Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 7 years ago,
Need Advice: Approaching Owner on Off-Market Property
I have a lead on a SFR property in my area. The owner got the property in a divorce, has since remarried and moved, but kept the house. At one point the owner listed it for sale and had few if any offers. One major reason is that it lacks an adequate garage. I don't know why the price wasn't reduced. Instead the owner just removed the listing.
The owner later became an AirBNB host. However, the city has banned licenses on STRs and the owner's license will sunset 12/31/2019.
How best to approach the owner for possible sale? Owner doesn't live there, has high equity, didn't receive much during last attempt to sell on MLS, and will not be able to continue to rent as STR in 12-24 months. If the owner waits to sell much later, there may be a glut of AirBNB homes hitting the MLS all around the same time due to the new ruling. Also, who knows what the market will do in the next 12-24 months. Also, off-market will allow owner and I to save the 6% on a listing potentially.
How would you real estate super stars increase your chances of getting the owner's interest here?
If it helps... I want to buy this to live in it - not to flip, rent, or wholesale. It doesn't need much, if any work... not for me to make it a primary residence anyway. I can't do all cash on it, but would have no trouble getting into it as owner-occupied primary.
Thanks!