Involving a real estate agent on a deal...

[Alexander Lommel]

Hi guys, I'm new to the BP family and am eager to hear any wisdom you might be able to impart.

I have a deal underway on a multi family in disrepair and is not currently listed. I'm in the process of working up an offer. I am not an agent so do not have access to the local MLS in order to pull comps. I'm also trying to approach this deal with as much information as possible. I'm a contractor and will be handling the repairs and am self financing the deal. The only piece of the puzzle I'm missing is comps in order to establish my ARV.

My questions are...

Do I need to involve an agent in order to do comps?

If I do involve an agent how do I compensate for the work?

What mechanisms can I put into place to prevent an agent from stealing the deal or sharing it with another interested party before it's under contract?

A HUGE thanks in advance!

[Holly Baldwin]

Welcome to BP!
@Alexander Lommel

@Alexander Lommel

I agree with @Roy Schauer . I would ask a sales agent to do a free Current Market Analysis (CMA) to give you a ballpark idea. It is NOT an appraisal, but should give you a range. You do not have to sign a listing agreement with the agent if you choose not to. If the property isn't listed on the MLS, you obviously won't have as much competition, but if the numbers work you should move quickly. You can put contingencies in your offer that will allow you due diligence time and that will allow you reject the deal. So no need to put undue pressure on yourself....sometimes when we do that, we end up paying too much or something else because emotions get in the way.