Hi, I plan on purchasing my first property FSBO within the next couple weeks. I was wondering if anyone has any tips out there for such a purchase? Should I hire someone to look over the purchase of sale agreement? Should I escrow the deposit? If anyone has any sites or can give me some useful info I would greatly appreciate it, Thanks.
josh3336 - great news about your upcoming purchase. I hope everything goes well…
Back to your questions:
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Should I hire someone to look over the purchase of sale agreement?
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It depends on how comfortable you are with the document. I live in Phoenix. We have a standard contract we typically use. I prepared my first contract for my first home by myself. I bought a book about how to buy a house (one of those written for dummies) and felt confident about preparing the document myself. Again, I believe it depends on how comfortable you are with this. I took the time to read the entire contract and understood most of it. Asked questions for the parts I did not fully understand. If you don’t like details or don’t understand most of the things you read in the contract, I would definitively have someone else prepare (or at least review) the contract.
I would - it shows good faith. Your title company can help you with that. I would use my own escrow agent - not the sellers…
Just my thoughts… Good luck!