For Sale by Owner Cash Property

[Meg K.]

Hello,

 I was wondering if anyone can list the steps to follow when purchasing a sub 25K property cash, for sale by owner. Can i do this without an agent? My current requires a minimum of $2000 commission.  The property is listed at $21k and i've communicated with the seller. I know i need an attorney.  What else? I plan to have an inspection to find out what needs repairs.  p.s. owner mentioned that he plans to leave the country on Jan 15th.  When i said this was a red flag, he stated that his attorney would provide title after closing.

Thanks and HNY!

Meg

[Scott Wolf]

Originally posted by @Meg K.:

Hello,

 I was wondering if anyone can list the steps to follow when purchasing a sub 25K property cash, for sale by owner. Can i do this without an agent? My current requires a minimum of $2000 commission.  The property is listed at $21k and i've communicated with the seller. I know i need an attorney.  What else? I plan to have an inspection to find out what needs repairs.  p.s. owner mentioned that he plans to leave the country on Jan 15th.  When i said this was a red flag, he stated that his attorney would provide title after closing.

Thanks and HNY!

Meg

 You can definitely close without an agent.  If this property is in NY, you should have your own attorney and a title report completed prior to closing.  DO NOT RELY ON HIS ATTORNEY FOR TITLE AFTER CLOSING.