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Updated over 5 years ago,
First property agreement of sale issue. Help!
Hello BP!
I have been analyzing properties for a SFH house hack locally for some time now.
I found a new construction condominium that I fell in love with. More importantly, it works financially and would reduce my monthly living expense to just over 200 dollars while putting me in a great location close to work. score!
I ran into a pretty early roadblock. The Agreement of sale is not typical to what my agent is used to seeing, so my agent suggested I get it reviewed by an attorney.
I have gone over it myself and am finding nothing that makes me balk at the offer and document. However, though I like to think of myself as a smart guy, I am not an attorney.
I am reluctant to seek advice from an attorney because I am already a little tight on money to bring to closing. I am putting 5% down and have about 3 months reserves (outside of my 401k) and getting a seller assist. I would feel less comfortable with the sale if another 1-2k was taken from me just to sure up the AOS before going in on a deal knowing full well it is possible the amended AOS gets rejected and I then must return to the market with less cash on hand.
So BP community: Considering this is my first deal, do I trust my gut and move forward with the deal or err on the side of caution and spend the extra money to get an attorney review which may result in just sunk funds? Are complications with an AIS common?
Thanks in advance