Michael--

    --Michael-- Member

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    Lol you could be right
     
  4. Perthguy

    Perthguy Well-Known Member

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    This does happen in real life, not hypotheticals. It is very hit and miss though. There is even a tv show about it. They rarely get lucky.

    To make an offer you contact the owner, yell them you are interested in buying their place and make an offer. You can do it in writing if you want.
     
  5. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    Most wont care what your offer is as they have no plan to sell. Real estate agents do this all the time (eg we have eager buyers etc etc) and get few inquiries so what makes you think that an unqualfied unidentified cold caller will do any better ?

    At the end of the day you would pay market and buy from a agent listing but you are seeking to bypass that. You seem interested in stripping value rather than buying. And thats why I wouldnt even bother with hearing a offer since I suspect you are looking for under market.
     
  6. datto

    datto Well-Known Member

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    In the Druitt, if some one wants something that's not for sale they normally steal it.

    However, with a house that's a difficult proposition lol.
     
  7. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Although....... I’ve heard a few stories from REAs there, that some locals took their granny flat with them.
    upload_2019-5-17_13-28-6.jpeg
     
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  8. --Michael--

    --Michael-- Member

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    I apologise, I didn't know it was inappropriate to try to buy a house like that. I genuinely thought that if I come across a house that I like the look of and in an area I like to live in, I could approach the owner and try to buy it.

    I never said anything about under market. A good price for me would be to not over pay by say $100,000.
     
  9. jprops

    jprops Well-Known Member

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    Seems like a bizarre strategy...
     
  10. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    Sometimes folk use BA's for this, I have handled a number in my time. There are no guarantees but you don't know until you ask.
     
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  11. wylie

    wylie Moderator Staff Member

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    We’ve tried this (using an agent). It’s perfectly fine to give it a go. You never know what the owner of your targeted houses might be planning. You may just get lucky.
     
  12. Trainee

    Trainee Well-Known Member

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    Not inappropriate. Just the thinking is strange and not based on reality. Just on the external look, a lot of houses are similar. There will be a similar house that is actually for sale. Unless you want something unique.

    Have you actually inspected a property at an open house before? The devil is in the details inside. Wanting to buy something only from the outside is unrealistic.

    The problem here is that you cant describe your target market.
     
    Last edited: 18th May, 2019 at 7:41 AM
  13. wylie

    wylie Moderator Staff Member

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    We tried this when we actually wanted a unique house for our PPOR in a particularly small area. We targeted about five houses that we admired from the outside. We didn’t care what they were like inside at this stage.

    We were looking for particular style of house, in a very particular tight geographical area. I read the question with my own bias.

    I wouldn’t look for an IP this way as there are indeed plenty of houses that will fit the criteria for a rental. The only time I’d do it for an IP is when it gives me enough land to develop when put together with something we already own (say the house next door to another IP).
     
  14. Gockie

    Gockie Problem solver Premium Member

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    My Aunty letterbox dropped in the mid 1980’s to buy a property on the street she wanted. It worked. They knocked that house down and they built their own. You never know, someone might just want to sell and a personal letter might just do it.
     
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  15. Fargo

    Fargo Well-Known Member

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    I disagree there are very few houses that make a suitable investments as rental property. They are rare as hens teeth and have been hard to find since the 2008 down turn. They need to the right configuration in the right location with low maintenance near public transport. with short walking distance to major employers and shopping centre and are in tightly held areas and are often sold by agents who have investors on their list that have indicated interest for those type of properties, they are often sold before they hit the market. Why would any-one sell if they held property that gives over 7% returns needed thats makes a property a good investment. On the other hand the must have PPOR comes on to the market every 2nd week, or are on the market for months.
     
    Last edited by a moderator: 18th May, 2019 at 10:44 PM
  16. Fargo

    Fargo Well-Known Member

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    I was driving done the street saw some -one loading up a removalist van and asked them whats happening, they said they were getting harassed by low life and the police were useless, so were moving but couldn't afford to pay rent and make the house repayments so I done the charitable thing and bought their house with a short settlement and instant access.
     
  17. wylie

    wylie Moderator Staff Member

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    @Fargo we'll have to agree to disagree. I'm way more particular about the house I live in than the one I rent to someone else. But I respect that we think differently.
     
  18. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    This is true more often than you might think. I have been engaged to purchase waterfront property before and when I checked the "must have" list there were literally only 10-12 homes in the region that fit. None of which were on the market - so approaching vendors gently is the only way in that situation.
     
  19. Trainee

    Trainee Well-Known Member

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    Doubt thats the ops strategy. More like thinking he needs to do something different to get a good deal, whatever that means.
     
  20. The Y-man

    The Y-man Moderator Staff Member

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    If someone came knocking at my door wanting to buy my house, I would likely ask for more than I would if I wanted/needed to sell it - for obvious reasons if there is a demand, price will go up....

    The Y-man
     
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