Pre-foreclosure Paperwork
Hello, I have been buying & selling rental properties for a while now (multi-family units) and would like to diversify into the pre-foreclosure world. I am fairly knowledgeable about the mortgage process and I think I have a good overview of the pre-foreclusre strategy but I have a (hopefully easy) question....
After finding a suitable property and coming to an agreement with the seller/foreclosee what are the steps to close the deal? Is it:
1. Have the seller sign a purchase agreement with the terms clearly spelled out.
2. Have a title company do a title search on the property.
3. Have the seller quickdeed the property to me.
4. Bring the loan current and continue making payments.
6. Do whatever I am going to do with the property.
Did I miss anything? Thanks a bunch.
1.
Quote:
On 2005-10-30 14:35, gzater wrote:
Hello, I have been buying & selling rental properties for a while now (multi-family units) and would like to diversify into the pre-foreclosure world. I am fairly knowledgeable about the mortgage process and I think I have a good overview of the pre-foreclusre strategy but I have a (hopefully easy) question....
After finding a suitable property and coming to an agreement with the seller/foreclosee what are the steps to close the deal? Is it:
1. Have the seller sign a purchase agreement with the terms clearly spelled out.
2. Have a title company do a title search on the property.
3. Have the seller quickdeed the property to me.
4. Bring the loan current and continue making payments.
6. Do whatever I am going to do with the property.
Did I miss anything? Thanks a bunch.
~~~~~~~~~~~~~~~~~~~~~
gzater,
Read California Civil Code Section 1695, as it will give you a more accurate understanding of the steps needed to invest in pre-foreclosures.
Darryl Evans
Long Beach Ca.
[ Edited by Darryle-CA on Date 10/30/2005 ]
Thanks for the info! It appears that the requirements are to comply with the paperwork/waiting period etc. in the code and to not be a dirt bag