Buying Directly From Owner

[Moises B.]

Hi All,

Curious to know if anyone can weigh in on the differences, and what to look out for when purchasing directly from an owner.  After doing some due diligence of my own all I see is the benefit of no middle man (the agent) and ensuring that I have a good attorney (a given).  I'd hate to be blindsided.

Some of the stuff I learn:

1. Good r/e attorney

2. Inspect, inspect, inspect

3. secure an escrow account for your earnest money (also is this synonymous with a down payment?) the seller should obtain the fee? (is this true?)

4. Comprehensive Loss Underwriting Exchange Report...for insurance purposes

Any help is appreciated.