NEED PURCHASE GUIDANCE! This happened fast....

[Brendan Lawrence]

Hey everyone!

I have a call coming up shortly for a property I've found in Ohio which is off market. I've done all the research on this place and it needs some work, but they're asking about 45% of ARV for the house and I believe I can fix it up and still have a product that I've fallen well within the 70% rule margin. I've seen pictures of the property but being out of state I'll need to make sure I have the time to collect my due diligence.

My dilemma here is: I've spent all this time learning how to find these properties and safeguard myself....but now that the time is here, since this house is off market, I have no clue how to proceed with ANY of the legalities!  I assumed my first property would be through a real estate agent in one way or another and took peace in knowing that the paperwork would be handled by somebody else.  Should this property sound like a winner after talking with the home owner I'd like to be prepared to get the home under contract.  Being a contractor the rest of the process is second nature once the home is in my name but I'm stressing how this first step is supposed to go.

Main concerns:  Is there a generic form for the state of Ohio that I can access and "fill in the blanks", that gets the house under contract and allows me to state my contingencies?  Also, I know that I'll need to place earnest money....is this an easy process as well?  Find an escrow company and place a deposit?  If so does this need to happen before I send the purchase offer?  And, is the purchase offer the same form as the contract needed to state my contingencies?  I'm pretty overwhelmed with this part, any help would be greatly appreciated. 

Thank you!!!!

[Wayne Brooks]

@Brendan Lawrence You can google up the Ohio realtors contract. Read through that and it and you’ll see the agreement agents and their buyers/sellers use.  It will also show you the “normal” allocation of which closing costs are paid by the seller and the buyer.

Your EM normally gets paid to the title company chosen (the contract you’ll review shows who typically picks them) within 1-3 days after contract execution. You’ll see inspection clauses, etc also built into the contract..

Many people will tell you the standard realtor is too “complicated” and that you should go with “simple” 1-2 page contract. But, there is a Reason why there is 6-8 pages of stuff in there.