What Does It Mean to Sell Your House Off Market?
If you’re selling your house you might want to consider selling off market. Avoid the traditional home sales process by selling to a cash buyer. Here’s how.
If you’ve heard you should always sell your house through a traditional real estate agent, you should know this is not always true. In fact, there are a few different ways you can sell your house “off market” that don’t involve the traditional home sales process.
What does off market mean?
In simple terms, selling a house off market means putting a house up for sale without listing it on the MLS (multiple listing service). The MLS is the network of real estate services used by real estate agents and brokers to publicly promote houses for sale, manage contracts, and establish guidelines for commissions and compensations. When a house sells off market, it is typically purchased in a more direct transaction by a cash buyer and not to the regular market process.
Why sell your house off market?
If you are pressed for time, don’t have the money to make repairs, or can’t gamble on how fast your house will sell, then an off-market sale may be the best option for you.
Real estate agents have an incentive to sell property at the highest price they can get, as it increases their commission. However, to get the best price, that means listing real estate publicly on the market to attract more potential buyers. But appealing to more interested buyers likely requires cleaning and fixing up the house, staging it, hosting open houses, and other time-consuming and expensive activities. The longer the house takes to sell on the market, the more expensive it gets, and the more inclined the agent may be to settle real estate for less than top dollar.
An off-market transaction avoids this stress and expense. In fact, the main advantage of selling real estate off market is that you sell your house as-is, with all it’s charming (or not) imperfections. This means no repairs, and no need to spend the time it takes for showings and searching for a buyer when selling property off market.
Why avoid off marketing listings?
Of course, selling off market is not for everyone. When you list on the MLS and sell through a real estate agent, more people are going to see your home. It is, after all, the standard practice in the real estate industry.
Without testing the waters of the open market, it’s difficult to know what your house is truly worth. For example, if a property is located in a very high-demand neighborhood, listing your house on market for a traditional sale could create a bidding war, in which the sale price can go well over the asking price. However, if your property is not in great condition, it’s highly unlikely that this will happen, as there can be better options on the market.
Benefits of an on market sale
MLS listings are the first official step for a vast majority of real estate transactions. Listing your property publicly allows other agents and buyers alike to see what you have to offer. More potential buyers mean more potential competition and thus, an increased likelihood of selling your real estate for more money.
Find out how Sundae can get you a cash offer and put money in your hand in as few as 10 days, so you don’t need to spend months on looking for buyers.
How is Sundae different from other off-market buyers?
If you decide that selling home off market is the right solution for your needs, Sundae can help. Sundae is different from other homebuyers in three important ways:
- Our network of hundreds of local investors allows you to get multiple cash offers without having to deal with any real estate investors, period. Sundae is one of the largest marketplaces connecting property owners to hundreds of local investors so that you can get the highest possible all-cash offer. Properties on our platforms receive an average of 10 offers – and sell quickly. The average difference between the minimum and the maximum bid on our platform is $71k. Let the investors compete to get you the best sales price.
- You may be eligible for a $10,000 cash advance before closing so you can take care of moving costs, rental deposits, medical bills, and anything else you’ve got on your plate.
- Our team has heart – and many years of experience. We founded Sundae to give sellers a better option than the “flippers” seeking to turn a fat profit. We think the amount of money taken from sellers of imperfect houses is unfair. Our team has the expertise to know what’s financially possible when remodeling a house and the experience to make our business more efficient. We’re able to give sellers the full picture of what their real estate is worth, connect them with qualified buyers, and get the best possible financial outcome.