Closing a For-Sale By Owner Deal

[Christopher Murphy]

Hi All,

Found a property for sale by owner. Listed 20K under the deemed appraisal value which seems true based off the market. I reached out to dig deeper as it had been listed for an extended period of time, and they dropped that down 17K more to sell ASAP. I am working on getting motivation for selling. Looks like has tenants that are "lifers", not motivation to move, but don't have a lease and can be removed. So a couple questions:

1) how does closing an off-market deal differ from an MLS listing? Like how does the communication go, they don't have an agent, do I still use my agent, etc? Any feedback on this is appreciated.

2) I will be using a 5% owner occupied loan. How would this work buying a property that is current occupied? Is there anything else I should be aware of for this situation?

Thank you in advance!