Letter Of Intent
I live in Georgia and just acquire my 1st foreclosure property at the courts. I was told by neighbors the residents moved two months ago. I was informed though that I need to send a Letter of Intent (informed owner of my purchase) then proceed with the Dispossessory Warrant before getting access to the property and starting repairs.
2 questions:
1) Does this sounds right to you all?
2) Is there place that you can point me with standard letters such as the Letter of Intent, etc. for this purpose?
Who informed you of this? If you acquired the property from the bank, then they must have passed ownership to you. They can not pass ownership to you if they have not 1st completed completed the foreclosure process.
Do some checking before you start taking peoples word for it.
Good Lucjk.
JS.
If you have closed the deal with the bank, and the reinstatement period is over, then you have every legal right to get rid of the possessions left behind. One thing you might do, is if you know where they are, you can offer to let them retrieve their lost possessions. Barring that, you might want to donate anything usable to a homeless shelter, or goodwill, or some other charity that can possibly resell anything of value. Make sure that you get a receipt from them and you can write it off.
If you have closed the deal with the bank, and the reinstatement period is over, then you have every legal right to get rid of the possessions left behind. One thing you might do, is if you know where they are, you can offer to let them retrieve their lost possessions. Barring that, you might want to donate anything usable to a homeless shelter, or goodwill, or some other charity that can possibly resell anything of value. Make sure that you get a receipt from them and you can write it off.
If you have closed the deal with the bank, and the reinstatement period is over, then you have every legal right to get rid of the possessions left behind. One thing you might do, is if you know where they are, you can offer to let them retrieve their lost possessions. Barring that, you might want to donate anything usable to a homeless shelter, or goodwill, or some other charity that can possibly resell anything of value. Make sure that you get a receipt from them and you can write it off.
I also heard you need to give the previous owners the opportunity to retrieve their items up to 30 days. Anything after that, you can dispose. If you do not go for the 30 days, you can end up with a lawsuit in your hands.
call a title company inquiring about title insurance for the property.
Then slip in these questions would be one approach.
Also. most bar associations will give a 1/2-1 hr consult was an atty for a nominal fee.