Pre-foreclosure Document : HELP !

2 Replies

Greetings To All !

I will be meeting a pre-foreclosure homeowner and I need help on the following questions:

1) What's the best document to bring for him to sign and deed the property to me ?

2) Any "exit clause" to include in the document before we both sign the document ?

I really appreciate all feedback or suggestions form our BP brethren.

Grateful,

Francis

Hi Francis,

Unless you are going to do a "kitchen-table closing," then you are going to sign a purchase contract and, at closing with a title company (or attorney, if you're in an attorney state) the appropriate documents will be recorded with the county courthouse, transferring ownership of the property to you.

So, what you probably want is a purchase contract. BiggerPockets has a document library that includes a number of contracts. Are you wholesaling? Then you might want to use one of the contracts that is tailored to wholesalers.

As far as "exit clauses," the most common is the 'subject to inspection' clause. This can be as simple as "Sale is subject to inspection." I would look over the sample contracts, though, and use one that suits your purposes.

  -Josh

Hi Josh,

Thank you for these valuable information. I really appreciate the quick help.

Good luck to you too !

Francis

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