When should I make an offer?

Question

I am looking to buy my first property. I have one that fits my criteria if for the right price. If I can get it for 180k or under, good. if not walk away.
I am currently looking to get a home inspection. The property is not local so a lot needs to be done remotely. I have seen a few property management companies do inspections also. (1) Is it wise to use them or should I pick a company that exclusively does inspections?

(2) At what point Should I make an offer on the property? in my area it feels like I need to have a contingent offer very quickly or else the deal is gone.

(3) Aside from the inspection, what other info should I be looking for from the seller or agent before making an offer?

(4) Also, because this is my first deal, is it necessary to find an agent to help me with the process? I intend to buy and hold the property long term

Chris Tarpey · Answer

Is this property on the MLS or off market?

1)YES! inspection is completely necessary, and as long as the property management company is reputable, you can use them. just do your research and compare between a few companies. You can do the same if off market, but have to work with the seller/wholesaler to see their terms.

2) You can make an offer to make the property contingent. If it is on the MLS you have a due diligence period, which gives you time to complete the inspections. If off market, usually they require a large deposit $1-$5k, so you really have to do your due diligence before making an offer.

3) After the inspection, depending on the results, I like to have a contractor walk through to provide a cost for the needed repairs from the report. Many times you can negotiate the price down for needed repairs, or ask that repairs be completed prior to closing. If on the MLS, you will also order an appraisal during this time, which is a professional company that tells you how much the home is worth, providing you comparables.

4) If the deal is on the MLS, you will need an agent to work the deal, and you will want one too, to help you work through the process. If off market, you can work with an agent if you so choose, but it may be best to partner with someone that can teach you the ins and outs.

Best of luck!