BP Community:

There's a property that I have had my eye on for quite some time. Prior to the property going into foreclosure, I reached out to the owner's family (of whom I was a neighbor) and inquired about making a deal. Long story short, I was given the run around and eventually the home was foreclosed on. Over a year has gone by, and now the property is basically a shell after the squatters have had their way with it (e.g. Copper pipes taken, etc.). I recently reached out to the firm that was listed on the docket and surprising received a response back. I expressed my interest, but I am now being asked to create a purchase agreement for my offer.

I'm still a newbie and have two properties currently under my belt. Both were purchased via the MLS. Since this is uncharted territory for me, I'm not exactly sure how to proceed. This is a question that I can direct to the firm, but figured I reach out here first. Are they asking that I create an "official" purchase agreement or are they simply asking that I provide them with my numbers/bid? Is this a common practice for the buyer to generate a purchase agreement when bidding on a property?

I look forward to your feedback. Let me know if additional details are needed.