First property agreement of sale issue. Help!

[Anthony Del Russo]

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

[Mitch Ferraro]

Hey @Anthony Del Russo!

Let me start out...I am not an attorney, I'm just giving my advice and opinion. :) 

Is it possible that your agent can have someone in his/her brokerage take a look at this AOS? Maybe even the broker him/herself? What is the normal agreement in PA? If it's a different contract is possible to have the AOS written up in PAs standard form? I'd say exhaust all options before having an attorney review but if you can't get what you need and don't fully understand the contract I'd have an attorney review before getting into it. You don't want your first deal to leave a bad taste in your mouth. I understand your tight with cash but what happens if you get into the deal and it costs more than having an attorney review?