First Pocket Listing

[JonPaul Kessinger]

Hey guys I have a killer deal on a pocket listing from an older lady who wants to move into a retirement home. It has a 49% CoC! But I don't know where to start, we have settled on a price. What Should I do next? Speak to a lawyer or a title company? Any advice is appreciated.

[Brad S.]

First thing to do is get a signed Purchase Agreement, PERIOD! Once you find a deal you want, the first thing to do, is to control  the deal. Typically, this would be by getting it under contract right away, then you can worry about the next steps. Because, if you don't have it under contract, you DON"T have a deal!

If you don't have a contract, or know where to get one, then you can talk to a local agent, title company, attorney, escrow, title co, or whomever normally handles transactions in your state. It is different from state to state. I would imagine you can find real estate documents for your state online somewhere. But, first and foremost, now that you have a price agreed on, get it under contract, NOW!