Selling off-market in Union City, NJ

[Boris Suchkov]

A family member has asked me to help sell a property, a triplex in Union City, NJ. It is currently fully rented. We want to try the off-market route before getting an agent and posting on the MLS. I want to do my research and evaluate the hassle/risk of facilitating the transaction myself versus the reward of avoiding the seller's agent fee and getting an education in the process.

What is the typical "order of operations" if we were to sell off-market to another investor? A recent example of a similar deal would be great!

[Yavuz Bayram]

What you need to do initially is figure out a way to assess the value of the property you can do this by looking at comparable sales or you can ask an agent to help you with the valuation. I I don’t think they will mind I don’t personally I do it all the time.  

If you don’t price properly it will sit on the market for a long time the biggest mistake for sale by owners have is they have an over valuated view of the property in their mind. 

Then you need get a marketing plan together to see how you can reach all of the potential buyers that are interested in the area the first and most easiest is obviously listing it with pages such as Zillow as for sale by owner. Also you could use your network to personally contact people that may be interested in the property as well. 
 

Once you get through and find a buyer you can pass the deal on to the attorney to prepare the contract and should be fairly easy from there since you won’t have much involvement any longer.