Real Estate Agent · Billings Montana · Member since 2020 · 5 posts · 1 vote
While there is a lot of content regarding the structuring of creative financing deals, I haven’t come across many specific examples of what the paperwork is supposed to look like to get these deals to the finish line. I feel like I understand enough about seller financing, Sub To, etc. to actively start seeking out leads but I am hesitant to do so because I feel as though, I will be unprepared to execute a deal after receiving verbal buy-in.
Can anyone help with this? Where can I find specific examples? Is documentation still managed through traditional institutions like escrow, or perhaps a real estate attorney? Or, are there other means to achieve the goal of closing a deal in this manner?
Please let me know! Any assistance in this regard would be greatly appreciated!!!
Investor · Orange County, CA · Member since 2014 · 363 posts · 408 votes
3y
I just went through the same thing a few months back. was looking for property off-market and got a 10-unit. The seller agreed to a verbal offer. and I was like, what's next?
Real estate agents wanted 3% even though they would literally just be doing 2 hours of paperwork.
I called a real estate attorney thinking it would cost me like $5,000+ to write up the purchase and sale agreement. He charged me $650. The title company took care of the rest.
Start looking for a real estate attorney but more importantly, Go take down some deals :)
from my experience, the best title attorneys who are used to working with investors have all the documents you will need ready to go. Maybe there are some here that can help you. I found a great one through my local REIA branch.
I just went through the same thing a few months back. was looking for property off-market and got a 10-unit. The seller agreed to a verbal offer. and I was like, what's next?
Real estate agents wanted 3% even though they would literally just be doing 2 hours of paperwork.
I called a real estate attorney thinking it would cost me like $5,000+ to write up the purchase and sale agreement. He charged me $650. The title company took care of the rest.
Start looking for a real estate attorney but more importantly, Go take down some deals :)
Thanks Matthew! It’s nice to know that I’m not alone in feeling lost with this element of the transaction! Your input provides me with a bit of a confidence boost. I was thinking that closing a deal like this would involve a lot more time, money and (in my mind, the biggest hurdle) experience. The response is greatly appreciated!!!
from my experience, the best title attorneys who are used to working with investors have all the documents you will need ready to go. Maybe there are some here that can help you. I found a great one through my local REIA branch.
Thanks John! That’s great advice. I’ll start searching BP for a good title attorney that may be able to assist. Your input is appreciated!!!