BUYERS FREQUENTLY ASKED QUESTIONS
QUESTIONS
What is an off-market property?
An off-market property is a home that is for sale but not listed on the Multiple Listing Service (MLS).
These properties are usually sold privately and can offer unique opportunities for buyers.
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How do I find off-market properties on Velfixi.com?
Velfixi.com specializes in off-market properties. You can search for listings directly on our platform,
which features exclusive properties not found on traditional real estate websites. Most platforms “hide”
off-market listings even if a homeowner wants to sell a home on their own because those platforms care for
Realtors who pay up to 40% of their commission to those platforms.
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Why should I consider buying an off-market property?
Off-market properties often have less competition, allowing you to negotiate better terms.
They can also offer unique or high-value opportunities that aren’t available through
traditional listings. Both the buyer and the seller can make more money as a result.
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What are the risks of buying an off-market property?
The primary risks include less market visibility, which can make it harder to verify the
property’s value, and limited access to property information. Always conduct thorough due
diligence and consider having Realtor representation.
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Can I get a mortgage for an off-market property?
Yes, you can obtain a mortgage for an off-market property. The process is similar to
buying any other property, but it's crucial to work with a lender who understands the
off-market purchase process.
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Do I need a real estate agent to buy an off-market property?
While it’s not required, having a buyer’s agent can be beneficial. An experienced agent
can help you navigate the process, negotiate terms, and ensure all legal aspects are
covered.
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What are the advantages of using a buyer’s agent for off-market properties?
A buyer’s agent has access to industry contacts, can provide valuable market insights,
negotiate on your behalf, and help with the paperwork and closing process.
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How do I verify the value of an off-market property?
Conduct a comparative market analysis (CMA) using recent sales of similar properties in
the area. Hiring a professional appraiser can also provide an accurate property valuation.
Typically the bank will hire an independent appraiser that the buyer typically pays for
once under contract. Your Realtor can also help you assess value.
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Can I negotiate the price of an off-market property?
Yes, price negotiation is common in off-market transactions. With less competition, you
often have more room to negotiate favorable terms with the seller.
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What should I look for during a property inspection?
Ensure the inspection covers structural integrity, electrical systems, plumbing, roofing,
and any signs of water damage or pest infestation. A thorough inspection helps you
understand the property’s condition and potential repair costs.
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How do I make an offer on an off-market property?
Work with your buyer’s agent to draft a competitive offer that includes the price,
contingencies, and terms of sale. Present the offer directly to the seller or their
representative. Alternatively, you could hire an attorney, but if they aren’t checking
out the property with you, will they really know what you’re getting yourself into? Again,
having a buyer’s agent is a choice, but it really does protect you further as a consumer.
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What contingencies should be included in my offer?
Common contingencies include financing approval, property inspection, appraisal, and
title search. These contingencies protect your interests and allow you to back out if
certain conditions aren’t met.
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How do I handle title and escrow for an off-market property?
Engage a reputable title company to conduct a title search and ensure the property is
free of liens or claims. An escrow service can manage the transaction funds and paperwork.
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Are there any additional fees when buying an off-market property?
No. In fact you save from 2.5%-7% potentially.
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How long does it take to close on an off-market property?
Closing times can vary but typically range from 30 to 60 days. Factors like financing,
inspections, and negotiations can affect the timeline. Same as MLS listed properties.
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Can I back out of an off-market property purchase?
Yes, you can back out if contingencies in your offer are not met or if new issues arise
during due diligence. Always consult with your agent or attorney before making such
decisions.
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What should I do if the seller won’t negotiate?
If the seller is firm on their price, consider the property’s value and your budget.
If it’s still a good deal, proceed; otherwise, be prepared to walk away and look for
other opportunities.
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How do I ensure I’m not overpaying for an off-market property?
Conduct a thorough market analysis, get a professional appraisal, and rely on your
buyer’s agent’s expertise to ensure you’re making a sound investment.
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What happens if there are issues with the property after purchase?
Post-purchase issues should be handled according to the terms of your purchase agreement.
If covered by contingencies, you might have legal recourse. Otherwise, you’ll need to
address repairs or issues as the new owner.
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Can I sell an off-market property in the future?
Yes, you can sell an off-market property later same as any property.
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