Driving for Dollars: What next?

[John Paul Whaley]

I’m excited. I’ve just hand written 100 letters to go Driving for Dollars. Now, this would be my first deal, so bear with me on this...

If someone responds showing interest in my potential offer, what should my next steps be? In my eyes, I would ask if I can walk through the house to see what kind of condition it is in. At that point I would thank the owner, ask them if I could have 24-48 hours to run some numbers, and get back to them with a rough offer. Should they show interest in the initial offer, I would then consult an agent to submit a formal (inspection contingent) offer. At this point, we are moving through the purchase process like a normal residential home transaction. 

What am I missing, because I’m sure there is something. Will the seller need to consult their own agent? Is there anything I should know about buying a property that is not on the market?

Thanks in advance for the help!