My Attorney Or Their Attorney
Hello,
I had good luck the last time I posted a topic on this site, so figured I would come here for some advise. I have been doing well so far, but I have come across a few potential buyers who talk about using their own attorneys. I don't want to put up resistance to those people, but I would rather use my attorney.
I was just looking for various perspectives on this issue from both wholesalers and rehabbers and any experiences that can be shared. Also, wouldn't this influence my ability to wholesale the house at a simultaneous closing if I do not use my own attorney.
Thanks in advance.
If you have the proper contracts filled out then there is no problem using their attorney. I like using the other parties attorney because if something is wrong with the paperwork/deeds they can't come back to you later and they, sometimes, could be more liable for the costs.
[ Edited by bert on Date 02/16/2004 ][ Edited by bert on Date 02/16/2004 ]
That doesn't sound like a bad deal, but will that allow the person purchasing the house from me to find out exactly how much I am making off the transaction if I am sending the contracts to his lawyer?
Mike
They should already know that you are a professional, and as such, you don't work for free. If you're deal meets their needs, and they are investing within their own guidelines, you've given them an opportunity to profit as well.
So they know how much you're making! That should have no bearing on the quality of your deal with them. If you're being fair, others will be interested at that price, and they'll know it.
Jeff