I have a homeowner who wants to walk away from his property. He is about 3 months behind on his mortgage and I want to purchase his property without involving a real estate agent. What documents will I need? What should I do? He wants no money for the equity (about 7K) just wants to get rid of it…HELP,Thanks
Howdy REImoneymaker:
All you need to become the owner is a deed. You can get one a Wallmart and fill in the blanks. A title company or attorney can help with this if it scares you to do your own. Most of the paperwork involved in buying a house is required when you get a new mortgage.
I would advise getting a title company to do a title search to make sure there are on liens or judgements against the property and to make sure who the owner is.
You will need some way to verify the debt with the mortgage company. It could be a POA or just a written letter signed by the debtor giving you permission to inquire about their affairs.
You need to call the bank and get the payoff amount then do a title search to make sure theres no back taxes on the property or anything else of that sort. Then pay the guy and get the deed transfered…pretty much every thing that tedjr said!!!
Best of luck to you.
Thanks for the fast response!!!