HI everyone-
My husband and I are really wanting to get into buying preforeclosures. We are both notary signing agents for title companies, so we have access to all that and undertsand title issues, mortgages, etc. I know the real estate market very well in the area. We have some leads and we’re getting ready to go knock on doors. We really want to buy a house that is undervalued, fix it up (not too many repiars) and sell it to my brother (they are overpriced out of the market here). This is our big goal. I have a friend who does this and he has held my hand a little, but he’s in AZ, I want to know the laws in FL and what I should do to protect myself before signing any paperwork. Here’s what I have so far:
- Authorization letter
- Equity Purchase Agreement
- Warranty Deed (or should I use a quit claim deed)- are there any laws about a waiting period for them signing over the deed? Are there any laws forbidding it to be a quick sale? ???
- Change of Address form if we want to assume the mortgage
- Disclosing document (seller acknowledging they are selling the home and not refinancing)
After we get all the paperwork signed, have an inspector come (we will have an out in our purchase agreement for inspection, etc) do the title search and work out any probelms on title. :
Is there anything major I am missing? Any advice or help would be much appreciated. Thank you thank you! :-*