I have found a property . And the owner lives in a different state. She is willing to sell the property for the behind taxes. How do I go about doing this transaction in a contract?
Contact a real estate attorney to draw up a contract if you're unfamiliar with the verbiage. It won't take them long at all.
I don't know how much the back taxes are on the place but I would imagine they can't be close to the value. Great job negotiating that if that's how it is!
Thank you for the great advise. Is it possible that she sign the deed over and then we can do our flip?
We usually include a nominal amount (say $10.00) above the taxes that goes to the owner and use that as the earnest money when we write the contract. Of course you still need to do your due diligence and ensure there are no outstanding liens and that the value of the property actually exceeds the past due taxes, interest, penalties and fees. There really are properties these total more than the property is worth.
Not sure I understand the second part; are you suggesting she sign the deed over before you pay the past due taxes?
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