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Updated almost 7 years ago,

User Stats

12
Posts
7
Votes
Michael Hayes
  • Realtor
  • North Olmsted, OH
7
Votes |
12
Posts

Purchasing my first duplex First FSBO Deal

Michael Hayes
  • Realtor
  • North Olmsted, OH
Posted

I am looking for some advise on the next steps that I need to take to complete a deal that was just verbally accepted this afternoon. My wife and I went out to look at a duplex yesterday and loved it. I waited until the morning and we made an offer over the phone. The seller countered and we accepted. The issue is the property was FSBO and the seller doesn't seem to have any idea what to do next. I asked that seller if he would require any earnest money and he declined. I reinforced that we are 100% committed and look forward to completing the deal.

My wife is an underwriter so she has some ideas and I have been researching the internet.  Below are the next steps that I believe are appropriate.  I'm looking for any additions or omissions that I may have overlooked.  

1.  Write up a "purchase agreement" that states I intend to purchase the property as long as the home inspection, the title work, and lien search all come back clean. I'm curious if someone here has a template that I can use?

2.  Immediately schedule the home inspection.

3.  Inform the bank that I have found a property.  I am pre-approved.  Appraisal will be ordered.

4.  Hire a title agency for the paperwork.  The seller agreed to split all of the closing costs also (write into purchase agreement).

5.  Do I need to get a real estate attorney for any reason or can I do the work myself (or with the help of my wife)?  

Thank you in advance for any feedback or advice.  

Mike

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