Dealing with Attorney on Wholesale Deal?

Question

Hi my name is Mario, I am from Memphis TN and I me and a Seller have Agreed upon amount and Contract but the seller wants me to go through his Attorney and this will be my First getting anyone under a contract, Let alone dealing with an Attorney.Should I walk away or pursue this deal?

Nick C. · Answer

If you're planning to perform on the contract the seller having an attorney shouldn't bother you. The seller's attorney will want you to put down a nonrefundable earnest money deposit. If you're planning on walking away if you can't find a buyer, save yourself the trouble and just walk away now.

Stephen Akindona · Answer

@Mario Durham, first let me say congrats on getting out there, taking action and getting your first property under contract. Not sure why people here are not encouraging you with advice but here is what you should do! If the seller refuses to sell to you unless you use his attorney then lock up the property using the sellers attorney. Hopefully you have a buyers list of guys that buy deals if not then you have to work to build up a strong buyers list. Also try to put as little earnest money down as possible. I have wholesaled 100’s of properties and have never lost earnest money but if you get this deal under contract and lose your earnest money then you will have learned and we ALL pay something to learn! Let me know if I can help in anyway!

Wayne Brooks · Answer

If tou’re trying to wholesale, the attorney will sniff you out right away.

Mario Durham · Answer

Ok Mr Akindona for the advice thank you and I will also let you know how everything goes and I thought you mentioned you also buy and if you do what are you looking for?

Jay Hinrichs · Answer

sounds like he is just trying to assign it not wholesale it.. so afraid the attorney will make him proof up as he is representing the seller..

just seems like a lot of wheel spinning when folks do all this stuff find things then cant figure out how to put them together..

Dealing with Attorney on Wholesale Deal?

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