Has anyone has success buying a home that wasn't for sale?

[High_Plains_Retired]

I live in small town west Texas where one had better be thick-skinned if you inquire on something that is not obviously posted for sale. More than often you will get a cold stare and a reply of, "Do you see a d_mned for sale sign on the property?" before the door is slammed in your face.

I've never bought a home that was not advertised but, after the rumor got out that I was moving several years ago, I had several people actually knock on my door, as well as stop me while I was shopping, and ask if I wanted to sell my house. It didn't make me angry at all but instead made me aware that there was actually a demand for my tired old house. However, rather than sell the place, or just board it up as I had planned, I keep it rented instead.

My thought is that you'll never know unless you ask.

[robmab]

We just bought a home that was not on the market. We heard from a friend that the owners were moving out-of-state, and the house was on one of our favorite streets and had the square footage we desperately needed. Our realtor started knocking on their door and leaving cards. At first, they thought she just wanted the listing and they didn't call back, but finally she caught them at home one day and told them she had a buyer interested.

Their original asking price was way above market comps, so there was a long negotiation process. Eventually, we came to terms, but it was a long process because the sellers were not as motivated as they would've been if they'd gone through the listing/showing process.

Price is likely going to be a hurdle for you. Even if the owner is open to selling, chances are their price will be higher than market value. If you want the house badly and are able to pay cash, it won't matter that the price is above market. But if you're financing it, no mortgage company is going to finance a house that doesn't appraise for the sale price.

[TexasHorseLady]

I had clients who very much wanted to live in a specific equestrian subdivision, but none of the houses then on the market were quite right for their family. So, I told them to drive the subdivision and let me know which ones that weren't on the market looked from the outside like they might fit the bill. I then prepared a letter for the homes on their list (this was a gated subdivisions and most of the small acreage properties also had gates so walking up to the door wasn't really an option but putting a letter on the gate of the property was). Out of about 7 letters sent out, 3 responded, one response said they had planned on being carried out boots first but for the right price (significantly above market) they'd sell, another was planning on selling in a year but would sell now if they were interested (we looked but it wasn't quite right), and the third was planning to put the house on the market but had things they wanted to do to it first. That last one they purchased and have been happily living in for a few years now. So, yes, it can happen.

[WNYHunter]

My parents have had people knock on their door over the last few years looking to buy their house (huge lot in NYC forked on two quiet streets; very desirable). They would have bitten, too, if the offers had been reasonable (the askers weren't even offering what the land by itself is worth).