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off market

English translation: Not technically for sale

19:27 Oct 24, 2011
English language (monolingual) [PRO]
Bus/Financial - Real Estate
English term or phrase: off market
I'm considering buying an apartment building and one which I wish to buy is listed as 'off market'. I've been supplied with contradictory definitions of what this means. Can anyone provide me with some clarification?
Joseph Brazauskas
United States
Local time: 05:23
Selected answer:Not technically for sale
Explanation:
It may have been listed earlier, and then taken off the market because it did not sell and the owner wants to wait a bit. It might also be

'The property is in escrow or sold.' as the link states.

However, everything is ALWAYS for sale if the price is right, so I would understand it as the property is not listed for sale anywhere.

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Note added at 6 mins (2011-10-24 19:33:53 GMT)
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Here is another one, quantified with 'temporarily'

http://www.redfin.com/definition/temporarily-off-market

Selected response from:

jccantrell
United States
Local time: 02:23
Grading comment
Thank you very much.
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
4 +3On sale but not through the usual channels
Ty Kendall
3 +3Not technically for sale
jccantrell
5Relating to a transaction which occurs outside a formal market
Abouzar Oraki


  

Answers


4 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +3
Not technically for sale


Explanation:
It may have been listed earlier, and then taken off the market because it did not sell and the owner wants to wait a bit. It might also be

'The property is in escrow or sold.' as the link states.

However, everything is ALWAYS for sale if the price is right, so I would understand it as the property is not listed for sale anywhere.

--------------------------------------------------
Note added at 6 mins (2011-10-24 19:33:53 GMT)
--------------------------------------------------

Here is another one, quantified with 'temporarily'

http://www.redfin.com/definition/temporarily-off-market




    Reference: http://wiki.answers.com/Q/In_real_estate_what_is_the_definit...
jccantrell
United States
Local time: 02:23
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
Grading comment
Thank you very much.

Peer comments on this answer (and responses from the answerer)
agree  Jenni Lukac (X)
2 mins
agree  Sheila Wilson: Likely to be between acceptance of offer and final sale - anything could happen to disrupt the sale
25 mins
agree  humbird: Yes, the seller may be: waiting for better time; already sold; or changed his mind and deciding not to sell.
3 hrs
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8 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
On sale but not through the usual channels


Explanation:
This is when a property is for sale but not being promoted or advertised through the property market or other typical channels.

Being "on the market" is when your property is usually listed in various estate agents etc. "Off the market" is selling your property without standard publicity.
See links attached.


    Reference: http://www.brompton-property.com/off_market_properties.html
    Reference: http://www.encyclo.co.uk/define/Off%20Market
Ty Kendall
United Kingdom
Local time: 10:23
Works in field
Native speaker of: English

Peer comments on this answer (and responses from the answerer)
agree  Jack Doughty
22 mins
  -> Thanks
agree  Phong Le
17 hrs
agree  Thuy-PTT (X)
1 day 8 hrs
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50 mins   confidence: Answerer confidence 5/5
Relating to a transaction which occurs outside a formal market


Explanation:
Relating to a transaction which occurs outside a formal market – e.g. transactions in unlisted securities or transactions involving listed shares which were not executed on a stock exchange. Off market transactions are conducted through negotiation rather than an 'auction' system.


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Note added at 1 hr (2011-10-24 20:36:39 GMT)
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A listing may taken temporarily off market for a variety of reasons. For instance, the seller may be taking a vacation, and unable to consider new offers while away. Or the seller may be renovating or making repairs to the property. The seller is still under contract with her real estate agent while the listing is temporarily off market.

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Note added at 1 hr (2011-10-24 20:37:15 GMT)
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A listing may taken temporarily off market for a variety of reasons. For instance, the seller may be taking a vacation, and unable to consider new offers while away. Or the seller may be renovating or making repairs to the property. The seller is still under contract with her real estate agent while the listing is temporarily off market.

Abouzar Oraki
Local time: 12:53
Works in field
Native speaker of: Native in Persian (Farsi)Persian (Farsi)
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