Pursuing an unlisted property

Discussion in 'The Buying & Selling Process' started by propernewb, 16th Nov, 2019.

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  1. propernewb

    propernewb Well-Known Member

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    Hi All,

    I'm interested in purchasing a property that is not listed for sale. This property is located in NSW.
    My understanding is that the current owners wish to lease the property for the moment but will consider selling it in the future.
    Unfortunately, I do not have the current owners' contact information so I can't even begin the discussion!

    What would be the best way to go about initiating negotiations? Does anyone have any tips?

    If anyone has had any experience in purchasing an unlisted property/was a vendor in a similar situation, then I would appreciate it if you could share your knowledge with me :)
     
  2. Trainee

    Trainee Well-Known Member

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    If the property is not for sale, you are in a weak position to begin with.

    why do you want it so much?
     
  3. propernewb

    propernewb Well-Known Member

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    Multiple factors: Location, size of the home, size of the land, and timing of the purchase in relation to a new job I will be commencing.
    I've tried to purchase a similar property in a nearby location but I was gazumped and missed out on that opportunity.

    I've learned that the unlisted property was recently inherited by the family of the now deceased, original owner.
    I figure it wouldn't hurt to try and see if they'd be interested in selling it, given that I'm keen on the area.

    Having said that, I can appreciate that it would be a sensitive issue for the family. Hence my enquiries about how to best approach the situation...
     
  4. balwoges

    balwoges Well-Known Member

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    I think you can assume all main is being collected and going to the family of the deceased - why dont you just write a note stating you are sorry for their loss and hope they will excuse your intrusion, however, you have just heard the house may be sold and as you lost out on another house nearby would they please contact you if the house is to be sold. Apologise again and hope for the best ... :)
     
  5. propernewb

    propernewb Well-Known Member

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    Yep that's the plan so far.

    Would it be too extreme to do a title search and contact the owner of the property directly?
     
  6. balwoges

    balwoges Well-Known Member

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    You wont know who the owner is until Probate is granted, there could be several family members who stand to share in the inheritance ...
     
  7. propernewb

    propernewb Well-Known Member

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    I think this may have already occurred given the property was being prepared by one of the family members as a future rental
     
  8. Trainee

    Trainee Well-Known Member

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    If you know all of this you must know someone who knows the owner? An agent or a neighbour?
     
  9. propernewb

    propernewb Well-Known Member

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    There was a suggestion by a real estate agent that this property may have been available when I was researching the previous, now-gazumped property.

    I managed to speak to a family member at the time, but they were not the owners and they were adamant that it was being prepared as a rental. No rental adverts have been prepared since and as far as I know it remains empty.
     
  10. Trainee

    Trainee Well-Known Member

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    Probate is public right. So youd know the details of the probate applicant.

    Still think there would be similar properties for sale. If you want to buy something that isnt for sale, youd have to pay a high price for it anyway.
     
  11. propernewb

    propernewb Well-Known Member

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    Yeah, I figure there will be a premium.

    Didn't know about the probates being public - I'll look into it.
     
  12. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    If the property is vacant, then someone in the family is likely collecting the mail - so maybe a note in an envelope in the mailbox might work?
     
  13. propernewb

    propernewb Well-Known Member

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    Update:

    I managed to find the details of the owner and make contact.
    Unfortunately, they weren't interested in selling at this stage, but I'm glad I took the opportunity to approach them and ask. The owner was kind enough to listen.