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. 
How are you trying to aquire the property?
Do you have cash?
Will need a lender?
You need to give a few more details
I will be assuming loan sub to. reinstating arrears fixing up and retailing. Im new to this is there something im missing?
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.
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.