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186: Rookie Reply: How to Close on Off-Market Properties

186: Rookie Reply: How to Close on Off-Market Properties

FromReal Estate Rookie


186: Rookie Reply: How to Close on Off-Market Properties

FromReal Estate Rookie

ratings:
Length:
11 minutes
Released:
May 28, 2022
Format:
Podcast episode

Description

This week’s question comes from Aaron on the Real Estate Rookie Facebook Group. Aaron is asking: What paperwork do I need to close an off-market deal? If presenting a cash offer, can it all be done between me and the seller? Do you typically ask for an inspection period?Off-market real estate deals can seem tricky when you’ve never done one before. For the most part, investors only deal with on-market deals where their real estate agent walks them through the closing process. When you’re pursuing off-market deals, you’re on your own (for the most part), but that doesn’t mean that closing on a new deal has to be complicated.Here are some suggestions:Contact local real estate attorneys and escrow offices before closing on a propertyRemember to include purchase contingencies (like inspections) so you’re not stuck with a bad dealSend in a letter of intent to the seller before presenting a formal offer to see where they standConsult a real estate attorney to draft up a legal, enforceable purchase and sale agreementWhen in doubt, lean on your escrow, title company, or attorney for the next stepsAnd more in the episode…If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).Links from the ShowReal Estate Rookie PodcastReal Estate Rookie Youtube ChannelReal Estate Rookie Facebook GroupInvestNextCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-186See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Released:
May 28, 2022
Format:
Podcast episode

Titles in the series (100)

Ready to build your real estate empire… but not sure where to begin?Think of us as your personal trainer.From detailed breakdowns of real-world deals… to one-on-one coaching sessions and a warm, welcoming community… hosts Ashley Kehr and Tony J Robinson bring on a wide range of guests to tackle the “newbie” questions you've wondered about but might be afraid to ask.Looking to 10X your real estate investing business this year? This show isn’t for you.Looking for your first, second, or third deal -- or envisioning a more modest portfolio? Step right up. Every Wednesday, we’ll arm you with the tips, tools, and roadmaps you'll need as you embark on your journey toward financial freedom.