Need Help Buying a Deal! What is my first step?

[Michelle LaRue]

Hi All, 

I recently came across an opportunity (like today) to purchase a SFH for $50,000 cash. ARV is approximately $150,000 conservatively. It needs less than $10,000 work. The owner inherited the home via a death in the family early this year. I have checked the tax records and verified he is the current owner and taxes are up to date. He wants to move ASAP. I want to be protected and have not done a deal this way. What is my first step? I called an attorney who suggested I get it under contract for $300. Is that the only way? This is an off market deal and no agents are involved. I have the number to a title company but wanted to check in with some pro's here on BP before I have this deal taken from me. Please Help!

Thanks!