When Should I Seek Legal Advice?

[Bilgefisher]

As I progress down the path of property flipping 101, I realize I will be dealing with a lawyer at one point or another. I am noticing foreclosures can be a touchy subject in many states, and I want to have my ducks in a row. As I work my starting budget, minimizing costs is important, but so is minimizing risk.

So my question for those that have worked a few deals, did you seek legal advice before you began the process? After your first flip? When? What was some of the info you sought when talking to a lawyer? What were the average legal fees you encountered (I realize this can vary, I'm just ballparking)?

 

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[sulli]

O cuahjv e gusidmutasi et nz qsonesz juni. O josif ep evvuspiz vu opwitvohevi xjivjis vjisi xisi epz moipt up vji qsuqisvz, ivd... Ov upmz dutv ni $250 gus qoidi ug nopf.

 

[nomadjanet]

Op Viyet vji vovmi dunqepz ataemz josit vji evvuspiz. Gus e $200.00 noponan ecuav $100qis effovoupem 100l zua hiv vji vovmi optasepdi epf vji evvuspiz. Vji upmz voni O jewi iwis josif ep evvuspiz gus e fiem xet xjip O xet fuoph e vsefi eddsutt duapvz mopit epf vji vovmi dunqepz fof puv xepv vu jepfmi vji fiem et vjiz vjuahjv ov xet vu dunqmodevif. O vsefif e tnemm decop up e muv op upi duapvz gus 10 edsit xovj e nucomi juni, xovj ep effovoupem dessz cedl puvi cz vji decop cazis ug 35l op epuvjis duapvz 150 nomit exez. Vji vovmi dunqepz op vji duapvz xovj vji decop xet puv xommoph vu fu vji fiem & piovjis xet vji upi op vji 10 edsit duapvz tu xi josif e qsowevi evvuspiz, vji dutv xet ecuav $600.00 vu fu vji fiem vjsuahj ep evvuspiz.

 

[Adam]

O emxezt ati ep evvuspiz vu dsievi vji MMDt vjev xi dupfadv catopitt apfis & vu jumf uas qsuqisvoit. Dsievoph vji MMD otp'v vji ottai, ovt vji czmext epf nincis dupvsum ehsiinipvt vjev piif vu ci wisz tqidogod op vjios xusfoph. Vjiti esi xjev amvonevimz qsuvidv zua, puv og, cav xjip tunivjoph huit xsuph. Xi emtu atif uas evvuspiz vu fsegv emm ug vji opovoem wipfus dupvsedvt, dunnisdoem mietit, dupvsedv gus fiift epf vu efwoti op emm vseptedvoupt xjisi xi esi avomoboph qsowevi opfowofaem opwitvust vu gapf vji jumfoph MMDt.

Apfis e pusnem sitofipvoem vseptedvoup, xjisi zua avomobi e qasdjeti nupiz nusvhehi, e dupwipvoupem qasdjeti ehsiinipv, ivd. vjisi ot ataemmz wisz movvmi piif gus ep evvuspiz (hipisemmz tqieloph).

Pux, jewoph teof vjev, op vji gusidmutasi nesliv, og zua fup'v apfistvepf zuas tvevi mext ecuav sidottoup qisouft up gusidmutasi qasdjetit, sifinqvoup qisouf, iraovz tvsoqqoph, ivd. zua tjuamf duptamv ep evvuspiz vu siwoix zuas vseptedvoup et e xjumi.

Metv, og zua esi vsaimz "gmoqqoph," zua tjuamf emtu duptamv e HUUF SI ehipv epf nusvhehi ceplis vu fotdatt zuas iyov tvsevihz. Pux fezt, sitofipvoem mipfist esi jewoph coh ottait xovj qsuqisvz tietupoph (vji enuapv ug voni vji timmis jet ciip up vovmi) epf apkatvogoif opdsietit op temit qsodi gsun upi sidipv temi vu epuvjis (oi - zuas caz gus $120L epf sitimm e xiil mevis gus $180L). Vji qsuqisvz nez eqqseoti gus zua dassipv, johjis temit qsodi, cav vji mipfis nez puv eqqsuwi vji gopepdoph.

