BP! I want to implement the Driving For Dollars tactic for my next property. I feel like I have a decent understanding of what to do in order to find a property, but I have not researched yet on what to do after you get that "YES" from a seller.
In my previous transactions, I have worked with an agent. So it's a no-brainer when it comes to contracts and legal documents. Since this would be performed without a realtor, what are the required steps to take? Do you need to work with an attorney? Looking for all advice/tips on closing a "Driving for Dollars" deal, thanks!
There's a lot of ground to cover there. Basically what it boils down to is figuring out seller motivation, seller goals, rehab costs, debt service costs, and what you are willing to pay for the property. After that you present an offer, hopefully get it accepted, open up escrow and deposit earnest money. Do your diligence to determine if you want to go through with the contract, and if yes, then close the transaction.
Simple as that. You now own the property.