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In this low inventory market, if one wants to buy in a particular area, sending letters to owners in that area may uncover those who are considering selling, but are not on the market yet. I've used this approach for specific condos and gotten a reasonable response - and I've seen realtors use the approach to secure contracts on properties in hot areas.
All one needs to do to find-out the current owner (along with date purchased and price paid) is query the county tax appraiser's office. One can also find-out if the current owner lives there or is an absentee owner (w/address included).
This is a reasonable approach for reasonable people. However, writing outlandish letters and making ridiculous or untrue claims, is unlikely to secure a response.
I concur that my perspective might very well be different if I was say, my Dad's age and tired of dealing with rental property. If someone had been mulling the idea already, I could see such a personal appeal maybe working.
Except it's not personal. It's just another wannabe investor with a phony story about wanting their first home, when in reality they are looking to build their own stable of rental homes to live off. Normal people looking for their first home don't send unsolicited letters to owners of homes that aren't for sale. These folks look up property records of homes in their price range to buy up and flip, or turn into a rental. Their not-so-secret desire is to get an offer accepted by someone unaware of current market prices BEFORE the owner's had a realtor assist with pricing.
When we were looking for our first home purchase, there was a lovely, very neglected house at the top of the hill. We got up the nerve to knock on the door and ask if he was interested in selling.
Turned out, another neighbor had done the same a few weeks earlier, and they were in negotiations.
He invited us to make an offer, but the offer on the table was already 40% over our budget.
That was pre-internet days, 1986.
It's much easier now. When we wanted to purchase the empty lot next to our house in 2012, we looked up the owners on the county database, googled their names, and called them.
"Normal people looking for their first home don't send unsolicited letters to owners of homes that aren't for sale."
Sure they do, especially if it's a property they've driven past for a few years, they like the neighborhood, the condition of the house indicates maybe seems like someone's getting older, etc. Happens a lot in Southern CA because inventory is so tight and a lot of people stay longer than intended in their properties because of Prop 13, buyers are trying to do whatever they can to find a property that works for them.
"Normal people looking for their first home don't send unsolicited letters to owners of homes that aren't for sale."
Sure they do, especially if it's a property they've driven past for a few years, they like the neighborhood, the condition of the house indicates maybe seems like someone's getting older, etc. Happens a lot in Southern CA because inventory is so tight and a lot of people stay longer than intended in their properties because of Prop 13, buyers are trying to do whatever they can to find a property that works for them.
This is true. It’s how I bought my duplex a few years back. You start watching for signs and then make the approach.
I just did mine in person, cut to the chase. Saves a ton of time and ink and postage. I was renting on the same street short term and struck up the conversation.
His realtor made it an effingcluster after the fact, but I still got a prime property well under market.
Sourcing a deal outside of the usual channels is a great strategy.
Mother of a close friend sold her house in West Vancouver, BC on Belview Ave. (think Rodeo Drive). Young man befriended her and her only daughter was busy working.
. HOUSE SOLD. As she said to me: "you don't SELL Belview, when you've already arrived". Guy got a smoking deal on the street that never has houses for sale.
My mom's cousin, (a farm boy) factored what he needed in his sale, pounded a 4 sale sign in the lawn, as he wasn't about to deal with those "new fangled" real estate people. Guy doing a drive by in a 500. dollar car got the price: the farm boy was GIVING away 200 grand in equity. Any local bank would see that equity immediately (demand area) and give a note to any 500 dollar car guy. He's on his way. ]
In housing, as in life, all you need is that one SWEET DEAL to get you going. After that, small gains can go down to your bottom line and stay there.
and yeh, it would have been nice if someone had made a few phone calls and let us know what they were about to do, but we're too busy working. When I think of all the favors I've done for the guy, ......but at day's end he's mentally still "on the farm". My friends mom? Probably a little sliding dementia didn't help, but there goes life.
Where I'm from, while it used to be a tactic to write letters, or pose for pictures with an offer for a HOME FOR SALE, I'm pretty sure it's either illegal or strongly frowned upon today because of laws against prejudicial decision making in the selling of real estate. At least that is what was told to us by one of our former agents who once encouraged this tactic.
Now I know this forum skews very old, and they hate young people in general. But I don't think this is a young people issue, if it's even a real problem at all. It sounds like solicitation. We get those from time to time. I'm pretty sure solicitation has existed for quite some time, or so says the hundreds of archaic "No Solicitation" signs I've seen posted throughout neighborhoods, mostly by very old, curmudgeonly people who want to be left alone.
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