Agents are increasingly using the “off market” process to sell residential properties.
An example of this is suggesting auction to a vendor and then recommending a 2 week “off market” campaign as part of the marketing package to find a buyer from their database.
So, the database tries to find a buyer from a very limited field of prospects. If a decision is made to sell the house why waste 2 weeks? A vendor may as well go straight to the market to alert ALL buyers. You can’t sell a secret.Is it the nervous vendor who wants to avoid the emotion of an auction who runs with the “off market” process, or is the agent wanting to use the 2 weeks to condition the vendor?
Any buyer should be alert when endeavouring to purchase an “off market” property. Any offer could be used as a price platform for the forthcoming auction. However buyers may be forced to attend a private auction if there are many offers close to what the vendor wants.