To add to Vikram's response: if your getting title insurance, then you should be fine all around, as down the road if anything comes up, the insurance will take care of it.Of course, I have never heard of such an instance where a claim was made on the title insurance; And we all know how fun making an insurance claim can be.To that end, I would make sure your getting title insurance through a reputable firm

There's an old saying for stock brokers: "The firm made money.

He wanted $150K, firm.

Just don't use HSBC.There are many opportunities for accessing Credit with your Real Estate business but as someone who has attempted business banking with HSBC I must firmly advise against dealing with them. 

You said that the offer was 85K firm, but you raised the price to facilitate the seller concession for financing.

Since we did not have a purchasing agent going in, we took the advice from the short sale listing agent that we could use their firm as well to make things go "more smoothly".

After my client purchase the house (His /her own negotiations, terms, sell price, etc) I provide a "hand holding" process which will allow the buyer to rehab, and rent the house in the most efficient and inexpensive way using my team of contractors, sub-contractors, PM, Insurance agent, law firm, etc..

If your property is listed with another Real Estate Brokerage firm, please disregard this letter.

On the other hand, a guy who runs a law-firm that has other lawyers who are generating $3M per year in income could probably extract himself from the business, and the business would still have value without him around.

I worked at my dad's law firm briefly (they do strictly foreclosure work for the whole mid-atlantic region) but never learned much about the process...