HELP No One Knows What Im Talking About
To make a long story short, I am putting my team together, and trying this. I am eager to make my first deal!!
Well most promanent lawyer in my county never heard of my phrasing....double closing, assumption of loan, not even short sales. He informed me that if you want to buy a house you go talk to the owner make a deal and then come see me the next day and Ill write it up. Now you either pay cash or go get a loan. Im new so I thought "am I an idiot"?
My dh face was all aglow when we left.. He informed me no one in the area knew anything about anything to do with creative investiong. Well nods are announced in the local paper as foreclosures...no court...evictions are taken to the sheriff....no court. This lawyer is the best in the county he handles most of the foreclosures.
I have started marketing...letters....cards..had to explain a bandit sign...
what can I do? I am in a prime area where the next county is growing rapidly. I need help...no forms at all (except what I got here) no contract to commit etc. i have no credit card am sooo excited in my area!!!! Any help would be a blessing!!! 
I suggest that instead of using these terms, you explain to your attorney exactly what it is you want to accomplish with a "short sale," "double closing", etc. Don't put labels on it. Explain what you want to do.
In your state, are real estate settlements conducted by attornies or by title companies?
DaveT:
Quick question - I know that there is a custom that varies state-to-state on who conducts closings (i.e. attorneys or title companies). Is this simply a custom or is there a law regarding it. In other words, can an attorney run closings even in states where title companies usually do so?
In Ca you can use a attorney,but most use title co.
If I might suggest a couple things... find a REIC group in your area. Referrals from your local real estate group will go a long way. Believe it or not, just because you are working with a foreclosure attny doesn't mean he knows how to handle creative financing. For forms, a lot of gurus reviewed on this site have forms as part of their training and also have great ideas for creative financing -- some even have an 800 number for support. Also, you can buy some of their materials used on ebay, but you might not get the support. It sounds as though you are very excited about investing which is fantastic, however look before you leap as I've been seeing way too many new investors jump in without doing their research and end up making their first deal their last.
Best wishes for a long and very successful real estate career!
Thnx so much all is good advice. Here they use attnys. for foreclosures. That is the man I spoke to dor myself. (not knowing untill I checked the paper that he is also the foreclosure attny. in the area.
I do not plan on jumping in that is why I wanted a good attny.. I have seen a few backdoor stratagies that I like. Such as "per approval by partner" type of clauses.
So do you think that this lawyer would give me his list of foreclosures that he is taking care of? Or is that unethical? I know it was suggested to ask the title co to send a weekly list and you would use them kind of swap.
JnJ
Jnj,
What I was trying to communicate (apparently I wasn't clear) is that just because your attorney doesn't recognize some "buzz words", that doesn't mean he doesn't know how to achieve the result. Many people use different terms to describe the same basic thing. This is why I had suggested telling your attorney what you want to do and not refer to it by a buzzword or put a label on it.
If you, for instance, said to your attorney: "I want some clause in the agreement that would let me kick out of the deal for some reason or no reason", if your attorney is a true real estate attorney, he'll be able to come up with "weasle" clauses that would make your head spin.[ Edited by NancyChadwick on Date 03/06/2004 ]
Slow down. go to the attorney and sit down with him and reduce your desires to very simple statements. Inform him that you are trying to raise money to complete your schooling. You wish to attend a law school blah blah. NOw then start asking the questions in very simple language of the area. Do not speak French while in Germany it does make people think you are funning them or looking down on them. Just take it easy. This is your man he is active and he is doing it. Inch your way.
Cheers Lucius
An attorney can do almost anything he wants to do. Believe it or not so can a Real Estate Broker. They seldom do as the other methods are more efficient and can do the tasks quicker. Settlement is archaic and Escrow Companies are where it is at. You will notice that title companies are now offering escrow service. Drives them crazy not being able to get that fee also. An attorney in modern times will just call the information into a title company and they will issue him the preliminary copy. Of course he could search records himself and issue you an Abstract, but hell thats only as good as his search and it does not really guarantee any future flaws on title.
I expect within the next ten years the three biggy title companies will pretty well take over the business and will offer full escrow service with discounts like crazy if you use their title information. Also more discounts on holding open orders from sale to sale on flip flops etc. Give discounts if you use them again and again. Allow you all sorts of services and for free. Like Data Search Data Trek
Hope this is helpfull Lucius
I've had the same experience, not very many attorneys read this board and know the lingo. Their bread is buttered in law, not creative real estate investing. I'm still training my lawyer to understand the Sub2 deal, but he understands forms and paperwork, they're pretty standard (though state specific, watch out for that). One attorney I spoke with here early on who handles lots of foreclosures brushed me off by saying if I was doing anything regarding foreclosures he would have a conflict of interest since he represents the banks.
I am originally from Gadsden, AL, so in small towns like Ozark, the are probably not used to hearing Creative Real Estate terms. It may be less stressful to go to the nearest city to build your team. Then, once you have some experience, you can teach your method to your local team.
You may want to work with a real estate attorney and title company in a bigger city where they have done creative real estate deals before. After you're comfortable with the transactions and the paperwork, you can train a local title company.
Sounds like you're going to have a corner on your market once you get up and running. That's a good place to be.
Quote:
On 2004-03-06 11:36, GoldenBear wrote:
DaveT:
Quick question - I know that there is a custom that varies state-to-state on who conducts closings (i.e. attorneys or title companies). Is this simply a custom or is there a law regarding it. In other words, can an attorney run closings even in states where title companies usually do so?
The closing company is usually owned by a real estate attorney. Or some will have in house attorneys. But all closings have an attorney involved one way or another.
Lori
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JnJ,You may want to find an attorney in Dothan or Montgomery. Find one that understand real estate,preferable also a REI. Most title companies can recommend attorneys they have used. And no you are not an idiot but this attorney might be! A little joke here,you know why buzzards don't eat lawyers,professional courtesy!!!
wow Thnx so much everyone!!! I am using ur great input. I owe you all gratitude in helping!!!
JnJ
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