what is putting a house under contract?
who is responsible for this?
do realtors find properties for investors and then what if you are interested in flipping them?
how do you determine what price should be paid on a purchase? where do you get the information such as “comps” in that area? can any of this be done without being licensed?
Howdy Robette1:
To start with to get a house under contract means that you and the seller have agreed to the terms and conditions of the sale and have signed an earnest money contract. Who actually does this depends on who is involved. You and the seller can sit down and hash it out and use the standard forms or even as simple as a notebook paper. I have seen contracts on napkins although rare. Most use the real estate forms fron Realtors or title companies. If Realtors are involved usually the buyers Realtor will fill out the forms. If you call the listing agent directly they will be acting as your agent too and will present the offer for you.
Realtors do find deals for investors. I just bought a house from a Realtor and could have flipped it to another builder for a profit. I decided to fix it myself and try to make more $$$$$. This house was vacant. It will be a little harder to try to flip an occupied house depending on how desperate the seller is too however.
The price to pay depends on what you are going to do with the property. Some investors pay retail and buy to hold longterm. Some buy to hold but want 80% of retail or less and in good condition. To buy and fix and sell I will pay 70% of the after repaired value less the fix up costs and the closing costs.
You do not have to have a license to finds comps. Just start driving the area and find houses that are for sale and ones that have sold and call and get prices and footage etc. You are looking for an average value in the area.
It is easier to get a licensed agent to do this for you or maybe an appraiser friend.
It sounds like you are really new to this business. You may look for a mentor or partner to show you the ropes before trying to do a deal on your own. It can be a tricky business.