RE Attorney

It's funny how things sometimes happen without much effort put in place.

I mentioned in a recent post about calling a local RE attorney to see what services they could offer me as far as owner financing properties and acquiring properties subject-to the existing financing. You may recall the attorney's rep told me they handle owner financed closings, but they don't do Sub2 closings, which was a little disappointing.

Well, I had also posted a message on one of the REI boards I frequent back in December about owner financing, etc. A responder there had sent me a private message last night, which I didn't respond to because they left a similar response on the message boards themselves. So, I responded to them on the message board. About an hour later, I get a private email from a local RE attorney who says he can also help me with owner financed closings. I emailed him back asking for his services and asked if he could also handle Sub2 closings. He responds with a list of things he can do and what he charges. He also says he can do Sub2 closings for me, AND he can service the new loan (i.e., have the buyer pay him, and he pays my original loan company, pays himself a small fee , and then gets my my share). He also asks for a fee when the buyer sales/refinances (10% of the equity spread), which I didn't particularly like, but it's not a huge amount. I told him I'd have to get back with him, since I'd have to look over the numbers first.

So, a small fee upfront, a fee to service the loan, and a backend fee. I didn't ask him if he had a specific timeline for his loans, but I'm sure that works into the equation, too. It all sounds good that he can provide a one-stop shop for all my needs, but I don't want to get mired in fees, either.