Verbal Offer Accepted on an Off-the-Market home, what next?

[Jeffrey Veiga]

Hello Everyone,

So I just got a verbal offer to purchase accepted by the owner, what should I do next, and what should I have done differently up to this point. (I will describe the details below)

I have a long time neighbor who was getting ready to sell a duplex as part of an estate sale.  While talking to this neighbor one day after he had some meetings with a few realtors, I offered to purchase the property before it went on the market.  I also mentioned that by doing so he would be able to save a 4% commission fee charge by the realtor (he had not signed any agreement with any agent).  A couple days later, I heard back from the neighbor, saying that after consulting with his siblings, he would be happy to sell the house at my offer price.  I have now walked through the house a couple times, as he was very happy to show us around.  As of right now he is planning to meet with his lawyer on Monday, about the sale and what the next steps should be, and I am thinking about doing the same.

I know that as of right now we only have a verbal agreement and that that means nothing, i also understand that I should have started by possibly giving him a formal letter of intent to purchase, with my offer.  Should I still try to get a letter of intent to purchase signed for the suggested offer price so that I have something in writing.  Or is waiting till Monday, 2 days, not a big problem (I don't envision him receiving any other offers, but you never know).  Also how long should this process take?

Any and all help is greatly appreciated.  Also I have been a member of BiggerPockets for a while now but had never contributed to the forums, so I am excited to receive some feedback.

Thanks in advance!