Buying Off Market / FSBO Direct Buyer - Seller

[Kaylor Karlin]

Hi all! Happy (Frigid) Valentine’s Day! 
so — I'd appreciate any insight / guidance you have. I'm in talks with an owner who's looking to FSBO their home. I can acquire without traditional financing. I'm planning to to flip this deal. And neither the owner nor I are planning to use a realtor.

My gut tells me, a “typical deal” like this might go:

1. Letter of intent (found this on BP resources: https://www.biggerpockets.com/files/search?term=Letter+of+intent+)

2. Negotiate terms

3. Sign Contract (was going to use the TREC contract) and Open Escrow at Title. Owner does not have Title preference.

4. Due diligence, inspection, inspection item resolution

5. Closing

Who’s got experience or insight on how to handle direct buyer - seller deals? 

The pros, as I see them: reduced fees, more expedient closing, reduced price. Cons: none of the safety nets with a conventional loan / buying process (which I’m ok with). 

Lastly, I love realtors! My wife is a realtor in NM and so I know intimately the value they bring... I’m merely aiming for a mutually beneficial price that can be attained, with a motivated seller, when not paying ~$20k in fees.   

Thanks!