lgdaetz
Jun 19, 2008, 03:17 AM
Our lawyer has brought a buyer (one of his gold star clients) for our 2 rental properties and a commercial building owned by my in-laws (78 yr old ). He has told them that the buyer will put down $25,000 and they will hold a $250,000 mortgage at 8% with a 10yr balloon. He want to represent both parties but has not told my in-laws what fee for putting together the deal if any he is expecting. He said my in-laws can not run a credit check on the buyer because its not allowed. He also said a contract cost more so a summary statement and mortgage papers are good enough.
My in-laws wanted to go back and ask for another $25,000 down but the lawyer said it would kill the deal.
This all sounds bad to me
My in-laws wanted to go back and ask for another $25,000 down but the lawyer said it would kill the deal.
This all sounds bad to me