NEED HELP ON PRE-FORECLOSURE PROCESS
I am meeting tomorrow to finalize a pre-foreclosure property. After my engineer deems the property to be structurally sound, and the homeowner accepts my offer, then what????
Assuming the homeowner is in financial distress, there will be no lawyers. We must close in 15 days. What is the process from here? Do I bring a Purchase agreement or Quit claim deed contract? Will this be sufficient for my financial institution (not HML)?
Please give me advise on the process (specifics).
Thanks in advance :-?
Lotsa questions.
Presumably, your Offer will be in writing in the form of a Contract.
What are you trying to do? Why must you close in 15 days? Are you preapproved for an acquisition mortgage loan? Why do you presume that there will be no lawyers? Have you done your due dilgence (beside having an engineer look over the structural integrity)?
Quote:
On 2004-04-01 20:17, TheShortSalePro wrote:
Lotsa questions.
Presumably, your Offer will be in writing in the form of a Contract.
What are you trying to do? Why must you close in 15 days? Are you preapproved for an acquisition mortgage loan? Why do you presume that there will be no lawyers? Have you done your due dilgence (beside having an engineer look over the structural integrity)?
I am pre-approved for an acquisition mortgage. I am assuming there will be no lawyers on the homeowners end because of the assumed financial distress (causing the pre-foreclosure process). The foreclosure date is in 15 days.
house will sell for 155k
rehab costs approx 21k
FMV after rehab approx 215K (based on comps in area)
Update us if/when the Homeowner agrees to accept your offer....
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