My friend just connected me with her neighbor who is selling her Austin SFH rental property off the market. The owner and I agreed to meet this week to check out the house. I'm new with off market buying process and this is an old house built in 1970's with septic tank system. I wonder what I should look at and what questions I should ask the owner in order to evaluate the house condition and offer/negotiate a fair off-market purchase price.
There are many similar houses sold in past months in the same neighborhood but in various conditions. Some are completely renovated, some need lots of work. I don’t know if they could be practical comps. I assume the inspection only starts after signing the contract? How can I protect myself by including some clauses in the contract? What else should I be aware of when evaluating the house and securing a contract?
As you might tell, I’m super excited and nervous about this potential opportunity. I appreciate your advice and insights! :) Thank you.