Questions regarding buying a FSBO property
Unique situation I have several questions regarding. TIA.
My wife and I were looking for a small starter home that could also be turned into a future rental property. We are currently renting a home that would have worked perfectly for this but at the time our landlord was not sure they wanted to sell. We then started working with a real estate agent looking for homes. Our landlord has now decided they want to sell (FSBO). Since I have been looking at houses for the last several months I believe our landlords price is also well below market value. My questions:
1. The owner is selling FSBO and likely wants to cut out the realtors commission. Thus if I continue with my realtor the cost will be put on me and not the seller (We had signed a contract that we would only work with that particular realtor). Are these contracts just trying to prevent us from using other realtors? Am I still legally bound to using this realtor or can I buy FSBO on my own?
2. I haven't purchased a home FSBO before. Does someone have a checklist or steps of things I will need to do. I know there is a list of things that the realtors usually set up (attorneys, inspection, appraisal, etc.). I just don't want to miss anything.
Thank You Again,
Josh Falk