Off Market Deal Help

[Nicholas Dale Aulby]

So I am currently in the process of buying my first property to live in then rent out in a couple of years but I am trying to do it with out a real estate agent. The man I am buying it from is selling it for what he owes on it which is way under value for the area. 

Could someone help me with the steps I need to take for this offer to go through?

I have seen the property and it looks like all it needs is a little rehab; paint, carpets, and the yard needs cleaned up. I have as of today ran my credit and I am approved for the required amount he is asking for. 

From here what steps do I need to take or forums I will need to get a hold of to continue on with this deal, and so on?   

[Brandon Rush]

Hey Nicholas, 

Great to hear you found something off market and for under market value, two bonuses. 

Assuming you would like to go with a conventional (maybe a FHA 203k would be a good option here), you will need to engage with an attorney and with a lender. You will need to start with the attorney to make sure you have all the initial paperwork necessary for the transaction. Once all is agreed upon and signed between your team (you and your attorney) and their team (the seller and their attorney), You will then need to turn around those documents to the lender who will go through the process of qualifying you for the loan, applying for the loan and closing on the loan.

Unless you are 100% sure about this property, you may want throw in an inspection period and hire a licensed inspector. While it may appear to be a nice property, lots  of issues you had no clue about will come out with a good inspector. 

I know that is a brief explanation of the process but it should be enough to get you started.

Good luck!