FSBO: Home Buyer Advice/Scrutiny Welcomed

Back Story: Fiancé and I have lived in this condo for 1 year. Landlord gives 2 month notice that she will need to sell the condo since she took a new job and is moving out of state. She will be buying a new house and has cash flow issues. To top it off, she is adopting a baby from China in November. Basically asked if we were interested in buying or would need to list the place.

Pros: Reduced List Price (FSBO): 335k (350k list) Expected Close (9/29) Condo has been vetted (Current Tennant) Would not need to move Financing has been preapproved

Cons: – Seller Requested No Agents (Lower Price) – Required Research (Time Spent – No Agents) – Property Tax Increase in Chicago

Wish List: – 1% Redfin Fee Savings (60/40 – Seller/Buyer) – Home Price Reduced 3%-4% (No Buying Agent) – $2,100 Price Reduction (CU Commission Rebate) – Contingent on Inspection (Terms Undecided) – Contingent on Appraisal (Terms Undecided) – Contingent on Full Review of HOA Financials, By Laws and 6-12 Month Trailing Meeting Minutes – Contingent on Satisfactory Procurement of Any Applicable Regulatory Documents/Disclosures (Terms Undecided) – Contingent on Full Financing (Terms Undecided)

We are saving her a lot of time and effort, so we are definitely have some power to negotiate. We will be using a lawyer for contract review and closing documents. We will be seeking coverage of a portion of the closing costs. Building was gutted and rehabbed 10 years ago and appliances still work, but should I ask for depreciation on the units? Or Home Buyers Warranty?

As I prepare for to begin the offer process, is there any sage real estate vets that can offer any obvious advice?

Yours Truly

More real estate tips at Program Realty Wix site


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