FSBO Offer

[Josh Hooper]

I have gone through the negotiation process with on a FSBO property in Alabama. We are ready to go ahead and submit a formal written offer, but we have only ever worked with a realtor previously.

My business partners are intent upon getting a real estate attorney for $500 to draft our offer. Is that really necessary? I'm all about getting things right and paying for advice when necessary, but this seems a bit excessive IMO.

Anybody gone through this process before and just used standard forms? I was thinking about taking a standard Purchase & Sale Agreement from the web and making sure it had all of the contingencies, language, etc. that we have had in our previous contracts we used with our realtor.

Any advice would be greatly appreciated. 

[Jacob Bindler]

You will need an attorney anyway. Your state might not require it, but you really should use him/her to go over contract deal with escrow, closing and so on. So, I would go ahead and pick an attorney for the transaction telling him that the offer letter is a part of the deal. Get a fixed price for everything payable at closing.