You scoured New York City. You searched high and low. You searched far and wide. Just to find the elusive dream apartment. Finally, you found the one. The apartment. But there’s something wrong with the listing. It’s listed as ¦ off-market.
It’s like a scene from a movie, in which it looks like everything is going to work out. Then the pending “catch” drops. Your perfect apartment is off market.” Off-market. What does that even mean? Is it sold, is it still available, was it closed temporarily for a hazmat cleanup after a horrible double murder?
Off Market.
Unfortunately, the term off-market can be ambiguous. So let’s start with two things it doesn’t mean: first, the apartment you have in mind is no longer available for purchase. In actuality, off-market just means that the apartment is not available for purchase at that moment. Second, off market does n0t mean the property was sold. Essentially, an off-market property was an active listing available for sale on the market, but then something happened. The something is not always bad. It usually indicates the seller and apartment need a little time before the listing will be available for sale again. The important takeaway is that your dream apartment is still available for purchase.
Your realtor is key to unlocking the mystery behind your dream home’s off-market status. That’s why it is so important to work with a well-respected brokerage when looking to rent, buy, or sell. TripleMint has made a name for itself in the New York market as one of the best. Be sure to entrust one of your life’s biggest decisions to TripleMint. They are a trusted brokerage that stand by your side even after the deal is done. TripleMint looks at each client as a continuing partnership, not just a one-time transaction. That’s the TripleMint difference.
Failed Short Sale.
In many cases, off-market signifies financial difficulty for the seller. In general, sellers will list their apartments to avoid foreclosure. If they find a buyer, their lender might accept a short sale. If a property is off-market, either the right buyer didn’t come along in time or the bank didn’t accept a short sale. So now, instead of dealing with a desperate homeowner, you will be dealing with a bank. Your dream apartment will be available for sale again, but it will have to go through the lenders process before it is available for sale to the general public. If this is what your version of off-market means, be patient, be reasonable, and make sure you are working with a diligent realtor. You will need someone who will stay plugged in to make sure you stay in the running for the apartment.
This Old House.
Off-market can also signify an apartment is not in a good enough condition to sell. Most buyers don’t want to see dirty carpets, leaking fixtures, or odd colored walls. Another possible scenario is that something happened to the apartment while it was listed for sale, and now the issue has to be fixed. I would dig a little deeper to find out what is really going on. While it still may be your dream apartment, you want to be sure you understand what happened and why it happened. The “why” will help you uncover if there is a systemic issue with one of the major systems and how the buyers actually fixed the issue. That is key. Did they fix the problem, or did they put a band aid on it? Keep asking questions until you feel comfortable.
The Unknown.
The unknown is the last possible option for the off-market status of your beloved apartment. The seller still wants to sell, just not today. The reason? Your guess is as good as mine. You can have your realtor dig deeper, but the opposing realtor may not share information. The best your realtor can hope to accomplish in these instances is to nail down an idea of when the apartment will be back on the market and available for sale. Keep an open eye and look for any changes to apartment when the listing returns to active. When the listing becomes active again, you should ask the seller point-blank if it was taken off-market for repairs. When you ask direct questions, by law, the sellers have to disclose that information. Work with your realtor and a home inspection company to answer those questions.