We sell houses with Owner Finance. We usually sell to folks that will use it as their personal residence. Everything is done through an Attorney or title company. All the Dood Frank rules are followed etc.
We had an investor interested in two of my houses and we were cool with that:)
Then he said he would send me a letter of intent.. To which I told him that wasn’t nessary and if he wanted the property we would have a “sit down” and go over everything as well as write up a contract at that time.
He then started talking about his attorney needed to approve all docs etc. I told him to bring his attorney to the “ sit down” then. He got flustered and said that wasn’t possible and left.
If he was referring to closing docs I don’t know any attorney that does sample docs for free.
Has anyone else dealt with this?
Hi Joel, based on your explanation, it does not sounds all that odd to me.
A buyer, for whatever reason, may just feel more comfortable having his or her attorney review purchase docs prior to them signing them and maybe his / her attorney was not local or would just charge them a lot more to show up to the in person meeting instead of just reviewing over email.
If you wanted to do the deal, you could always suggest the in person meeting to go over details, write a contract with a clause in it that gives buyer a 5 day attorney review timeline and both you and buyer sign the PSA at the in person meeting.
@Dennis Folk good points you made:)
It appeared to me that they wanted their attorney to see the closing docs before even doing a purchase contract. Our closing attorney does not do docs without a purchase contact in place first.
Looking back I could of did a contract with an option of their attorney looking at it and I could of provided a copy of docs of a different closing for reference.
The guy was collecting rentals and was some what new to it and owner Finance as well. I could of helped him.