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Updated over 2 years ago on . Most recent reply

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Ekrem Bermek
  • Rental Property Investor
  • Boonton, NJ
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How to close off market deals without realtor

Ekrem Bermek
  • Rental Property Investor
  • Boonton, NJ
Posted

Hi BP - I'm starting a direct mail campaign and want to know what are the exact next steps once a seller agrees to sell? Should I get a contract drafted by an attorney? Should I work directly with a title company? I would like to have provisions/contingency with the seller that allows me to pull out of the deal or renegotiate price if an inspection goes wrong or if I have issues getting financing. I will be buying 1-4 family homes using hard money lenders, these will be buy and hold BRRRRs.

Thank you very much!

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Scott E.#1 Rehabbing & House Flipping Contributor
  • Contractor
  • Scottsdale, AZ
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Scott E.#1 Rehabbing & House Flipping Contributor
  • Contractor
  • Scottsdale, AZ
Replied

Any time I buy a deal without a real estate agent I just use a standard purchase contract and work with my local preferred title company to help us navigate the deal and all of the paperwork.

I've done this many times and admittedly am still a bit nervous when a realtor is not involved, but you have to have confidence in the title company ensuring that ownership changes hands appropriately and that everybody is adhering to the terms of the contract.

Our purchase contracts out here in AZ give you an out during your 10 day inspection window (although I generally shorten that window to ~5 days). The financing contingency is on a separate line, but that also offers protection if needed.

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