Non/MLS - Off Market Property Purchase (Philadelphia)

[Kenneth C.]

BP Community:

There's a property that I have had my eye on for quite some time. Prior to the property going into foreclosure, I reached out to the owner's family (of whom I was a neighbor) and inquired about making a deal. Long story short, I was given the run around and eventually the home was foreclosed on. Over a year has gone by, and now the property is basically a shell after the squatters have had their way with it (e.g. Copper pipes taken, etc.). I recently reached out to the firm that was listed on the docket and surprising received a response back. I expressed my interest, but I am now being asked to create a purchase agreement for my offer.

I'm still a newbie and have two properties currently under my belt. Both were purchased via the MLS. Since this is uncharted territory for me, I'm not exactly sure how to proceed. This is a question that I can direct to the firm, but figured I reach out here first. Are they asking that I create an "official" purchase agreement or are they simply asking that I provide them with my numbers/bid? Is this a common practice for the buyer to generate a purchase agreement when bidding on a property?

I look forward to your feedback. Let me know if additional details are needed.

[Kenneth C.]

Hi @Paulette Midgette. At the moment , I don't have a lot of additional information. The firm is a law firm that concentrates their practice on foreclosure, REO closings, evictions, etc. I proposed those same questions to the attorney at the firm, and they confirmed and asked that I submit a purchase sale agreement and they will pass it on to the bank.

I will consider reaching out to a real estate transaction agent as you suggested, and I may take you up on the referral. I do have one additional question. Would it be too soon to engage an agent? Should I wait to see if the agreement of sale is accepted first?