First Cash Deal- Advice?

Question

Hey everyone- we have a couple of rental units under our belt that have been conventionally financed, but we're in the process of doing our first all cash deal. What do we need to know about how this process works differently from an escrow using a mortgage? What do we need to look out for and what questions do we need to be asking?

Thanks!!

Steve Vaughan · Answer

The only experiences I've had with attorney's that represented sellers has been painful. Both times I wanted to throw my hands up in surrender and walk away.  Every T crossed and gloom and doom scenario outlined for pages on end.

We use title co's here, so not much I can offer you for closings unfortunately.  In general, they look for worst-case scenario protection vs opportunity Shelby Pracht.  If I listened to attorney's or my parents I would still be working in a cubicle with just my primary residence!

Steve Vaughan · Answer

Discount!  You need a discount for a quick close, no contingency purchase.  You are in the driver's seat by not needing to ask for 60 days for bank approval and appraisals.

Escrow and inspections should be the same, just much more streamlined.  I would not pay retail for a cash purchase.  You need a decent ROI on your money.  Congrats for being in this position Shelby Pracht!  I will be with you soon!

Mark Holencik · Answer

Why are you using a lawyer instead of a title company?

Shelby Pracht · Answer

Thanks for the great info, @Steve Vaughan and @John Powell. Also anything we should know about working with an attorney instead of a title company for escrow and closing?