having attorney close on seller finance deal

[Lori Hunter]

I posted this in an old thread and didnt get much response. Ill try it here...

I've been reading all I can about the SAFE act. I even called the Florida Division of Consumer finance and am still not exactly clear on compliance (I will be making some attorney calls next), but...

From what I can decipher, having an attorney/MLO draw up the paperwork and close on the loan seems to be the simple answer. Why does this seem to be such a problem? I know there is a fee, but in the scheme of things there is still quite a profit to be made right? Is the problem that they actually negotiate the terms? Are we as seller financers still allowed to discuss numbers at all? Is the problem that the attorney/MLO will discourage the numbers (down payments, interest rates, etc) and try to negotiate the buyers a better deal? I can't seem to find a large enough downside to finding an attorney to close (here in Florida) to be discouraged by this.

The continuation of this question is, (assuming an attorney/MLB handles the paperwork) are we still able to advertise and market as providing seller financing with low down, or is this crossing the line also??

[Joel Owens]

Hi Lori,

Many attorneys do not want the liability of drafting these kinds of documents and doing the closing etc.

What you need to find is an attorney who is an investor themselves and who has a track record of doing wraps, seller financed notes, etc.

They will have the specific knowledge to help you. A general real estate attorney I have found just does not play in this space and can make multiple mistakes. Maybe go to your local REIA investor association and seek out recommendations for legal counsel there.