Off-market house, owner financing, closing and attorney questions

[Davis C.]

Seller verbally agreed on a price, will be meeting with them next week to present an offer to sign. The majority I'll be paying cash, but they agreed to seller financing $60k.

I was just making offers on MLS properties through my agent before this. I wasn't expecting to land an off market deal, and I'm now scrambling to fill in my knowledge gaps.

Do I bring in the standard contract my agent uses? I'm guessing I would need an attorney to setup an escrow for the $60k seller financing? How much should I be paying for this type of closing? I'm open to referrals, as my last attorney's fee seemed high ($2k) for a straightforward transaction. 

Unless I'm overthinking this and should handle closing myself? Any advice on what to look out for would be appreciated.

[Thomas Peddle]

Davis, Great news on your opportunity.... Getting outside your comfort zone is the only way to grow and succeed. 

I'm similar to you, some deals under my belt using an agent and MLS, but am exploring seller financing to really grow my portfolio.

I actually spoke to my agent about this. He is also a RE investor and he has facilitated seller-financing deals in the past. He will handle all of the details for a fee of $1K. I plan to work with him to accomplish this when the opportunity presents itself.

Please keep us in the loop with your closing!

Cheers,

Tom