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Updated 11 days ago,

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Adam Michel
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First Time Buyer - Off-Market Inheritance Deal

Adam Michel
Posted

I'm looking to purchase my first property with my fiancé (both 25) with the goal being to establish our primary residence together, as well as giving me the opportunity to add equity/value via rehab before moving on and converting the property into a rental within a year or so to kickstart an investment portfolio.

An interesting lead that recently came up is my parent's neighbor's house. The couple living there was elderly when I was growing up, and we recently found out that they passed away a couple years ago. Their children (now in their late 40s) inherited the house, but they have not listed it on the market, and I heard that neither is willing to move into it from their current setup, so the property has been sitting vacant. I found the son on Facebook and sent a quick intro giving my condolences, expressed my interest in purchasing the property, and provided my phone # in case he decides to follow up.

I'm in the process of preapproval with a couple lenders, and have reached out to a couple realtors in my area to see which may be a good fit. However, seeing as though I have already sourced the deal myself, would it still be in my best interest to use a realtor for this transaction if it works out? 

Any advice on this and experience/tips from others having gone through similar deals would be greatly appreciated!

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