Long distance Sub2 - Posted by Erick
Posted by Erick on October 24, 2003 at 07:32:39:
I’m looking to buy a property subject to where the couple that owns it has moved halfway across the nation. Negotiations with them have gone well but I’m not too sure how to proceed with closing this deal. To add to the excitement, this is my first sub2 deal. I’ve gotten an “authorization to release information” from them and done my preliminary due diligence on the loan. So, I’d like to move to contract.
Should I simply fill out a Purchase/Sale Agreement and mail it to them? I plan on using a title company to do a title search and to close the deal and I’m also putting this property into a trust. Is there anything else I’d need to do other than getting a signed P/S agreement before going to closing. Also, are there any pitfalls to be aware of in attempting a “long distance” closing?