Off Market Purchase - Seller Requested No Realtors
Hello everyone. My wife and I have been looking for our first flip in Denver and it has proven to be a challenge to find a good deal. We have recently come across a potential deal with a neighbor that is looking to sell their home, as is, for a big discount. I have used the BP fix and flip calculator to determine it is a good deal and definitely worth pursuing. The seller has requested that no Realtors be used, for the obvious reason of saving a few bucks. We are prepared to purchase it as is and we have already had our contractor (whom we trust very much) walk through the property and determine it is likely a lipstick rehab. I have read several old forum posts about purchasing without a Realtor and I have noticed many real estate agents caution against it for one reason or another and then it seems investors, particularly experienced ones, say its no problem to purchase without a Realtor.
I have a few questions:
- 1. What are the major concerns in not using a Realtor on either side of the transaction and is there any way to help avoid them?
- 2. What are the necessary steps from the buyer's perspective in this type of situation?
- 3. Is there a good place to find purchase contract templates to use?
- 4. Do you have personal experience in a similar situation that you could share with us?
As always, thank you in advance for your insights!
-Cole