Purchase Agreement On 1st Preforeclosure Deal
Hi, I've got a preforeclosure deal working and I can't find a "Purchase Agreement" that's good to save my life! I also want to know if the offer to the seller is less the balance on the loan, and I don't have a buyer yet, am I responsible for the property till I find a buyer that qualifies? I need some guidance, can anyone help? thanks! t :coolgrin:
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What I would do is offer to purchase the house for what the balance is and give him some Uhaul money.
Verne
Priv msg for more details.
thanks! I thought that was the next step.
t
Tanegra, if you want to short sale, you should offer either 1)the purchase price shall be the amount of the discounted mortgage payoff or 2) the amount you want to offer the mortgage co. for the discounted payoff. If you offer the full balance, the mortgage co. will not discount.
Bob
Thank you. Either one, I'll come out with a piece of good property.
t
Quote:
On 2003-07-02 02:56, tanegra1 wrote:
Thank you. Either one, I'll come out with a piece of good property.
t <IMG SRC="images/forum/smilies/icon_biggrin.gif">
Sounds like maybe you should do a bit more reading up in the archives and as many places as you can to figure out how to structure a deal. Jumping in with both feet to just get a piece of property could actually land you on the wrong side of the fence.
As for free forms, well you can find them all over the net but it better be just like what is used in your state. I would also suggest that you find a real estate lawyer and have them provide you a document to use.