My JV partner and I are ready to make an all cash offer on a duplex (which the seller may or may not accept; it would be a steep discount). They had a previous buyer's financing fall through.
We saw it with the listing agent last weekend. It was completely and totally gutted and rehabbed two years ago so everything is new.
Here is my question:
Should we engage our own agent before we actually make the offer to extend it on our behalf? Reason I'm thinking of engaging our own agent is the due diligence and guiding us through closing. I assume it is reasonable in due diligence to ask them to give us copies of leases, tenant ledgers, and even operating financials. There is probably more? All of the things we should be getting a hold of during this time a good agent that knows investment properties could guide us through. But then again, maybe it isn't that complicated. What do y'all think?
If we don't have an agent I'm thinking the listing agent could give up a couple of points on her commission to sweeten the deal for the seller and make it happen, so, could be a benefit there as well I suppose. She'd still make more than 3% that way which is better for her. The seller gets a higher effective sale price and we get the price we want...
What are y'all's thoughts?
Can anyone recommend a good resource for reading that addresses what all should be considered in due diligence for a duplex?
Thanks,
John
