A contract should reflect the intent of the parties.
There is nothing wrong with using a boilerplate contract and modifying it to suite your needs....
After making the necessary changes, deletions and/ or additions... run it past your attorney... then, it will become your boilerplate, short sale contract
[addsig]
Man for some reason this one tid bit is really throwing me for a loop. Maybe I'm just making it more difficult for my self than it really is.
I actually meeting a seller in about 2 hours to gather up all her paperwork to get this short sale ball rolling. I'm going to have her sign the authorization to release info and then I plan on calling Wells Fargo to get the information from them.
I only have a standard Purchase Contract for TX but there is some language in there I think I need to take out. Is there any advice or can anyone point me in the right direction to help me with the purchase contract? I was planning on just starting this process then getting a lawyer to really help me out with the contract as we go. But I would like to go into the lawyers office armed with at least a little bit of knowledge to better explain to him what I want....
In case you couldn’t tell this will be my first SS, I have the primer and its great by the way.
Some deal info..
Lady has been behind several times in the past. The original note amount was for 50k back in 96. It’s now up to 70k with all the late fees etc tacked onto the back end. She has now fallen behind again (3 months) and if she doesn’t come up with a solution by this Friday they will initiate the foreclosure process. The house is only worth about 60k tops and is in pretty good shape, just needs some new flooring in a few rooms.
She is more than willing to do what ever she can to get out from under the house and I want to do my best to help her out.
Any thoughts on this? I was thinking of offering the bank a net amount of about 45k...
just make the Contract "subject to foreclosing mortgagee's short sale approval with terms and conditions acceptable by the Seller"
Put in as a salesprice a percentage of what you feel is the as-is, fair market value... make sure you can defend that value with comparable market data.
A contract should reflect the intent of the parties.
There is nothing wrong with using a boilerplate contract and modifying it to suite your needs....
After making the necessary changes, deletions and/ or additions... run it past your attorney... then, it will become your boilerplate, short sale contract
[addsig]
Man for some reason this one tid bit is really throwing me for a loop. Maybe I'm just making it more difficult for my self than it really is.
I actually meeting a seller in about 2 hours to gather up all her paperwork to get this short sale ball rolling. I'm going to have her sign the authorization to release info and then I plan on calling Wells Fargo to get the information from them.
I only have a standard Purchase Contract for TX but there is some language in there I think I need to take out. Is there any advice or can anyone point me in the right direction to help me with the purchase contract? I was planning on just starting this process then getting a lawyer to really help me out with the contract as we go. But I would like to go into the lawyers office armed with at least a little bit of knowledge to better explain to him what I want....
In case you couldn’t tell this will be my first SS, I have the primer and its great by the way.
Some deal info..
Lady has been behind several times in the past. The original note amount was for 50k back in 96. It’s now up to 70k with all the late fees etc tacked onto the back end. She has now fallen behind again (3 months) and if she doesn’t come up with a solution by this Friday they will initiate the foreclosure process. The house is only worth about 60k tops and is in pretty good shape, just needs some new flooring in a few rooms.
She is more than willing to do what ever she can to get out from under the house and I want to do my best to help her out.
Any thoughts on this? I was thinking of offering the bank a net amount of about 45k...
just make the Contract "subject to foreclosing mortgagee's short sale approval with terms and conditions acceptable by the Seller"
Put in as a salesprice a percentage of what you feel is the as-is, fair market value... make sure you can defend that value with comparable market data.
other recommended clauses are found in the primer