Negotiating a Purchase Agreement Without a Realtor

[Roger Pokorny]

I am finishing the renovations on my first flip and have a potential buyer who has verbally made an offer on the house.  Since I have not listed the house with a realtor, what is the best way to handle the contract negotiations?  I know the purchase agreement will need to be in writing.  Is the best approach to have a real estate attorney draw up the documents?  Can a realtor write up the documents or will they charge a large commission?  Charging a 6-7% commission with little to no effort seems outrageous.  I have not accepted any offer and will likely counter.  Since this is my first house, i want to make sure I don't make any mistakes.

[Roy N.]

If your jurisdiction (i.e. state) has a standard contract for residential real estate, you can use it ... at lease as your base and have your lawyer assist with drafting any additional clauses or schedules.  

Here we use lawyers to close, so the lawyer would have a look over the contract anyway.