Pre-foreclosure Closing Documents
To start off I am very new to the world of real estate investing. My goals are aimed at pre-foreclosures. My understanding is that in order to properly execute the closing of a deal with the seller you need these documents;Equity Purchase agreement, Notice of Cancellation, and any other appropriate addendums. Is this correct, and if so how or where would I find copies of these contracts? Just this week I had investors surface who are ready to show me the money if I can show them the right deal. I am anxious to get started but I want to make as few mistakes as possible. If anyone has answers to these questions or advice for the new guy it would be much appreciated. Thank you.
mcole
I have not been back to the area since 1985 but I did fly my assistant out to handle some transactions for me and what she shared with me about the growth was amazing.
I actually spent 3 years while stationed at Vandenberg AFB.
I believe it is becoming a very hot market as compared to Santa Maria.
The Latino market seems to be vary appealing to me in Lompoc but the market is so hot it's hard to comp out a property and you have to make a fast decision or the deal is gone.
I have had my eye on the area over by surf beach, would make a great sub-division with ocean view -PROFIT- although to beach area is unsafe the view factor alone has some great appeal.
Take care and leave a few properties for me!
[addsig]
Welcome to TCI,
You live near my old stomping grounds Lompoc.
I have a sample investor packet you can download at: http://trice84.tripod.com/ebooks/investor_packet.pdf
In addition, the following foreclosure sample packet may help as well at: http://trice84.tripod.com/gifts/My_gift_to_you.pdf
I would really suggest a course or two on the subject go to: http://www.thecreativeinvestor.com/Shopping_Cart-index.html
Good luck,
[addsig]
I would suggest to search through this forum, since similar question regarding CA contracts has been asked a few times in the past week or two. Also, since you are in California, all your forms as well as knowledge have to be CA specific.[ Edited by reinatalie on Date 01/23/2005 ]
Quote:
You live near my old stomping grounds Lompoc.
JohnMichael --
So, Lompoc used to be your old stomping grounds? That's pretty cool, most people don't even know where it is.
My parents lived there for over 30 yrs. My dad worked at JM, and also started the Calvary Chapel there.
I have a property for sale up there right now. That entire area has gone nuts! New construction everywhere, tear-downs going for $200-$300k, etc. If you haven't been there for awhile, you wouldn't believe whta's happened.
Hey JohnMichael,
I like your idea about Surf. I haven’t been there for quite awhile, so I don’t know what’s going on development-wise. But you’re right, it would be an awesome area for some high-end view properties.
There’s a lot of development going on heading out of Buellton. Then from La Purisima going toward the Village, they’re putting in homes $500k and up.
And I know what you mean about the comps. The manufactured home I have up there appraised at $115k last August, and they’re in the mid $170s now. Not bad for less than six months.
(Off Topic) Are you into flying? Any aerobatics? My whole family was stunt pilots, and two of my uncles were National Aerobatic Champions. I spent many-a-day hanging out at airfields, while my dad and uncles were putting on an airshow.
I’ll quit rambling. But if you want me to do some scouting up at Surf, just let me know. 85% of any deals ought to work, right? LOL
Take care!