Pre-foreclosure Paperwork

Hello, I have been buying & selling rental properties for a while now (multi-family units) and would like to diversify into the pre-foreclosure world. I am fairly knowledgeable about the mortgage process and I think I have a good overview of the pre-foreclusre strategy but I have a (hopefully easy) question....



After finding a suitable property and coming to an agreement with the seller/foreclosee what are the steps to close the deal? Is it:



1. Have the seller sign a purchase agreement with the terms clearly spelled out.

2. Have a title company do a title search on the property.

3. Have the seller quickdeed the property to me.

4. Bring the loan current and continue making payments.

6. Do whatever I am going to do with the property.



Did I miss anything? Thanks a bunch.







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Comments(2)

  • InActive_Account30th October, 2005

    Quote:
    On 2005-10-30 14:35, gzater wrote:
    Hello, I have been buying & selling rental properties for a while now (multi-family units) and would like to diversify into the pre-foreclosure world. I am fairly knowledgeable about the mortgage process and I think I have a good overview of the pre-foreclusre strategy but I have a (hopefully easy) question....

    After finding a suitable property and coming to an agreement with the seller/foreclosee what are the steps to close the deal? Is it:

    1. Have the seller sign a purchase agreement with the terms clearly spelled out.
    2. Have a title company do a title search on the property.
    3. Have the seller quickdeed the property to me.
    4. Bring the loan current and continue making payments.
    6. Do whatever I am going to do with the property.

    Did I miss anything? Thanks a bunch.



    ~~~~~~~~~~~~~~~~~~~~~
    gzater,
    Read California Civil Code Section 1695, as it will give you a more accurate understanding of the steps needed to invest in pre-foreclosures.

    Darryl Evans
    Long Beach Ca.




    [ Edited by Darryle-CA on Date 10/30/2005 ]

  • gzater30th October, 2005

    Thanks for the info! It appears that the requirements are to comply with the paperwork/waiting period etc. in the code and to not be a dirt bag

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