Doing FSBO, owner agreed to an offer. Advice on this process.
First time home buyer, this shit is overwhelming but so far I’m doing baby steps. So we have been renting this house for 2 years, love the neighborhood, close to job and the schools are nice / nearby, fit all our needs. The owner lets us know that he would like to sell this move out in 3 months. We said we’d like to buy. They have a (relative?) that they are using who’s supposedly a realtor just for the paperwork stuff and they tell me they are not involved in any other way besides paperwork.
They said the suggested price is $1,150,000 but owner is willing to sell for $1.1. Somewhat reasonable as house just 4 houses away with similar year built/room etc sold for $1.2 last year. But I suggested we get inspection done and go from there, we hired inspector who I found via online and no major issues found besides some wear and tear and some stuff we already know about. Based on these findings I suggested $1,080,000 and owner said fine but they will sell as it is and won’t fix the stuff found in inspection. Which shouldn’t be more than $20k but also added it would be FSBO. I’m currently talking to lenders to get pre approval and this relative / realtor will proceed with paper work.
I was going to hire a real estate Attorny to look at this paperwork etc.
Then according to ChatGPT and a relative realtor of mine the following should happen:
Open escrow/title with title company
Deposit earnest money into escrow
Have real estate attorney review:
purchase agreement
addendums
title report
seller disclosures
Receive and review preliminary title report
Lender orders appraisal
Negotiate again if appraisal comes in low
Obtain homeowners insurance policy
Review HOA documents/reserves if HOA exists
Receive Closing Disclosure from lender
Review final cash-to-close amount carefully
Schedule utilities transfer/start dates
Wire closing funds to escrow
Sign closing documents
Loan funds and deed records with county
Receive possession of home
Am I missing anything? (Iv read countless threads on FSBO but each situation is somewhat unique) Will this typical happen over 30-60 days?
I greatly appreciate all and any help