Offer Letter Must Haves

Hello,

I am about to write an offer letter on a foreclosing property. It is in it's early stages of the process. I will be buying directly from the homeowner. There are a couple of concerns I have...any help will be appreciated.

1. I want to get an acceptance now but close in March. What will happen in the time between with the foreclosure??? Can I contact the lender and tell them she has an accpted offer?

2. Her husband, who has since died, is still named on the mortgage but as John Doe. Is this a simple thing to remove?

3. What should I put in the offer letter to protect myself from any unforseen problems??? I know the basics...clear title, etc. Anything else???

Comments(1)

  • DavidMOcala14th November, 2004

    Lender has no obligation to wait on your contract (and won't even look at an offer letter), and will proceed with foreclosure unless you mutually agree on a timeframe, so you MUST contact the lender. Not sure any lender would be happy about waiting 5 months for you to close, but you never know.

    You need some contingencies in the contract to protect yourself.

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