This week’s question comes from Steven on the Real Estate Rookie Facebook Group. Steven is asking: I’m about to try to make an offer on a house but the property is on market, so I’m talking with the agent. When I make the offer, is there any official document I need to submit, or do I just give them the price I want to offer?
Many rookies have this question, especially when trying to purchase their first rental property. You have a few options when trying to make an offer, and they will differ based on whether the property is on market, off-market, commercial, or residential.
Here are some suggestions:
Call the listing agent and ask if they will represent you (this is called a dual agent)
If a listing agent can’t represent you, ask if anyone on their team can
You don’t need to submit any documents, just tell your agent your offer and they’ll take it from there
If you’re working on an off-market deal, you may be able to negotiate directly with the seller and sign a purchase agreement
For bigger properties and commercial properties, you can submit an LOI (letter of intent)
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BPCON2021
Rookie Podcast 98: Rookie Reply: Lessons Learned from Our First Real Estate Deals
MLS
Check the full show notes here: https://biggerpockets.com/rookie108
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