Can anyone recommend a good "investor-friendly" real estate attorney for deals in the Chicagoland area? I'm looking for someone that understands the wholesale process and can coordinate double closings or assignment deals.
Thank you very much!
@Baze M. attend some of your local REIAs/meetups and you will find them there.
I’m not in the Chicago market but just some advice when searching for a closing attorney:
# 1 FIND A REAL ESTATE ATTORNEY!
You want to find someone who’s primary focus is real estate. What you said is correct, ask them if they do assignments and ask them if they do double closes (because not all of them do). If they do, I would ask what the cost is to do an assignment vs the cost to double close, and in a double close who pays what. You will incur closing fees in a double close, but if your spread is large enough then it’s worth paying. But make sure you’re clear on what’s happening and what your payout will be at closing.
# 2 WORK WITH AN ATTORNEY WHO RESPONDS & COMMUNICATES
I’m currently having a horrible experience with an Atlanta attorney not being responsive. The buyer is ready with cash, and the attorney’s lack of any communication is holding up the deal. They’ve had our agreements for over a month and title still isn’t ready, hence the reason they probably haven’t been responding to me. NEVER let an attorney be the reason your deal falls through. Find another one, in-fact, find 3. I’ve come to realize that real estate assignments and double closings are not their primary business and my guess is maybe they’re swamped with whatever their main focus is. Which goes to rule # 3
# 3 REVERT TO RULE # 1
FIND A REAL ESTATE ATTORNEY (x3)
Find 3 different real estate attorney’s and try them out with your upcoming closings. See who’s process works best for you. Whichever one you like best, work with them and have the other 2 on standby for when your primary attorney is on vacation, out sick, having a baby or whatever reason they may be unavailable for you.
I hope this helps,
Sometimes when other investors send you their deals, they’ll include who they want you to close with. Take that information, call them and see if you can work with them also.
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