Trying To Put Together Contract For A Sub To!

Ok heres the deal. I have come across 2 deals. I have no idea how to write up contract.1st one: House FMV 175K it will be roughly 17K to reinstate and payoff is 107K. I have no idea on how to put together contract. I have ordered title work because owner was in bankruptcy. I could definately use some help, I am going to present contract tommorow. Any feedback would be appreciated. confused

Comments(4)

  • InActive_Account6th January, 2004

    How are you trying to aquire the property?
    Do you have cash?
    Will need a lender?

    You need to give a few more details

  • tsjhope6th January, 2004

    I will be assuming loan sub to. reinstating arrears fixing up and retailing. Im new to this is there something im missing?

  • jeff120026th January, 2004

    You could be talking to the wrong people. If the owners have filed for BK, and the BK hasn't been discharged yet, there is a Trustee appointed by the bankruptcy courts that needs to approve the terms of the sale as well.

  • MrMike6th January, 2004

    Quote:
    On 2004-01-06 21:22, tsjhope wrote:
    Ok heres the deal. I have come across 2 deals. I have no idea how to write up contract.1st one: House FMV 175K it will be roughly 17K to reinstate and payoff is 107K. I have no idea on how to put together contract. I have ordered title work because owner was in bankruptcy. I could definately use some help, I am going to present contract tommorow. Any feedback would be appreciated. <IMG SRC="images/forum/smilies/icon_confused.gif">


    Hello tsjhope and welcome to the forum.

    If the bank will allow you to make up the money which is owed then this could be a GREAT deal as you probably already realize.

    If the owner will sign a purchase contract you are in a fantastic position.

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