Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago on . Most recent reply

User Stats

57
Posts
6
Votes
Albert Melo
  • Palm Springs, CA
6
Votes |
57
Posts

HELP! For sale by owner!!

Albert Melo
  • Palm Springs, CA
Posted
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

Most Popular Reply

User Stats

2,283
Posts
1,102
Votes
Charlie Fitzgerald
  • Lender
  • Las Vegas, NV
1,102
Votes |
2,283
Posts
Charlie Fitzgerald
  • Lender
  • Las Vegas, NV
Replied

Right an offer today, effective today, with a close of escrow date 6 months from now.  You sign, they sign and give them $100 for earnest monew now.

  • Charlie Fitzgerald
  • Loading replies...