[First Deal] Placing an Offer... NOW WHAT?

[Adam Kasix]

I found a Quad that I like. I spoke to the listing agent and she informed me that one of the four units has  a ceiling that needs repair from an old leaky roof. The roof was replaced. 

The numbers are good for this prop AS IS. With all four units viable, the numbers are great, so far.

I told her I will be using a VA backed loan and that I'd like to put in an offer to get under contract. She is now going to urgently find someone to get the prop in condition to pass the VA inspection.

Now, I don't know the next steps, legally speaking. I want to be wise and do the right things. I don't even know how to put in an official offer.

Even though I'm going no money down, am I still responsible for bringing any cash for any reason? I'm a bit embarrassed to ask, but how does earnest money work? (She mentioned that and I've only just heard of it).

Does my offer need to include legal contingencies? Do you have resources I could utilize?

I'd love to post my progress here as I hunt my first deal and YOUR guidance is instrumental.

All help is much appreciated...

[Ned Carey]

If the VA loan requires the property to be in good shape then you could make an offer contingent upon the seller bringing the house into appropriate compliance by X date.

Better to get it under contract now, then to wait for the repairs. Someone else could buy in the mean time.

If this is a listed property you should have a buyers agent representing your interests. While the listing agent can be helpful she has a duty to her client. Otherwise get an attorney on your side, possibly both.