Pre-Foreclosure Contract
Here is a question for the experienced...Once I have gotten my foot in the door to someone who is in pre-foreclosure, how should I write up the contract? This may seem like a simple question, but I am questioning the details of the contract. Amount to offer...should this be the amount of the payoff/reinstatement plus whatever I'm willing to give the seller at closing? Clauses...what is the best way to cover my backside? Closing date? Anything else someone can think of? What good is the contract if I only want to reinstate the mortgage and execute a Quit Claim Deed, then take over the seller's payment and they move on.
Every deal I have done With a pre-foreclosure whether for me or a client. I have always used the same contract as any other deal. I don't know if your state laws mandate something else or not. But you would put in what you want to offer and the terms of the offer. I never like to make things harder than what they are, maybe that's just me
Lori
[addsig]
I simply use my Agreement to Sell Real Estate form. You can pick this up at your local Office Max or Office Depot. I don't think it's very good if you get it there tho. You may want to add a couple clauses and have your RE attorney look it over just to be sure.
Ryan J. Schnabel
Thanks for your responses, but I was looking for some help with my specific items I brought up in my posting...purchase price, clauses, closing date, worth of contract if my intention is just to reinstate the mortgage, etc.
jcarey77,
Hello there, Not to sound bad about this, but you might want to do some searching through the archives and also consider looking into some of the programs here on the TCI site. I am sure you can find answers to all your questions, but alot of what you are asking is information contained within any good program that people have had to pay for. If you ave the patience, I know for a fact that the questions have been asked and answered separatley in these forums. Although you might get lucky and someone part with all the information. I would recommend doing some more research and reading here. It will only help you in the long run.
Good luck