Help on Pre Foreclosure - Posted by Brian FL

import · September 20, 2002, 8:31am

Posted by Jonathan on September 20, 2002 at 08:59:31:

I’m interested in knowing the answer the sales agreement portion. Is there anything in particular that may also need to be covered?

import · September 20, 2002, 8:31am

Posted by Brian FL on September 20, 2002 at 08:31:42:

Going to look at my first 2 pre-forecloseure properties and was wondering is all I need to do is get them to sign a Purchase and sales agreement with TBD in price column so I can talk to bank. They have no equity and don’t want anything. Or do i just get a quick claim deed.

Thanks,

Brian FL

import · September 20, 2002, 9:16am

Authorization Form needed… - Posted by JT-IN

Posted by JT-IN on September 20, 2002 at 09:16:51:

Brian:

You will also need to get an Authorization Form signed, which will allow the Lender to release info about the loan to you.

As for the “TBD” assuming that means to be determined, I would recommend puting in a price. Pick a number lwoer than the loan balance, and a t a figure that you would be willing to pay for the property, therefore the Seller has already agreed to this. What if you have “TBD” on the P&S and the Seller then realizes you are getting it for much less than loan amount, and they now decide to negotiate with you…? You may come get a lesson on a Short Sale from the owner… meaning Brian gets Shorted.

I am making the assumption here that you are going after a short sale from the Lender. If not, then we need to talk further…

See Sample Auth Form below:

good luck on these two…

JT-IN

AUTHORIZATION TO RELEASE LOAN INFORMATION

Dated this ____ day of __, 20

Borrower(s): __________________________________________________________________

Loan No.: ____________________________________________________________________

Property Address: ______________________________________________________________

TO: __________________________________________________________

I/We the undersigned hereby authorize you to release information regarding the above-referenced loan to: _____________________________________________________________ and/or their agents/assigns. This form may be duplicated in blank and or sent via facsimile transmission. This authorization is a continuation authorization for said persons to receive information about my loan, including duplicates of any notices sent to me regarding my loan.

________________________________ DOB:___________________________
Borrower
SSN: ___________________________

JT-IN