Making a deal without an agent? pros/cons ?

Question

I am a new investor. I already have one duplex, with I bought the typical MLS listing with agent.I am not local, so working long distance was a challenge, but it worked out. I have a partial bad experience, because my realtor took videos and picture, but failed to completely point out all of the potential problem areas. I could go on..

But I'd like to shift gears. I have TWO deals in the works that I found on craigslist. **Don't cringe**.. Off-Market is off-market!. ..  Both deals by the same seller. Both are duplexes, where he wants to maximize his sale profits by eliminating the agent fees, selling the properties himself.   I have done some homework, and I think the deals are good and a great opportunity.  I want to protect my interests, and would like an agent's experience in the area  (again its 1000's of miles away).  However 2-3% of the sale, which would be added into MY closing costs,, *Gulp*..  It give me pains to imagine spending  $8-9000, especially for some advice, market reports, comps, producing a contract, arranging inspections, arranging appraisals, and the little stuff.

Would I be better off getting a lawyer  (for $1500-2000)

I want to be fair and pay a reasonable amount for services rendered. But in this case I have done the leg work, I found the deal(s), I did the communications.

There is a ton of articles on the pros and cons of Off-market, and how to find off-market real estate.   BUT ...  Is there a good tutorial on "Step by step, HOWTO complete the sale of Off-Market investment properties?"

thanks

Steve

Michael Quarles · Answer

When buying the only time I use a Realtor is for an interior BPO.

I never buy a listed property and have bought a thousand plus.

I most alway use a Realtor to sell

Nino G. · Answer

@Steve Sayler you could try and negotiate a transaction assistance from the realtor of your choice. In a case where you have found the property, negotiated and singed the contract, you could pay a fixed, pre negotiated fee to a realtor who provides assistance with the closing. Instead of paying a full commission. You can also negotiate and pre agree exactly what kind of assistance the realtor will provide for that fee to avoid any misunderstandings during the closing process. You could guarantee the fee to the realtor whether or not the closing will happen to make sure they don’t withhold potential problems. For him/her it could be an easy money and for you the needed assistance without breaking the budget. 500$-1000$ per transaction or whatever is fair per local market.