Posted by MatthewC on April 13, 2007 at 13:45:00:
I did quite a few myself in the early years. But as I expanded, I quickly realized that credibility would become a big issue. Also the fact that I had heard of some deals blowing up because the seller would have remorse years later.
By having an attorney doing the closings, it squelches that pretty quickly. And it creates peace of mind for the seller. They get a HUD-1 statement and they sit in a nice conference room and they get a closing packet from the attorney.
The sellers feel good, we feel good. High credibility and legitimacy. Life is good when you don’t have to explain and defend yourself all the time.
I have heard and seen all kinds of disasters made by newbies. Cross my fingers, we have not made any “disasters” over the years. But we have had deals that have not been very profitable! Not a disaster but certainly not fun working for free either!