Buying a property without an agent

7 Replies

Hey there guys, 

so i needed some help, 

i came to a good deal, i found a motivated seller that wants to sell his 3-1 house for 55k and it looks like it is worth about 91k according to zillow and realtor.com. He wants fast cash and i don't have the money. Since he wants to get this deal quick i'm assuming he may not want to get a realtor involved, how can i go about this transaction? I'm pretty sure i can come up with the money, either private money or hard money lender. 

what will be my steps? how can i get a contract and make sure the deal is without any problems. 

the goal for this property could be either hold or flip, 

the house looks in great condition from the pictures posted. 

please any feedback will be greatly appreciate it. 

Thanks 

@David Silva , I see nothing but red flags all over this. eg. 1. "according to zillow.com"? 2. "I'm pretty sure i can come up with the money, either private money or hard money lender"? 3. "looks in great condition from the pictures posted"?

I also am at a loss to know where to start, but I'll give it a shot. 1. "Zestimates" are useless. 2. Better get those funds genuinely sourced BEFORE putting in Offers. 3. Go LOOK at it (with an experienced/trusted contractor), in PERSON! 

Now I've got that off my chest, I'll hand it over to others...

@Brent Coombs please explain. I was NOT planning on just throwing the money to seller without doing my due diligence first. I’m also in the processes of contacting a real estate agent in the area and finding out more. 

Originally posted by @David Silva :

@Brent Coombs please explain. I was NOT planning on just throwing the money to seller without doing my due diligence first. I’m also in the processes of contacting a real estate agent in the area and finding out more. 

 Yep. That's a good start. This thread can act as your due-diligence-diary/blog if you like. Cheers...

Originally posted by @Brent Coombs :
Originally posted by @David Silva:

@Brent Coombs please explain. I was NOT planning on just throwing the money to seller without doing my due diligence first. I’m also in the processes of contacting a real estate agent in the area and finding out more. 

 Yep. That's a good start. This thread can act as your due-diligence-diary/blog if you like. Cheers...

Yeah most likely I’ll keep it and show my way from knowing nothing to being really successful. It seems like you post a lot, are you an active investor? You must have a lot of experience? How many deals have you done? 

Originally posted by @David Silva :
Originally posted by @Brent Coombs:
Originally posted by @David Silva:

@Brent Coombs please explain. I was NOT planning on just throwing the money to seller without doing my due diligence first. I’m also in the processes of contacting a real estate agent in the area and finding out more. 

 Yep. That's a good start. This thread can act as your due-diligence-diary/blog if you like. Cheers...

Yeah most likely I’ll keep it and show my way from knowing nothing to being really successful. It seems like you post a lot, are you an active investor? You must have a lot of experience? How many deals have you done? 

Fine. Yeah, I mostly keep those details to myself. You're also quite entitled to not share yours. Good luck... 

@David Silva - call one or more local wholesalers and see if they'll mentor you through the deal for half profit or a fee (paid to you). Don't share the address right away. You need to get it under contract (so and so - the verified person in the property deed agrees to sell xyz house legal description for $$$ to close by date. Contingencies. Assignable.) GO GET A LEGIT contract from a wholesaler, lawyer etc. you need someone to help you assess if this is a good deal. A real estate agent or appraiser could estimate the expected value of the house (better than zestimate). An agent can also tell if the person you're talking to is the owner, and what the listing, ownership and mortgage history on the property is. A local cash buyer will estimate rehab closely and know ARV.

Good luck.

Some guys are breaking out their internet maseratis today...

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