Vacant Property spotted, Owner(s) found, Now what?

[John Sherron]

Okay, I think I found a great potential property and I did the research and established the owners. The home looks to be vacant, the grass hasn't been cut for weeks and it looks to be about 2 feet high at this point. It looks empty but not certain about that.

My question is should be the next step? 

Before reaching out to them, should I have a figure already put together on the property and give it to them in the first letter or just contact them about my intentions?

Without knowing what the inside of the home looks like how do I come up with a realistic offer?

Any advice or other input that is essential to know in this process please advise if any. 

Thanks so much in advance BP Family! Look forward to your responses.

[John Thedford]

First things first. You need to find out if it is for sale.  Do as much research as possible on the property before you meet the owners. When you meet, try to find out their motivation.  Once you get inside, you will have some idea of condition. If you believe the deal is worth pursuing, tell them you would like to bring them an offer. Bring it IN WRITING..using the TX RE standard "as is" contract. That is much more powerful than voicing the offer. Make your offer on your terms. Nobody has an obligation to pay more for something than they wish to pay. Make sure you have contingencies for condition. I like to ask for 7 days maximum. Once you have a professional inspection you will know if you want to move forward or not. Either way, call them. They will appreciate a yes or no answer. It is NOT difficult. If you have funds, having a copy of proof of funds handy is also an excellent selling point. I always offer that to sellers telling them that I am a BUYER and not a BS'er.