Why should I use an attorney?
Looking for some input here. This is my 3rd REO purchase in 7 years. The two prior were my personal residence fixed up, leveraged, rented out got bigger and better.
Each time I would buy one the lawyers would look at these contracts with no financing contingency and no inspection contingency and say I am crazy they would never do a deal like this.
I have to explain to them... I understand the risks then they go ahead with the deal. I can understand the need for one selling for drafting the contract, or if buying a rental that tenant issues... etc
Those are not issues with this deal so what can an attorney do for me? I already got prices from title company. Do they do anything else other than communicate with sellers and order title? Honestly I feel I would better communicate and expedite my transaction handling them myself.
This is a very small purchase 60k. Lender doesn't care if I don't use a lawyer. Every person I talk to tells me I am crazy... maybe I am... but I just don't see the need. Please sell me on the need before I move foward.
Secondly, on the auction site it provides me with the option to use the sellers title company. Is there any down side to this? The company that is underwriting the policy is a 3rd party. People on the internet forums act as if the 3rd party is going to work with the seller and conspire to sell me a property with defective title. I just don't see why it should be paid for 2x.
My earnest deposit is going to be 3k. Hiring an attorney and title co will add 3k to the deal. If my financing doesn't pull through I will lose the 3k (but its so small they would probably find it easier to just give it back then go to court which I have had happen on a deal that I gave up to pursue a better deal).
Thoughts?
TIA