Hi. I am working on my first deal. I'm making unsolicited offers on houses that are distressed in my area. I'm trying to understand the timeline of events and who to include and when.
1st Hurdle: Get them to read the letter.
2nd Hurdle: Get them to show me the house. (with Contractor or Inspector)
3rd Hurdle: Make offer. (Do I need to consult with an attorney before making an offer?)
4th Hurdle: Signed purchase agreement (The attorney will draft a purchase agreement)
5th Hurdle: Closing (How long before closing should I have the the Title company picked out and hired?)
I think you should have a purchase agreement template already drafted up ready to go so that you can just write in the agreed numbers with the seller.
I think you should also already know beforehand what title company is going to do the title search and close the deal with your end buyer.
The agreement should probably have an escape clause of some sort that gives you a way out if you can't find your end buyer. You should be closing ideally 2-4 weeks tops from the day you sign the contract.
Take tons of quality pictures and maybe a video tour of the place while you're there so you can show it to interested end buyers. Otherwise I don't know how else you'd be showing the property to all these people.
*Edit, I think I read wrong or assumed you're wholesaling. Or are you buying for yourself?
No, I'm not planning on wholesaling. I'm getting a 203k loan for repairs (hopefully) and will be living in it. I'm hoping that after I look through the property I can hold the seller to his word when we negotiate a deal over the phone until I get a purchase agreement signed.
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