Advice for Negotiating Off Market deal in New York

[Patrick Shep]

BP Fam!

I'm looking for some advice. I've found an off market deal direct from the owner in New York that I will be doing a walk through on soon. It's not advertised anywhere and I found it by doing some networking online, the owner. Agreeing on the price will be the easy part as I know his asking price.

1- Is there anything specific that we need to negotiate on who pays for what for closing? What can I negotiate for closing costs? I've done an off market deal with a wholesaler before in Michigan where I paid for all closing costs. I certainly don't want that in this scenario.

2-  Do we document this in a a purchase agreement drawn up by an attorney? If so, would I need an attorney to do so or would the seller do that? I'll need an attorney anyway since NY is an attorney state. NY always confuses me with it being an attorney state.

Thanks!

[Kevin Walsh]

1. from what ive seen its standard each party pays their own closing cost. seller pays their attorney and transfer tax. buyer pays for their attorney and title search. attorneys usually run me between 800-1500 depending on scope of contract and riders. ive negotiated to pay sellers closing cost but only in instances where they have agreed to accept a much lower purchase price i.e. ill pay for your attorney up to 1500 if they take 10-15k off asking. many sellers arent familiar with attorney costs or dont want any money taken out of their proceeds from the sale.

2. sellers attorney typically writes up the initial contract and then send it to your attorney for review. ensure you are in the same page in regards contract specifics such as tenancy, earnest money deposit, assignment clause, etc as any miscommunication can result in delays in closing since attorneys typically arent in a rush when they have many other clients.

In addition, i would find a reliable title company in your area. and by reliable i mean can get title searches done in a reasonable amount of time ie 2-4 weeks. depending on area i can recommend an attorney. im in hudson valley area so if this is your market pm me.