TLD;R: I am planning to send letter to homeowners who haven’t listed their house to sell directly to me. Good or Bad?
I am kinda taking a different approach where I have shortlisted the streets I like to buy a SFR and have scraped the municipal website to get the list of addresses not sold in last 5 years in my preferred areas and get the list of homeowner addresses. Now I am planning to send a letter as noted below. I don’t intend to send family photo or reveal too much personal info. I shortlisted some 800 homes and it will cost me about $200-$350 to print, put in envelope and place stamp and deliver to post office.
You may wonder why do this? And what’s my plan? Well I haven’t visited any open-houses and don’t have an agent but have been researching & watching market for. over a year now. I exported entire town data into excel and added layers of filters to arrive at my desired short list of neighborhoods. I even moved to a rental in the area and drive by neighborhoods to checkout houses on weekends to get a feel. I have experience with purchase of 2 condos before and have good idea of the process(atleast IMHO). I also intend to negotiate directly with seller who has many advantages like no agent fees, no need to empty the house and pay mortgage for couple of months, no staging fees etc. I plan to pocket those expenses and get a good deal as well. My move-in date is flexible, so this will allow seller to plan their exit as well. I am going to hire an attorney to draft a contract with all contingencies that exist in typical transaction like mortgage, inspection, appraisal etc. I will be doing a thorough double inspection w radon, termites etc to be satisfied. I even plan to get a surveyor to make sure the lot lines are correct. TBH, My shortlisted houses are built after 2000 and is in range of 700-850k range.
Do you guys think this is a bad idea? Do you have any suggestions to improve or alternative ideas? The USPS EDDM route was turning to be a bit more expensive as I cannot filter addresses and still have to go thru the same process. So I chose to it manually myself. In my estimate, I will get atleast 10-15 callbacks that I will use to filter and place final offers via attorney after initial negotiations and viewings. Is there anything I missed out above? Any special advise for buying single family homes in NJ?
Dear Homeowner, Re: Direct buyer of your home We are a family of 4 (and soon to be 5) looking to buy our family home in TOWN. We drove past your street couple of times and like the charm of your neighborhood as well as location. We shortlisted your house as it meets our requirements and wanted to reach out for a direct purchase. We are looking to buy in next 3-10months timeframe and have experience buying a real estate property, so are intimately familiar with the process and are confident proceeding without an agent. If you are interested in discussing further, please email Future.TOWN.Resident@domain Or Call: XXX-XXX-XXXX. If you are NOT looking to sell your house, then please feel free to recycle this letter. Meanwhile if you know any of your neighbors planning to sell, please share our contact information. Sincerely