186: Rookie Reply: How to Close on Off-Market Properties

Real Estate Rookie

BiggerPockets

Entrepreneurship, Education, Investing, Business, How To

4.7 • 1.8K Ratings

🗓️ 28 May 2022

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Podcast Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group InvestNext Check the full show notes here: https://www.biggerpockets.com/blog/rookie-186 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie Episode 186.
0:05.1	My name is Ashley Kair and I am here with my co-host, Tony Robinson.
0:13.2	And welcome to the Real Estate Rookie Podcast where every week, twice a week, we bring you
0:16.9	the stories, the lessons, the information and the inspiration you need to kickstart your
0:21.7	Real Estate investing journey.
0:23.3	Ashley Kair, what's going on, what's new in your neck of the woods, how are things on
0:26.4	the East Coast today?
0:27.5	Well, I think I'm going to head over to a property that I recently purchased and
0:33.0	just kind of wander around a little bit.
0:34.6	It's 38 years.
0:36.1	It's got three puns and it's finally like a nice day.
0:38.8	I'm finally walking kind of.
0:41.3	I was going to say, how are you going to wander around?
0:43.8	You mean the hobble or a bear crawl your way through those other acres?
0:48.4	I, my son actually heard himself on a trampoline last night, my youngest one, and he decided
0:54.8	last night that he needed to use my crutches.
0:57.4	So we put him as low as they could go and obviously still not to be compatible for him.
1:02.4	And he's just basically dragged them around the house that he needs crutches.
1:06.9	So they're still getting good news, I guess.
1:10.8	There you go.
1:11.8	Life mother likes it.
1:12.8	I love it.
	...

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