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Updated almost 4 years ago on . Most recent reply

User Stats

4
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1
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Raymond Zhao
1
Votes |
4
Posts

Can someone walk me through the process of closing a deal?

Raymond Zhao
Posted

Hi all, I'm a first-time homebuyer and planning to reach out directly to homeowners to find a deal in this crazy market. 

I've driven around and found around 50 properties that look like they are vacant and/or in disrepair. I plan to send letters that say something like: 

My name is Ray and I'm looking to buy my first house in ________ area. Is your property for sale? If so, I may be interested in buying it. If you are interested, I'd like to set up a time with you and discuss how to proceed. etc. 

However, I'm stuck trying to figure out what comes next if an owner responds. I'm assuming you need a certain type of contract. Do you then take the contract to a real estate lawyer or title company and they handle the rest?

I plan to use a 203k loan to cover the price as well as any repairs needed.

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