making an offer sans realtor

[Michelle Marty]

I would like to make an offer on a property that is currently off the MLS but still being marketed as for sale by owner. The property is owned by an agent. It was listed for over a year and I believe it to be worth 70% of asking which is what I am going to offer. I'm going to make the offer without the assistance of a realtor in the hopes of the seller accepting something lower since they won't be paying commision. I plan to submit a letter of intent to see if terms can be agreed upon. I have not made an offer without a realtor before but feel like I've been in on enough transactions to know what to include. Does anyone have any advice or tidbits on forms to use or things to include or steps to take?

[J Scott]

If the seller is an agent, s/he probably want to rewrite the contract anyway (the agent's broker may require it), so I don't believe that having a perfect contract is necessary in this situation.

Put all your terms down on paper in a professional manner and present them to the seller (I assume you've met the seller, as you had to get into the house, correct?). Then go from there...