First potential FSBO Purchase

[Doug Phillips]

Hi all,

Awhile back, my business partner had the great idea of creating a monthly sort of newsletter so to speak of what was going on with a property we purchased back in February.  Once we were adding value and making repairs and updates, we would mail out and let all the owners on our street know that we were new to the street, what was going on with the building, and drop that we were always looking to buy if anyone ever needed to sell.

That paid off this weekend as we found a motivated seller on the street. We want to save the owner the process and money of using realtors, so we are going the FSBO route. Both of us have never purchased this way, so we were looking for any advice or feedback anyone may have as we prepare to go through this process.

Thanks!

[Joshua Tessier]

My last two have both been this way. The problems I ran into were deposits I don't have the ability to escrow money and I wasn't willing to cut them checks so how do you handle it. Both P&S listed large deposits and I had the cash. In one case I got a bank check and took a copy of it. The bank accepted that and it was given to them at closing. On the second we got right to the end and I just dragged my feet till the week of the closing and then he relented and rewrote the P&S to say no deposit. Both properties closed. That has been my only issues so far the title company and bank do all the heavy lifting and will walk you through it.