A couple decided to sell their house in Washington, D.C., without the aid of a real estate broker. Their asking price was $225,000, which they believed was about $15,000 less than the price they would need to list the property with a broker. They realized they would probably have to accept an offer as low as $220,000. Another couple looked at the house, liked it, and offered to buy it for $223,500. The sellers were delighted and suggested that they would fill in the blanks on a form sales contract used by many of the local real estate brokerage firms, and both parties could sign it. The buyers, however, objected, saying they preferred to write their own contract. The wife was an attorney who worked for the U.S. State Department, specializing in international law.
What advice would you have given the sellers?