Pre-Foreclosure Contract
Here is a question for the experienced...Once I have gotten my foot in the door to someone who is in pre-foreclosure, how should I write up the contract? This may seem like a simple question, but I am questioning the details of the contract. Amount to offer...should this be the amount of the payoff/reinstatement plus whatever I'm wiling to give the seller at closing? Clauses...what is the best way to cover my backside? Closing date? Anything else someone can think of?
please respond to the foreclosure forum. it will definitely answer all your foreclosure questions and also, will probably have the forms you'll need or point you in the right direction. i will also forward some information to you by pm. thanks. happy investing.
[addsig]
You offer whatever you think you can get the seller to agree to. If there is equity in the property beyond the payoff (including attorneys fees and cost) then whatever you can negotiate with the seller on the seller's equity is what u put down in the contract. You can insert the usual contingencies (financing, inspection, etc) if you feel you need it. The closing date has to be before the date the property goes to sale at the courthouse (unless you can get the bank to hold the case is abeyance or reschedule the sale).