57 min listen
186: Rookie Reply: How to Close on Off-Market Properties
186: Rookie Reply: How to Close on Off-Market Properties
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)
Doing Deals While Quarantined with Jeremy, Kristen, and Rafael by Real Estate Rookie