Steps to Buying a FSBO Invesmtent

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I am meeting with a seller tonight on an investment property he is looking to sell. There are no Realtors involved and I wanted to get some idea of the steps involved in purchasing a FSBO as an investment.

I am going to contact a lawyer who I got referred to that also has rental properties in the area, but wanted to get some feedback on how the typical process works: what paperwork etc is signed if we do agree on a price and can I make the deal contingent on my attorneys review, should I have a contract made up or is it OK to use his and then come back with changes after attorney review...?

Unless the seller is some sort of professional investor, he is very unlikely to have a contract, or even to know where to get one.

If you want the purchase to be on your terms, you have a contract all ready to go, just fill in the blanks.

I've sold to one of my tenants with just a one page form from their mortgage broker (which provided no protection at all to the buyers).

Get your own contract, that protects you. I suggest that you also be fair to the other party, but whatever you put in your contract, as long as it is moderately reasonable, the other party will probably sign it. You may have to force them to read it first. Many people want to sign contracts without reading them.

It is always better to use your own contract. You have better control.
Make sure you have 7 days inspection so that if you can back out of the deal if you don't like the inspection.
Also, have your attorney hold the earnest money unless you're giving $10 or a very small earnest money you can afford to lose.