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Off-market listings refer to real estate properties that are not publicly advertised or listed on Multiple Listing Services (MLS) or other traditional listing platforms .
Sellers have the option to list their property off the market for a variety of reasons. These include upholding their privacy, gauging the market, sidestepping competition, reducing commission costs, and avoiding the inconvenience of readying their home for open houses or dealing with a continuous stream of uncommitted buyers. Our approach ensures that we introduce only qualified buyers, addressing these concerns effectively. This is a more cost effective process for both parties.
Allow Cobbleridge Realty to handle the substantial tasks, as they fall squarely within our primary expertise: dealing with off-market properties. Once you've completed our assessment for home buyers' requirements and secured pre-approval from a lender, we will initiate the groundwork on your behalf. Our goal is to identify a selection of potential homes that align with your needs.
Prospective home buyers can enjoy several advantages, including diminished competition from other buyers, enhanced potential for favorable deals and negotiation chances, entry to distinctive or limited-access properties, heightened privacy leading to fewer bidding wars, and the broadening of their search parameters beyond the properties listed online.
Cobbleridge Realty will arrange and cover the expenses for an engineer to perform a comprehensive property inspection and due diligence. This includes assessing both the potential advantages and risks associated with an off-market purchase. We will analyze factors such as the property's location, state of condition, and its potential for appreciation over time. Additionally, we will take into account the duration of your ownership—considering aspects like the possibility of outgrowing the property or accommodating future needs such as a family member moving in with you.
In the role of your buyer's agent, Cobbleridge Realty will craft a competitive offer by conducting a Comprehensive Market Analysis (CMA). This analysis involves a comprehensive assessment of the property's value and prevailing market conditions. It entails thorough research into recently sold properties in the vicinity that are similar in nature.We will also take into account the condition of the house
Cobbleridge Realty will consistently gather all publicly available data for every home under consideration. This encompasses discovering whether a house is in pre-foreclosure, identifying any existing liens, uncovering past fire incidents, and assessing ground contamination, if any. We extend our efforts to include a search through county court records. Our aim is to minimize your vulnerability by proactively addressing potential undisclosed issues or concealed problems. This proactive approach also helps in managing negotiation dynamics, considering the likelihood of fewer competing offers.
Off-market listings refer to real estate properties that are not publicly advertised or listed on Multiple Listing Services (MLS) or other traditional listing platforms .
Cobbleridge Realty avoids Pocket Listings: A pocket listing is an exclusive arrangement with an agent, not broadly marketed. The agent uses their network to find buyers. Pocket listings suit luxury properties for privacy, but can limit exposure and offers.
In essence, all pocket listings are off-market, not vice versa. The difference lies in exclusivity and sharing within the real estate community.
Cobbleridge will support you in locating an ideal lender tailored to your requirements. Together, we will explore various financing avenues, ranging from conventional mortgages to private lending sources. Throughout the process, we will provide continuous guidance, including during consultations with mortgage brokers or financial advisors, ensuring we devise the most suitable strategy for your circumstances. Moreover, we can tap into available down payment assistance programs to further facilitate your journey.
Off-market properties are less accessible through traditional channels like the MLS, making them time-consuming to find and present. Agents prioritize efficiency by focusing on readily available listings aligned with buyer preferences.
The uncertainty of off-market listings is another factor. Their availability isn't consistent due to limited advertising, making agents wary of relying on them heavily.
Balancing on-market and off-market listings can also complicate agents' workloads. Educating buyers about off-market properties and managing expectations requires extra time and effort.
In conclusion, while off-market listings could broaden options for buyers, challenges like limited access, uncertainty, and workload management often lead agents to emphasize on-market choices.
Cobbleridge Realty prioritizes complete transparency and aims to provide clients with a sense of peace of mind throughout their real estate journey. This is why we choose to make a clear and upfront disclosure of our commissions. We understand that buying or selling a property is a significant financial decision, and we believe that being open about our commission structure helps build trust with our clients.
