Home Buying in San Diego>Question Details

Robert L. Bo…, Real Estate Pro in San Diego, CA

Buyer wants a property that's not for sale. Any creative ideas?

Asked by Robert L. Boerner, San Diego, CA Wed Apr 4, 2012

I have a buyer client (formerly a seller client) who is looking to purchase the largest floor plan in a condo complex. Only 18 of them exist and none are for sale. I have tried the "knock and talk" method and spoke with 6 owners so far. Aside from continuing that route and sending each owner a personalized letter, anyone have ideas on how to get one of these condos for my client?

I know that almost everything is for sale at the right price. But, my client is patient and practical.

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If your buyer is serious, then you can get excited at the prospect of finding one of these homes to list and use that motivation to go speak to each of the owners. A lot of agents lie to sellers claiming they have someone who's interested, but that buyer never shows up. So, if you have a hot buyer, speak with conviction and act like it!

Talk to every seller in there. If they're not interested in selling today, when would they? Does your buyer HAVE to move immediately, or will your buyer move in in 6 months? Get the owner's phone number.

If they want to sell in 6 months or a year, have your buyer write an offer subject to inspection with a 30 day escrow and put your commission in the Additional terms section of the offer. Include a lease back addendum that says the buyer will lease it back to the seller for whatever the owners mortgage payment is, for a term of 6 months, or whatever is acceptable to your buyer and you think the seller may go for.

Then call the owner, tell him you have something very important to discuss with him and make an appointment; then go present the offer. Bring a counter offer form in case he likes the deal, but wants to make changes. Also bring comps and a listing agreement; in case it goes that direction.

If it doesn't work out. The owner will be impressed by your tenacity. If he sees you working that hard for your buyer, maybe he'd like a hard worker to find an investment property for him?

Good luck!
1 vote Thank Flag Link Wed Apr 4, 2012
0 votes Thank Flag Link Fri Apr 26, 2013
Time to educate your buyer. Do some research. When was the last time this unit sold? How many units this size are available? Tell your client about all your hard work trying to find a unit for them. Then search for something that is available and meets most of their search criteria. Teach them about how great the interest rates are and why they should not wait.
Buyers often buy something different than what that started out looking for because they learn what a good deal is and why they shouldn't pass it up.
0 votes Thank Flag Link Wed Apr 4, 2012
Robert,
Instead of talking with the owners, write an offer and leave it with them. Putting things in writing are much more visible (75% of people have visual tendencies). There are only three possiblilites with a written offer, yes, no or a counter/maybe, so two of three are good. Research the property, so you know when they bought it and what they paid (check with my customer service 619.521.3478), so you will have some idea if it will be possible.
0 votes Thank Flag Link Wed Apr 4, 2012
Maybe talking to the condo manager - it seems like they know EVERYTHING about anyone, even before those people know themselves...almost. Or, to check the condo on pre-foreclosures?

Irina Karan, CDPE
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Apr 4, 2012
Man, Robert, I've been doing a LOT of this kind of thing lately. Low inventory, lots of buyers. My letter mailing has gotten some traction, though. Out of the last neighborhood of 38 homes, I actually got 3 responses. I always write the letters as sincere as possible making sure to let the reader know my client is not looking to steal a house or low-ball anyone. I tell them if they've been talking to their agent to have their agent get in touch with me, no problem. I think the key, though, is to not expect the first round of communication to get you anywhere. Try a ninja-style 8x8 (8 touches over 8 weeks). If they don't sell to you, they'll sure as **** know who you are! :-) Good luck!
0 votes Thank Flag Link Wed Apr 4, 2012
Maybe post an ad on the bulletin board in the lobby with your number on it saying "I have a buyer that wants to live here willing to pay around $X." Call me if interested in selling.
0 votes Thank Flag Link Wed Apr 4, 2012
You also may want to see if the buyers will pay your commission and factor it in. An offer with no commissions to pay might be more attractive.
0 votes Thank Flag Link Wed Apr 4, 2012
Thank you everyone! I like the offer idea. Looks like I will be spending some time with Winforms!
0 votes Thank Flag Link Wed Apr 4, 2012
I think the nocking is good. I would make sure you had comps in hand with maybe a letter from lender showing they are qualified. The offer idea is good as well.
0 votes Thank Flag Link Wed Apr 4, 2012
Hey Robert,

That is pretty ironic that I got this question, as I am in the midst of sending out a personalized letter to a neighborhood where I have 3 pre approved buyers and much like you, no sellers. While I do not have anything too creative, I would stress making your letter as specific as possible. Use names, numbers and any other pertinent information, so that the owners know you are serious and not simply trying to solicit their business. Best of luck!
0 votes Thank Flag Link Wed Apr 4, 2012
Cindys idea was great. Nothing talks more than an offer, proof of funds, and you can always be right in there with the comps. Good luck on that one! Keep us posted
0 votes Thank Flag Link Wed Apr 4, 2012
if your not selling your property they cannot buy it
i have a simlar problem regarding my house that why i dont answer them
0 votes Thank Flag Link Wed Apr 4, 2012
You might take it one step further and actually write up and offer with a viewing contingency.
0 votes Thank Flag Link Wed Apr 4, 2012
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