Off-market sales come at a price

Sellers may sacrifice market value for privacy, convenience
Published on Mar 14, 2011

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by CareyBot

Wouldn't it be nice to bypass all the marketing required to sell a home -- especially people coming through at inconvenient times and public open houses -- and sell directly to someone for a price you can live with, without the fanfare?

There are times when a sale off-market is appropriate.

For instance, an elderly man decided to sell his house for $1 million to a contractor he knew. He let his co-trustee know what he'd verbally agreed to and she got into the act. As a trustee, she owed a fiduciary duty to get the highest price possible for the trust. She knew that $1 million was too low.

After canvassing the local real estate community, it was determined that the house was probably worth about $1.4 million on the market. But, the co-trustee agre