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Updated about 9 years ago,
HELP! For sale by owner!!
Hey BP community,
after about 6 months of looking for my first property to buy. We have found it! Actually, I should say my wife did. She was telling one of her co-workers about us wanting to buy a house, long story short: the co-workers mom had just passed away and the four kids( including herself) just want to her rid of the property at a low price and without involving an agent. However, they want all cash because she said they don't want to go through too much paper work and have to deal with a bank( appraisal, etc). Also, one of the daughters can't move out for another 6 months because she needs to find a place.
Which works out for me because my lease is not up for another 6 months. But I want to make sure I lock this deal now so I don't get stuck with out a property if 4 months from now the market goes up and they want more money or if one the kids changes theirs mind.so this is where I need help and my questions are the following:
1) do I try to convince them to let me get financing with a loan or should I just get private financing and pay all cash. And then refi and pay the private lender back
2) how do I go about buying a property directly from the buyer with no agents involved.should I contact a real estate lawyer? (Btw The property is in California)
3) is it legal/possible to lock the deal now legally. And allow for the daughter to move out in six months and for them to get paid once the daughter moves out, 6 months from now? I just want to be sure I don't get stuck with out a property for any Reason that they pull out of the deal
Any advise/tips would really appreciated!!
Thanks in advance