Buying house from owner

[Jim Bentley]

I just made an offer on a fixer-upper, and it was accepted. The seller is a company that flips houses; they have too many going, and are selling this one as-is so they can concentrate on some more recent, larger acquistions. I'm going to fix it up and then rent it out.

This is the first time I've bought a property without a realtor. Is there anything I need to look out for? The seller is going to email me a purchase contract. He says that we don't need to bring the abstract up to date because it was done about a month ago when he bought it.