Steps for Purchasing a "For Sale By Owner" in Brevard County Fl

Steps for Purchasing a "For Sale By Owner" in Brevard County Fl

Investor · Dayton Ohio · Member since 2020 · 10 posts · 4 votes

Good Morning!!

In the upcoming months, I'll be trying to purchase an off-market multi-family or single-family home in Brevard Fl around Patrick AFB (~30 min drive) to "House Hack." (As far north as Titusville and as far south as Palm Bay).  One situation that might arise, is a seller might prefer to work without realtors if it's an off-market buy. I had this occur in Dayton Ohio where I currently invest.  I was hoping someone could provide steps and specific forms needed to complete this type of acquisition without a realtor?  And if someone has a purchase agreement template for Brevard county that would be great, I only have one for Dayton, which I might be able to use?

To provide some background on what I currently know, in Dayton Ohio I've purchases properties without realtors following these steps:

  1. Request seller disclosure and lead-based paint disclosure from the seller (Are these forms required in Florida, and are there any other needed forms)
  2. Provide seller with offer/purchase agreement, and negotiate if needed
  3. Once accepted, provide the title company with the signed purchase agreement, signed disclosures, and lender information to coordinate financing, wire transfers, and have the title company set up an escrow account for the earnest money.
  4. Work with a lender and title company to complete all the needed paperwork, lock in the financing, and perform the title search.  I did not need a real-estate attorney in Ohio, and I don't think Florida requires this based on a quick google search
  5. Due diligence (home inspections, lease/estoppel certificates, appraisal, financing contingency, etc.)
  6. Get homeowners insurance
  7. Close

Would Brevard county Florida be similar?  And I apologize if I missed any steps!! Thank you in advance.

P.S.

Unfortenly my travel to Florida is limited, to find good Title companies, inspectors, and sewer scoping companies, due to COVID travel restrictions for work but if anyone has any recommended home inspectors, plumbers, contracts, roofers, and more, I would greatly appreciate it!

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Investor · Palm Bay, FL · Member since 2017 · 5 posts · 5 votes
5y

I think that's a pretty good summation on what to do. Anything left out can probably be pointed out by the title company and lender letting you know what you need. PM me and I'll share the title company and inspector I like to use typically in Brevard. Also, often if you use the sellers title company you can get a discount on the owners title policy. The title company here will have an attorney on staff to make sure everything is legit etc. Good luck!

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  • Investor · Palm Bay, FL · Member since 2017 · 5 posts · 5 votes
    5y

    I think that's a pretty good summation on what to do. Anything left out can probably be pointed out by the title company and lender letting you know what you need. PM me and I'll share the title company and inspector I like to use typically in Brevard. Also, often if you use the sellers title company you can get a discount on the owners title policy. The title company here will have an attorney on staff to make sure everything is legit etc. Good luck!

  • Investor · Dayton Ohio · Member since 2020 · 10 posts · 4 votes
    5y

    Just in case this catches anyone's attention,  I actually found an off-market multi-family in Melbourne for a (what I think) a great price, and works as a double house-hack, where I rent out one unit, live in the other, and then rent out a room in the unit I'm to a co-worker. Does anyone have Comps or an estimated value for a duplex in zip-code 32901, walking distance to the historic downtown area, exactly 1 mile west or a 20 min. walk to Hell 'n Blazes Brewing Co  (Unit A is 2 bed/ 1 bath and Unit B is 1 bed/ 1 bath), about 1300 - 1544 sqft based on the survey provided (I haven't measured the higher value includes the garage sqft).  I can't really find Comps.

  • New York City / Space Coast FL · Member since 2021 · 16 posts · 15 votes
    5y

    I don't have hard numbers or any real facts. But I'd peg it as a decent deal at 300k or under. 

  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    5y

    Please pm me the address and I will PM you whatever I can find on propstream.

  • Investor · Dayton Ohio · Member since 2020 · 10 posts · 4 votes
    5y

    UPDATE:

    • Under contract for the 2 bed/1 bath and 1 bed/1 bath duplex 15 min walk to Hell'n Blazes BrewCo, right off E. New Haven.
    • After inspections, there's a lot of big items to update, but I'm still estimating the property to be a good live and flip/cash-flow after I live there for a year or two. I think it's in a good area far enough, yet close enough to the coast/attractions to be used for either a long-term rental or vacation rental.
    • I'm in search of referrals for reliable roofers, plumbers, electricians, and general contractors who could help me tackle the following projects in the Melbourne area:
    • Full roof replacement with a metal roof ($$)
    • Plumbing is functioning, but to make the investment last both as a rental and for re-sale, a full drain/main and water line replacement ($$), and possibly updating one of the bathrooms.
    • A few small electrical repairs I don't think I could do on my own
    • The rest is just cosmetic/dated fixes and landscaping which I can tackle on the weekends, but could possibly hire out to a contractor
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    5y

    I used Weathertite Roofing for a metal roof and it went well.

    Favorite plumber is Mike at Hydro. 

    Electrican:  Grand Electric.

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