Every day thousands of buyers turn to the MLS to find their new homes. However, they are missing out on an untapped market of properties that evade most, known as off-market properties which cannot be found on the MLS. Nevertheless, there are many reasons sellers select this option, about 10 percent of annual home sales are off-market listings. Savvy real estate investors have the know-how to seek out these hidden treasures. The lower number of competitors is one reason these properties are so desirable as investments because it helps keep the numbers in a reasonable zone. With the goal of the best possible return on your investment, a better purchase price is a great way to get started.
When experiencing a seller’s market, these off-market properties are even more desirable. Bidding wars can push final sales numbers far beyond the current market value and the original listing price. As an investor, this is not a win-win scenario.
Read on as we explore five ways that you too can find off-market properties in Chicago.
Real Estate Agents
One of the ways to locate off-market properties in Chicago is to contact top local real estate agents. Commonly, agents refer to these properties as pocket listings because they keep them a secret from most buyers. However, one of the drawbacks of working with these agents is the very source of their pocket listings. Among their network here in Chicago are the sellers who bring them private deals and a ready and waiting stream of investors seeking these very properties. Therefore, along with paying the real estate commission, you may need to invest a great deal of time to prove yourself a serious investor and move up on the list of must-calls when these agents get a new off-market property. You can gain the same inside scoop without paying those high commissions by working with a direct buyer, like the professional investors at Chicago Home Buyers. There is no time wasted when working with direct buyers ready to help investors like you right now!
Driving For Dollars
Very much like it sounds, driving areas that you have an interest in investing in and looking for potential investments is another way to locate off-market properties in Chicago. Experienced investors know the signs to look for to assess properties that may be worth further investigation quickly. Initiating negotiations with these homeowners takes finesse. Often, these are older properties that are found in advanced stages of disrepair or neglect, at times even abandoned. Driven by financial or personal circumstances which have made maintaining the property either unaffordable or impossible to perform physically. Professional investors like the direct buyers at Chicago Home Buyers have the negotiating skills necessary to work with all personality types from years of experience approaching people facing difficulties.
While you pay a fee for their service, finding a reputable wholesaler is another way that you can find off-market properties in Chicago. Wholesalers do the legwork necessary to find these properties and act as a go-between for sellers, holding the contracts, which would then be assigned to you as the investor. You should be aware that you have much less control of the deal when you work with a wholesaler, however, many of the terms are already in the contract, typically there is no inspection and you must provide a non-refundable deposit. These parameters make it difficult to work with lenders when you buy off-market properties through a wholesaler.
Building a list of good contacts in the real estate industry is done through networking and this is a great way to find off-market properties in Chicago. Often, you can find gatherings of professionals from every walk of the real estate industry at meetings where you can begin to build mutually beneficial relationships that lead to growth in all areas of your respective businesses. Where you lack expertise and strength, others can provide insight and vice versa. One of the downsides of networking is the time and dedication required to create, build and maintain these working relationships. Why not work with a direct buyer, like those at Chicago Home Buyers who have dedicated their career as a professional to helping investors like you make wise real estate investments.
Chicago Home Buyers
Save commissions and time! Working with the pros at Chicago Home Buyers is the best way to find off-market properties in Chicago. The direct buyers at Chicago Home Buyers can help you locate these highly sought-after properties, with a wide variety of contacts from every walk of the real estate industry built through working together for a common goal. At Chicago Home Buyers, our in-house team is ready to inspect and rehabilitate the property to help you achieve the best return on your investment dollar. So ask about our off-market properties and get started on the road to living out your retirement in style. Contact Chicago Home Buyers today at (312) 300-2043.