Hello. I am new to this forum and have a great connection on getting properties that have just been served notice of default (NOD). Was wondering if anyone can help route me to where I can obtain purchase agreements for “Subject To:”.
My plan, pretty simple, is to get in touch with per-foreclosure owners and see if they would be interested in allowing me to take over their property subject to their current first and second mortgage. Can anyone help with getting a contract or at least with contents of the contract.
Without being too technical…be very careful…if the NOD has NOT been published and is of public record…you and your source may be in violation of the privacy act.
I can’t help you with the paperwork. But you can get a basic sub2 course and it will have contracts that you can have your attorney review and work up. You can also have a contract that is used in your state, with similar language
Total Purchase Price to be paid by Buyer is payable as follows:
A. Earnest money deposit check 0; or promissory note 0, which will
remain as a binder until closing, and be held for Seller by closing agent
(chosen by Buyer) for Seller until closing, unless sooner forfeited or
returned, according to the provisions of this Agreement. $ __________________
B. Balance due at closing (not including Buyers closing costs, prepaid items
or prorations) in U.S. cash or locally drawn certified or cashiers check.
approximately 0: exactly 0 $ __________________
C. Proceeds of a new loan to be executed by Buyer to any lender other than
Seller; Name of Lender: _______________________________ $ __________________
D. Seller financing as herein set forth in paragraph 14.
approximately 0: exactly 0 $ __________________
E. “Subject to” existing loan balance encumbering the Property $ __________________
Lender __________________________ Loan #___________________
Interest Rate % Fixed Rate 0; Adjustable Rate 0; $____ /month
Includes Principal 0; Interest 0; Escrow: Taxes 0; Insurance 0; HOA 0
F. “Subject to” existing second loan balance encumbering the Property $ __________________
Lender ________________________________ Loan #_____________________
Interest Rate % Fixed Rate 0; Adjustable Rate 0; P&I $_____ per month
G. Total Purchase Price: approximately 0; exactly 0 $ __________________
