To be a great investor in Chicago, you’ll need to know how to find the best off-market properties. The good news is, we are here to help you! Learn more about how to find the best Chicago deals in our latest post!
Any savvy investor will tell you, the best deals are usually found far away from the MLS. The key to finding the best deals on Chicago real estate, is to look in the places where others aren’t. There are many ways for you to find deals on Chicago houses that aren’t listed. Keep reading to discover some of our best tips for finding off-market properties in Chicago and the surrounding areas!
One of the best ways to find off-market properties in Chicago is to network with others in the industry. Many investors will work together, sharing leads and deals as well as opportunities they are passing on. You can also network with estate attorneys who may have information regarding homes that will potentially be for sale. Depending on where you live, you’ll likely find many networking groups you can join where you can develop relationships with other like-minded individuals.
Before jumping into the auction ring, it’s important to know what you are getting into. Keep yourself abreast of all the auction information and take the time to thoroughly research the property and neighborhood you are interested in before auction day. You’ll want to understand the bidding process and any fees you can expect upon the selling of the home. There will likely be a good amount of competition, so do your homework so you don’t find yourself in over your head.
Professional home builders can find themselves with unexpected inventory after a buyer drops out. These homes need to be resold sooner than later in order for the builder to make their profits. By purchasing directly from a builder, you will be able to avoid commission and possibly get a discount on the property. Make a list of builders in your area, and let them know you are interested. While they may not have your ideal home in their inventory today, it’s not to say they won’t down the road!
While this can require some hard work and a little nerve, a direct approach can yield great results. Some direct marketing strategies include mailing letters to owners of run-down or vacant properties and expressing your interest in buying their home. You should always be professional as not to appear as if you are invading their privacy. While ownership information is usually public record, most people don’t like to be approached by people they don’t know in regards to such personal topics.
When looking for off-market listings in Chicago, a great resource are FSBO listings. There are many websites dedicated to helping owners sell their homes on their own, without the help of an agent. When a buyer and seller work together, independent of a middle-man, they will be able to negotiate one-on-one and avoid paying any agent commissions. In the right situation, this is a win-win situation for all parties involved.
Work With A Pro
When looking for an off-market property, a great shortcut is to work with a professional property buyer who has done most of the legwork for you. At Luxdoor Invest, we find only the best off-market properties in the Chicago area. As a buyer, you will benefit by having the research done for you, giving you the peace of mind you need to confidently purchase an investment p[roperty in the Chicago area.