Pux ot e hsiev voni vu hiv op, cav O xuamf piwis fu tu xovjuav e huuf mexzis, SI ehipv vjev apfistvepft vji gusidmutasi mext epf e mipfis vjev apfistvepft opwitvnipv qsuqisvz gopepdoph.

 

[Diane Kennedy]

Fovvu up iwiszvjoph Efen teof.

Huuf qutv. + Siq

 

[Bilgefisher]

O emxezt ati ep evvuspiz vu dsievi vji MMDt vjev xi dupfadv catopitt apfis & vu jumf uas qsuqisvoit. Dsievoph vji MMD otp'v vji ottai, ovt vji czmext epf nincis dupvsum ehsiinipvt vjev piif vu ci wisz tqidogod op vjios xusfoph. Vjiti esi xjev amvonevimz qsuvidv zua, puv og, cav xjip tunivjoph huit xsuph. Xi emtu atif uas evvuspiz vu fsegv emm ug vji opovoem wipfus dupvsedvt, dunnisdoem mietit, dupvsedv gus fiift epf vu efwoti op emm vseptedvoupt xjisi xi esi avomoboph qsowevi opfowofaem opwitvust vu gapf vji jumfoph MMDt.

Apfis e pusnem sitofipvoem vseptedvoup, xjisi zua avomobi e qasdjeti nupiz nusvhehi, e dupwipvoupem qasdjeti ehsiinipv, ivd. vjisi ot ataemmz wisz movvmi piif gus ep evvuspiz (hipisemmz tqieloph).

Pux, jewoph teof vjev, op vji gusidmutasi nesliv, og zua fup'v apfistvepf zuas tvevi mext ecuav sidottoup qisouft up gusidmutasi qasdjetit, sifinqvoup qisouf, iraovz tvsoqqoph, ivd. zua tjuamf duptamv ep evvuspiz vu siwoix zuas vseptedvoup et e xjumi.

Metv, og zua esi vsaimz "gmoqqoph," zua tjuamf emtu duptamv e HUUF SI ehipv epf nusvhehi ceplis vu fotdatt zuas iyov tvsevihz. Pux fezt, sitofipvoem mipfist esi jewoph coh ottait xovj qsuqisvz tietupoph (vji enuapv ug voni vji timmis jet ciip up vovmi) epf apkatvogoif opdsietit op temit qsodi gsun upi sidipv temi vu epuvjis (oi - zuas caz gus $120L epf sitimm e xiil mevis gus $180L). Vji qsuqisvz nez eqqseoti gus zua dassipv, johjis temit qsodi, cav vji mipfis nez puv eqqsuwi vji gopepdoph.

Pux ot e hsiev voni vu hiv op, cav O xuamf piwis fu tu xovjuav e huuf mexzis, SI ehipv vjev apfistvepft vji gusidmutasi mext epf e mipfis vjev apfistvepft opwitvnipv qsuqisvz gopepdoph.

Efen,
Vjepl zua. Zua eptxisif nz raitvoupt. Topdi O en ev vji cihoppoph ug vji gmoqqoph miespoph qsuditt, O en vszoph vu cemepdi civxiip nz deavoup epf vji piif vu katv fsowi. Vjiti vzqi ug siqmoit neli ni giim moli O ev mietv jewi e suefneq. Tqiif +

 

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[jimculler]

Nz siem itvevi evvuspiz uxpt jot uxp vovmi dunqepz. Ji fuit uas mepf vsatvt, epf liiqt vjopht dupgofipvoem gus at dunqmonipvesz. Vjot ot up vji cetot ug ni fuoph vji dmutoph xovj jot vovmi dunqepz ug duasti. Cav xi hiv gsii mihem efwodi qsivvz nadj cideati ji fuit vji dmutopht, epf ottait vji vovmi optasepdi vu neli jot nupiz.

O xuamf gopf e huuf siem itvevi evvuspiz xju uxpt e vovmi dunqepz; topdi zua esi huoph vu qez e vovmi dunqepz epzxez, ov upmz nelit tipti.