In contrast, some other real estate agents or brokers might omit commission information due to various reasons. These reasons could include concerns about competitive advantage, negotiation flexibility, or the desire to personalize their services based on individual client needs. However, at Cobbleridge Realty, we firmly believe that by openly sharing our commission details, we contribute to a more transparent and informed real estate experience for our clients.
Our commission for an off-market home is set at 2.5%. This percentage will be included in the offer price, essentially eliminating the need for any upfront expenses. For instance, if we propose an offer of $512,500 on a home priced at $500,000, the commission will be factored into this amount. Additionally, we will cover the expenses for the engineer, real estate attorney, and a one-year home warranty. This warranty will provide coverage for specific appliances and systems within the home.
Managing off-market listings requires a significant amount of effort, and we aim to allocate our time and resources toward genuine buyers. To ensure a focused approach, we kindly request that interested parties complete and sign three necessary forms before any further actions are taken:
Home Buyers Needs Assessment Worksheet: A Home Buyers Needs Assessment Worksheet is a document used to gather and organize information about the preferences, requirements, and priorities of individuals or families looking to purchase a home. This worksheet helps prospective buyers outline their specific needs and desires for a new property, including factors like location, size, amenities, budget, and other essential features. It serves as a valuable tool for real estate agents to better understand their clients' preferences and tailor their property search accordingly.
Agency Disclosure for Buyer and Seller: Agency Disclosure for both Buyers and Sellers is a legal document that outlines the roles and relationships between real estate agents and their clients in a real estate transaction. This disclosure is intended to provide transparency and ensure that all parties involved understand the nature of their representation.
For Buyers: The Agency Disclosure for Buyers informs potential homebuyers about the different types of agency relationships they can have with a real estate agent. This includes:
The disclosure ensures that clients are aware of the agent's obligations and responsibilities toward them, as well as any potential conflicts of interest that might arise. It varies by jurisdiction and is typically a mandatory step before any formal agency relationship is established in a real estate transaction.
Exclusive Right To Represent: Exclusive Right to Represent is a contractual agreement between a buyer or seller and a real estate agent or brokerage. This agreement grants the agent or brokerage the exclusive right to represent the client in a specific real estate transaction. This term is often associated with buyer representation agreements and listing agreements for sellers.
For Buyers: An Exclusive Right to Represent Buyer Agreement (also known as a Buyer's Agency Agreement) is a contract that formalizes the relationship between a buyer and a real estate agent. This agreement states that the buyer will work exclusively with the specified agent or brokerage to find and purchase a property. In return, the agent commits to providing dedicated services, including property searches, negotiations, and guidance throughout the buying process.
The "exclusive" aspect of these agreements means that the client agrees not to work with any other agent or brokerage during the specified period. This exclusivity benefits both parties by ensuring that the agent's efforts are focused on achieving the client's goals without competing with other agents for the same transaction.
Cobbleridge Realty's focus extends beyond off-market listings. In addition to managing on-market listings, we collaborate with diverse buyers and sellers. Whether you're seeking rental options for the time being or planning a relocation within the region or to a different part of the country, we've got you covered. Our expertise also extends to a distinctive service: the Employee Home Ownership Assistance program, as well as Real Estate and Divorce Planning.
Cobbleridge Realty offers a range of services beyond just off-market listings. Here are the various services they provide:
Where does Cobbleridge Realty uncover these off-market residences? Intrigued, aren't you? Yet, on a more serious note, these concealed treasures can be located right here in Nassau and Suffolk.
While potential buyers have the option to search for homes on various online platforms – a rather straightforward process involving setting up alerts for homes that match your criteria – there's a catch. Everyone is competing for the same easily accessible opportunities, resulting in intense rivalry.
Cobbleridge Realty employs a machine-learning model for this purpose. This model distinguishes off-market residential properties that are likely to transition faster than similar ones in the vicinity. This predictive analytics tool was developed to identify individuals and properties with a greater inclination towards buying and selling.
The system utilizes an algorithm that combines historical data trends and public records, resulting in an extensive search that enables us to predict a home selling within the next six to twelve months. The algorithm takes into account weighted values for the following factors to determine a property's likelihood of selling: