Need Help Buying a Deal! What is my first step?

[Michelle LaRue]

Hi All, 

I recently came across an opportunity (like today) to purchase a SFH for $50,000 cash. ARV is approximately $150,000 conservatively. It needs less than $10,000 work. The owner inherited the home via a death in the family early this year. I have checked the tax records and verified he is the current owner and taxes are up to date. He wants to move ASAP. I want to be protected and have not done a deal this way. What is my first step? I called an attorney who suggested I get it under contract for $300. Is that the only way? This is an off market deal and no agents are involved. I have the number to a title company but wanted to check in with some pro's here on BP before I have this deal taken from me. Please Help!

Thanks!

[Wayne Brooks]

Get it under contract.
Order title report and schedule closing.
You absolutely want title insurance, many people never do the probate thing completely right.
Assuming everything checks out, bring your money and close.