First Home/FSBO Advice Needed

[Hanna Borowski]

Hello! I stumbled upon Bigger Pockets recently and have been listening to the podcast non-stop ever since! I just finished The Book on Rental Property Investing and now have a list of about 20 other books (thanks to all the podcast guests for the recommendations) to tackle. I can't get enough of it! My dream is to get into vacation rentals in Northern Minnesota, but my immediate goals are to purchase a primary residence and pay down my husband's loans from Chiropractic school. 

We are currently renting a condo in Minneapolis and have been presented with an opportunity to buy a FSBO condo in the same association we live in now. The condo was previously listed at 170K and the owner said she was talked down to 160K but then the buyer backed out. She took the condo off the market last winter and has not re-listed. She wants to sell without an agent now and is therefore willing to lower the price. I just verbally offered 140,000 and she is considering it (The condo was last appraised in Jan. 2017 for 149K so I'm thinking even 150K would work for us?). I am very new to this and would love some advice on the steps to buying a FSBO without a realtor. I have been pre-approved for a loan. Do I need an RE Attorney? Or would a title company be able to write up a purchase agreement and line up the inspection and appraisal? Any advice for a newbie would be much appreciated! Thanks!