Yes, I’d like to hear some good words of advice here, as well. It can get sticky when a seller wants to get a lawyer and the bank involved. But, if I was in the seller’s position, I’d probably get a lawer involved, too. So you really can’t blame her.
This is also sometimes an indicator that the seller wants to see your contracts so they can use them to sell to a friend or associate, and leave you out. Or shop your offer. It’s happened to me a few times.
The best I can come up with, if there’s no other way, is to provide some limited blank paperwork, and advise her that due problems you’ve had in the past (such as seller’s shopping your deals) that this the best you can do. Also tell her that you cannot modify the paperwork, that your lawyer has spent many hours getting it right.
Then, if she’s interested after she’s had the paperwork, make a deal. Sometimes they don’t even follow through, but sometimes their lawyer tears into the deal and ruins the whole thing. If so, NEXT!
SUB2, owner wants 2 present my offer to the bank - Posted by Redd(CT)
Posted by Redd(CT) on February 25, 2003 at 10:22:39:
I have been speaking with a long distant homeowner for about 6 weeks now.
After building a repor, She has agreed to give me the deed 1K. I will makeup her back payments of $4,500.
(after arreage) She owes 80K.
House is worth 134K
After I made her a verbal offer, she called me back a week later and said she spoke to the bank about my offer.
They did not completely oppse it but they advised her that I will be on the deed and the loan will be in her name and she is still responsible.
She already knew this b/f she spoke to the bank. She said she wants to do this but wants an attorney on her behalf.
She also wants my offer written out so she can present this to her attorney and the bank…and make sure it is OK w/ the bank.
Re: SUB2, owner wants 2 present my offer - Posted by KC Questions
Posted by KC Questions on February 25, 2003 at 18:51:49:
Someone on this board mentioned a while back that if a seller tells you that they want copies of your contract so their lawyer can review them, that a good response that you can give them is that if they set up an appointment with their lawyer you will happily go and meet with the two and sit with them while the lawyer reads the contracts. Of course, you need to be there in case the lawyer has any questions, so that you can answer them on the spot.
Another thing I remember reading is that someone said that a good response is that the seller can have whoever they want look at the contracts but you won’t change anything on them, since $10’s of thousands of dollar were spent on your contracts to make sure they are fair for all parties involved.
P.S. If a lawyer is involved, you really should be there since there have been many times that good deals have been ruined by people who don’t know what they are talking about- some of which were lawyers.
On my last deal neither the buyer’s title company or his real estate lawyer knew what a wraparound mortgage was. But, whatever you do, when you go meet with them, make sure that the lawyer looks like the smart one in the conversation since they are supposed to be the expert.