Hi Wisconsin BP'ers. I am a buy and hold landlord. For my next rental property I'd like to find an off-market deal. But I realized I have only made offers using an attorney or agent on MLS listings and I am not clear on exactly how I would proceed if I found an off-market deal I want to make an offer on. I know I can get an offer to purchase form from Wisconsin Legal Blank. And I do have a good RE attorney I could consult with if needed.
Any help with some of the precise steps I would need to take?
After you make the offer and its accepted, in my experience it proceeds like any other deal minus the agents.
Are you trying to get around using a title company for the closing as well? I have only done a couple off market deals myself but I still hired a title company to take care of all the closing paperwork for me. I've always felt for the hassle it saves me by having them coordinate everything it's worth the price.
@Sam Erickson Thanks. No I definitely am not trying to avoid using a Title company. So it sounds like I just call a Title company and tell them there is an accepted offer and they take care of it. What about determining the taxes the seller might owe, or liens? Is the City website my only source of information at least for the taxes?
@Dan C. yeah just call whatever title company you want and just tell them that no agents are involved. They will then just work with you and the other party to get the info they need rather then calling the agents. To start with they will want a copy of the accepted offer to work off of.
As far as the lien search and taxes, taxes yeah I think the city website is your best option. For a lien search the title company should preform that. If you wanted to do some of the leg work on your own as well I think you may be able to go down to the city and preform one, might cost a little money.
@Sam Erickson Got it - thanks for the help Sam.
@Sam Erickson great information, thanks!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing