Real Estate Rookie 186: Rookie Reply: How to Close on Off-Market Properties
This week’s question comes from Aaron on the Real Estate Rookie Facebook Group. Aaron is asking: What paperwork do I need to close an off-market deal? If presenting a cash offer, can it all be done between me and the seller? Do you typically ask for an inspection period?
Off-market real estate deals can seem tricky when you’ve never done one before. For the most part, investors only deal with on-market deals where their real estate agent walks them through the closing process. When you’re pursuing off-market deals, you’re on your own (for the most part), but that doesn’t mean that closing on a new deal has to be complicated.
Here are some suggestions:
Contact local real estate attorneys and escrow offices before closing on a property
Remember to include purchase contingencies (like inspections) so you’re not stuck with a bad deal
Send in a letter of intent to the seller before presenting a formal offer to see where they stand
Consult a real estate attorney to draft up a legal, enforceable purchase and sale agreement
When in doubt, lean on your escrow, title company, or attorney for the next steps
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-186
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