Hello BP, I have been using, reading, listening to BP for about a year. This is my first post on BP. I currently own a townhome and now am looking to purchasing a duplex. I plan to live in unit of the duplex and looking to rent out the other unit of duplex and current townhome.
I am looking to purchase a property (for sale by owner) without a real estate agent. Yes, I have read many threads in BP and other online sources regarding this topic. I am learning about purchasing without a real estate agent and would like to learn more if anyone in the BiggerPockets community have done the same? If you have, what resources have you used to write offer letters, purchase agreement, etc? Have you had to hire a real estate attorney to assist with the purchase agreement document? What has your experience been and what you do suggest?
What are the things I need to be aware of to proceed with this? I have spoken to the owner on multiple occasions and he has been very helpful in answering questions and has also provided me the property disclosure documents, truth of sale, the city documents, maintenance and repair history. What are the things I should diligently look for to move forward in this direction?
Yes, if you’re not going to use an agent, have an attorney review / create purchase agreement.
@Sashindra S. If you are working directly with a seller, then just hire a real estate attorney to help you with the contracts and help close the sale.
This is not hard as long as you have a good idea of values in your local market and can negotiate a good price with the seller without a realtor. It can be a win-win for both you and the seller as you won't have to pay a realtor commission. Just have a real estate attorney draw up a purchase offer contract. All the rest, inspections, title search, insurance, etc is pretty much the same.
Agreed with other posters. Having an attorney draft docs should help to include the contingencies you need in case things don’t turn out as initially expected.
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