How to purchase/sell smart!

4 Replies

I have flipped several properties and I want to make sure going forward I am leaving as much on the table as I can.

My question is....If I find a buyer not on MLS can I just transfer the deed in my name and get it notarized? What is the best way to achieve this. Actually close on the property or transfer deed. I am still learning so much so any advice would be super helpful.

Please let me know what you do currently.

Also, I am a RE agent so when I sell I usually just put my commission towards closing.  If this is not the best way when selling suggestions welcomed.

Thanks in Advance!

Thanks Justin,

My question is if I find a buyer that is not a MLS listing can I just pay them cash and transfer the deed to save on closing cost?

Also, when selling the house with my RE license I put the commission towards closing.  Is this the best option for me as well.

I am just trying to make sure I am buying and selling property the most efficient way.  So I don't spend money where it is really not needed.

+Not a lawyer/title company

If you just transfer the deed and pay cash for the house, who runs your title check? Prepares docs? Gets it Recorded? What if you give the cash and the seller runs or refuses to transfer?

You can, but I am not an agent yet, nor have I worked with one yet.  Someone else will need to chime in.

@Jamie Wooley I have self-closed with quite a few single-family homes, but only after extensive title work/research, lender satisfaction and deed knowledge.  As an agent, obviously you have been to closings before, right?  

There are 4 main types of deeds.  The best for the buyer is probably a General Warranty Deed.  The weakest is a quit claim deed, etc. What type of deed do you seek?   

I'm not a lawyer or title co, either.  For the money, I would close through a reputable title co if I had any reservations at all.  The $1400-ish  should be worth it depending on the price of asset you are buying.   You don't want to be stuck with a weak deed that's not drafted correctly and a seller loan left unpaid or something.