Hope this helps. Steve
At a minimum you will need the services of a good real estate attorney. In the state of NJ it is required by law that a seller disclose on a listing if she/he holds an active real estate license. The process does not change, but the level of knowledge on the part of the seller certainly does. You want to be similarly armed with infomration and well supported - so best case, work with a buyer's agent and attorney, at a minimum with a great real estate attorney.
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First you need to contact a lender to see if you qualify for a loan and can afford to purchase.
Since the owner is a realtor they already know that they can only sell it to you for what it will appraise. So price should not be an issue as with an unrealistic seller.
Since s/he will not be paying a commission they may be amenable to help with the closing costs.
You already live there so you know exactly what the condition of the home is. (But still recommend you hire a professional inspector)
You are not competing with other buyers to buy that house.
It is up to you whether you want a different agent to represent you. You may want to ask the owner/realtor if they will pay a commission to your representation.
Some Realtors will handle the flow (on your behalf), for a flat fee. We do this for folks in the area, who already have the Buyer and Seller secured, but need someone to guide all the process. Fees vary, based upon needs and depth of work performed.
If we may be of service, give us a shout. Best of luck and let us know how it turns-out!
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors