I am looking into an off market deal. The house can use quite a bit of work, but it would come at a pretty good discount. I would want to have inspections done and title search/insurance - I’m not sure how it works when you buy off market as far as if you use a realtor or not. I’ve always had a realtor for every other transaction so I’ve never had to look into this process too much. I’m looking for any advice on how to proceed to make sure everything is done properly while not paying the full realtor fees. I’m not opposed to paying a realtor something, but I would think since they never had to show a house or do any of that first process there might be a different fee associate if you engage a realtor.
You should use a realtor if you do not understand the escrow process. You should have the seller pay the realtor a commission, they typically pay 1% for off market deals.
You should use a realtor if you do not understand the escrow process. You should have the seller pay the realtor a commission, they typically pay 1% for off market deals.
you need contractor, if you do financing they would do title search/insurance anyway but lender may not care much about the house as long as it pass the appraisal.
I am looking into an off market deal. The house can use quite a bit of work, but it would come at a pretty good discount. I would want to have inspections done and title search/insurance - I’m not sure how it works when you buy off market as far as if you use a realtor or not. I’ve always had a realtor for every other transaction so I’ve never had to look into this process too much. I’m looking for any advice on how to proceed to make sure everything is done properly while not paying the full realtor fees. I’m not opposed to paying a realtor something, but I would think since they never had to show a house or do any of that first process there might be a different fee associate if you engage a realtor.
That depends on you skill set vs your agents. You'll find investors that will tell you not necessary, because they have closed 100s of deals without (which means they know at least as much as an average agent). A experienced agent will also not have a problem to get the commission paid by the seller. I usually charge the seller 4%, which is still a deal for them (better than 6% and getting it done right) and a no-brainer for the buyer. Win-Win-Win. Low value properties are tricky, because 4% is not much and wholesalers are better equipped, as they can just market it up to FMV and are not based on %.
I am looking into an off market deal. The house can use quite a bit of work, but it would come at a pretty good discount. I would want to have inspections done and title search/insurance - I’m not sure how it works when you buy off market as far as if you use a realtor or not. I’ve always had a realtor for every other transaction so I’ve never had to look into this process too much. I’m looking for any advice on how to proceed to make sure everything is done properly while not paying the full realtor fees. I’m not opposed to paying a realtor something, but I would think since they never had to show a house or do any of that first process there might be a different fee associate if you engage a realtor.
An experienced realtor could save you from making a costly mistake. Ask for their help to walk you through the process in exchange for a commission whether paid by the seller or you, if the deal still makes sense. Then going forward you could try to forgo using an agent.
I definitely want to use someone who knows the process because I don’t know that process at all. It makes sense to get an agent and pay them a lower commission than the usual 6% it sounds like and yes planning to take a contractor with me. This deal would be a cash offer so no financing. Thank you for the comments here.
When buying an off-market property, you can still hire a real estate attorney to guide you through the process and handle the legal aspects, such as the title search and insurance. They can also assist with negotiations and ensure that all necessary inspections are conducted. While you may not need a traditional realtor for this type of transaction, you can still negotiate with a real estate agent to assist you with certain aspects of the process and negotiate a lower fee based on the services you require. It's important to do your research and find a professional who has experience with off-market deals to ensure a smooth and successful transaction.