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Looking for a home to buy can be fun. It can also be tedious and discouraging if you're trying to buy in a market where there are very few homes for sale.

Unlisted homes come at a price

Some buyers will go to extraordinary lengths to find a home to buy when the listing inventory is low. Recently a buyer asked his agent to contact homeowners in the area where he wanted to live. Even though there weren't any homes for sale in the area, the buyer hoped his agent could convince someone to sell.

The agent's efforts did turn up a prospect. The buyer ended up buying the property. But it took weeks to negotiate the contract, and the buyer paid a premium price. As is often the case with unlisted properties, this owner was willing to sell, but only if he received a price he couldn't refuse.

Many issues come into play when you consider buying a home that's not on the market. A major factor is whether or not the property is really for sale. You could waste a lot of time and energy trying to talk a homeowner into giving up his home when he has no pressing reason to sell, even if at a profit.

The price issue is a concern for both the buyer and seller. When a home is listed on the open market, it's easier to gauge its market value. If buyers are clamoring to buy the listing, the property will probably sell for the asking price, or more. A listing that has been sitting on the market for months may be priced too high for the market.

It's harder to determine the market value of a property that hasn't had the benefit of market exposure. One option is to have the property appraised. However, appraisals, which are done without the aid of market exposure, often don't reflect real market values.

One homeowner had his home appraised for a refinance shortly before selling the property. The property sold for much less than the appraised value. Refinance appraisals can also come in on the low side.

If you buy a property that hasn't been marketed, you will never know if you paid too much. Likewise, the seller will never know if he could have sold for more.

HOUSE HUNTING TIP: Expired listings can offer opportunities for buyers who are having trouble finding a home to buy. An expired listing is a property that was listed for sale, but that didn't sell during the listing period. Sellers of expired listings can lose interest and give up when their home doesn't sell during the listing period. They may decide to wait for a different market, or they may shop for a different agent. In any case, these sellers are often anxious to sell.

Several years ago, a couple was having difficulty finding a place to buy. Their agent remembered an expired listing that she thought would work well for her clients. She contacted the owner who was indeed willing to sell. The seller was just giving the listing a break before putting it back on the market.

Before you buy an expired listing, find out why it didn't sell. It may have been priced too high for the market. Or, the market could have been soft. Study the comparable sales information before deciding what price to pay.

Consider hiring a local real estate agent or real estate attorney to make sure that you're interests are represented, and that all disclosure requirements are complied with.