108: Rookie Reply: How to Make an Offer on a House (Even If It’s Off-Market)

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 28 August 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week’s question comes from Steven on the Real Estate Rookie Facebook Group. Steven is asking: I’m about to try to make an offer on a house but the property is on market, so I’m talking with the agent. When I make the offer, is there any official document I need to submit, or do I just give them the price I want to offer? Many rookies have this question, especially when trying to purchase their first rental property. You have a few options when trying to make an offer, and they will differ based on whether the property is on market, off-market, commercial, or residential. Here are some suggestions: Call the listing agent and ask if they will represent you (this is called a dual agent) If a listing agent can’t represent you, ask if anyone on their team can You don’t need to submit any documents, just tell your agent your offer and they’ll take it from there If you’re working on an off-market deal, you may be able to negotiate directly with the seller and sign a purchase agreement For bigger properties and commercial properties, you can submit an LOI (letter of intent) 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 Rookie Facebook Group Real Estate Rookie Youtube Channel BPCON2021 Rookie Podcast 98: Rookie Reply: Lessons Learned from Our First Real Estate Deals MLS Check the full show notes here: https://biggerpockets.com/rookie108 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode 108.
0:07.2	My name is Ashley Care and we are back with another rookie reply.
0:11.0	I have my co host, Tony Robinson here with me today.
0:14.2	As always, Tony, I hope that I never have to have a stumps into that.
0:18.6	We get to be co-hosts.
0:20.2	I hope so.
0:21.0	In your scrubs, you know, you slowly become my most favorite person in the state of New York.
0:26.0	So and the bar is really high.
0:29.0	Spike Lee is in New York.
0:31.0	I think Adam Sandler is from New York and you've just like slowly like overtaken a lot of those other native New York folks.
0:39.0	Tony and I just got back from Denver last week.
0:42.0	We had spent some time together while I guess when this was recorded, it was last week.
0:46.0	So probably a month ago, but it's always fun getting to hang out with Tony and his wife Sarah and getting to know each other better.
0:54.0	It was a lot of fun and we created some great content for you guys too.
0:58.0	And if you guys missed it, I do know what episode it was where we did the live in person.
1:02.0	I don't actually.
1:03.0	It was a rookie reply one.
1:05.0	Yeah.
1:06.0	So maybe 98.
1:07.0	Somewhere around there.
1:08.0	May 6 and so you can watch that on YouTube and watch us in person doing our recording together in the studio.
1:14.0	Before we get to the episode, let's hear a word from our show sponsor.
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