How To Seal This Deal?
Hello all,
Last night I met with a motivated seller, and signed a purchase agreement with the following terms: Make up back payments to reinstate loan with foreclosing lender, take title subject to, and pay seller 5K for equity when I sell the property to a retail buyer. I need help from here. I have a signed authorization to release information form, because I need to contact the lender to see exactly how much is needed to reinstate the loan. I made agreement subject to home inspection, so I know I need to do that. I also know I need to do a title search. The home forecloses on the 23rd of March. I have the cash to make up the back payments and closing costs. I just need opinions on what to do from here. Can I draw up a deed, have her sign it, and record it myself once I know the home inspection is ok and the title is ok, or do I have to go through an attorney or closing agent?
You can draw up your own deed. You get the legal stuff off the title report or a copy of the sellers deed. Fill in the blanks and record at court house. You can get blank deeds at Office Depot etc. Let me know if you need help with it and i can help more. I help investors here in Texas do their own deeds for $25. Let me know if you have other questions too. Sounds like a good deal if the loan balance is low enough.
Good LUCK and Thank You
Hope this helps some
Ted Jr
<IMG SRC="images/forum/smilies/icon_cool.gif"> <IMG SRC="images/forum/smilies/icon_cool.gif"> Happy Anniversary Tedjr!!!!!! [ Edited by CQQL on Date 03/02/2004 ]
1) get the deed signed, notorized and witnessed. No attorney or closing agent required. But make sure she understands that she is passing the house to you now and you are owner.
2) Power of attorney on that property
3) release of information
4) Purchase and Sales contract - get a blank one signed also
5) Cover your ass letter
6) have her understand that you will need her help in acquiring the property
from the bank and ultimately selling it
7) disclosure of all liens on the property
payment stub for lender and account number
9) think about persuing a short sell with the bank - you might get lots of equity.
10) get her cell phone number, work phoen number, home phone number, next of kin phone number and address, etc. When her cell phone goes out and she moves - how will you contact her??
11) Date that she will move out. You do not want her to continue staying in the house.
Brenda
Have her sign a property management agreement with you. you are now the property manager.
After she moves out have the insurance changed to landlord policy. Have yourself added to the policy.
For what purpose do I get the Power of Attorney?
gb:
The power of attorney (POA) would give you the right to sign docs, etc. for your seller--what happens if she moves out and suddenly you need a signature 6 months later? With the POA, your a** is covered and you're not suddenly in the skip trace biz trying to track her down.
Andy