Interested in buying a property cash without a realtor, I know I need a closing attorney, but not sure on the rest of the process. I also want to buy the property under my newly formed LLC. I appreciate the help, thanks.
I am curious about your motivation to work without a real estate broker.
If you don't want to work with a real estate broker, have you thought about getting your own real estate license? At the very least, that will give you an access to properties and knowledge that may not otherwise be available to the public.
However, keep in mind, it takes years of hands-on brokerage experience to learn how the real estate marketplace works. But, it is never too late to start if you are interested in doing so. For example, when purchasing bank-owned and short sale properties, there are certain tactics that can be played in order to win a deal, by knowing the servicer's process to selecting and/or approving a buyer's offer.
I am a real estate investor and broker myself. Over the years, I have enabled many partners to build wealth and become financially secure from real estate through opportunistic and value-added investment philosophies.
@Richard Donofrio it is very simple depending on you knowledge of buying. But if you are the buyer you do not pay your realtor anything there commission will come out of the sellers end. Basically you will need an OTP contract which I can give you. Also more than likely the seller will not have an escrow account so do not give them your escrow money give it to your attorney to hold until closing. Again buying something without an agent is not a if deal your attorney would also be a good reference to help you. On the back side of the deal I never recommend selling a property without an agent unless you are an agent. The mls is a powerful tool. In my business it worth the 5% to pay an agent not to have to deal with the buyers. Hope the helps you and good luck.
Thanks for the info, I have realtor, I was thinking more along the lines of buying property at auctions, cash. @joshua houchins
I am extremely interested in getting my real estate license, however I am currently in Afghanistan. Correct me if I'm wrong, but there are no courses available to take online for my 70 required hours of training. @adrian chu
I just purchased 3 lots (we close on Friday) without an agent, of course I am listing the new homes with my agent that I am building on them, same deal cash purchase. I am also closing on my construction loan at the same time using same closing attorney, who I happen to have used many times over the previous few years.
@Keith Bloemdaal Do you also have an escrow agent, or does your attorney handle that?
@Richard Donofrio lol I believe they do business a bit different in Afghanistan
Auctions in nc are tough now I have been buying really distressed property and homes out of estates a lot of large firms buying auction property at the current moment.
You can take an online licensing course for probably every state. I do recommend a live course though, as to actually learn some real world stuff, make some contacts, etc.
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