First offer accepted!! Please help.

[Jordan Sitzler]

Hey, all!  I did a gentleman's agreement and he accepted my offer.  I'm going to get a purchase and sale agreement form to him tomorrow.  We agreed to split closing costs, I'd take care of septic inspection, and I'm tearing down the mobile on the land.  How do I proceed to title?  How long should this process take, and what all do I put on this purchase agreement?  I'm a greenhorn, but it's a deal (I believe) and I'm wanting to act.  My brother I'm hoping will be my cash partner, but any advice on that I'd gladly take. 

60k is the price.  I have 25k stashed but I'd prefer to use more of financed money, I just don't think I can get it within 15 days.  I'm hoping to close May 1st. 

How do I do septic inspection?  Anything else to look for?  They owe 3000 in back taxes, and they said that can be taken care of at the title transfer.  This is my first deal.  I plan to just purchase straight from the owner and no agent, because he isn't willing to spend the money on one, and I'd prefer to save a few grand on a cheap property when my offer has been "accepted."

[Joe Villeneuve]

Originally posted by @Jordan Sitzler:

Thanks, Lance.  I'll look into one then.  No it wouldn't be normal in my area.  I'm looking at using all cash to finance the land, then figure the rest out.  It will be family money so I have no major worries on time frame.

And I agree.  No done deal yet.  I won't call it done until the deed is in my name.

Definition of a Death Wish:   "...then figure out the rest (later?)"

You don't have a "deal", what you have is an agreement to buy/sell a property. 
A deal is when you have:
A- analyzed a property acquisition/sale,
B - know the numbers,
C -have a plan to execute the agreement,
           and...here's the most important part...
D - you are going to make money on it...and you know how much...and when.

What I would recommend you do:

1 - Get out of the deal while you still can.
2 - Learn what to do...before you do it.
3 - Get your financing together before you make offers
4 - Get out of the deal,..."yesterday"
5 - Get the answers to your questions...before you make a offer.
6 - Did I mention get out of the deal...like, NOW!

You appear to be too wrapped up in the property.  You should be wrapped up in the deal.

This is a numbers game.  The numbers with street names behind, or the number of properties you own/control are not the important ones.

The important numbers have "$$$$$$"  in front of them....and you make your money when you buy.  You "realize your money", when you execute your exit strategy.  

So know what that is before you make the offer.  It appears as though you don't know any of it...yet.