So you made an offer, now what?

[Joseph Liz]

Hello all, Ive got a question in regards to closing on a deal.

So, say you found a good deal, on the MLS, Zillow, or whatever. You've got enough for your 20% down + closing costs. You're in contact with the seller and they accept your offer. What now? What are the following steps that are in between having your offer accepted, and to having someone put the units keys in your hand?

Also, Is there much of a difference between buying a property from a private seller? Say you do the door to door method in finding deals and the seller decides to just sell to you. Compared to looking at Zillow and going through a real estate agent that is listing the property?

Hopefully I’ve made these questions clear!

Thanks guys

[Neil Schoepp]

Hey @Joseph Liz

There is better communication if you go direct to the seller. You are not playing the game of telephone you--->your broker-----> seller's broker------>seller and then back to you. A lot tends to get lost. 

When going direct to the seller you have to come up with a PSA. So have your attorney write one up or edit a PSA specific to your jurisdiction. Other than the PSA there is not much difference. The PSA gets signed, You are given any documentation that is needed (seller's disclosures, rent rolls, t-12, bank records, sched C's etc, inspection is done, any re-trading due to BIG discrepancies in what your D&D found and what the seller declared to you, wait for title to be done and the financing to be complete sign the closing paperwork and get the keys.