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05-24-2007, 07:54 PM #1
Fixer Upper
- Join Date
- May 2007
- Posts
- 25
quick question
okay heres the story.. theres a house that is getting forclosed on, and i am going to offer to take over their mortgage. i doubt they will accept that, so then i am going to offer them some cash to go along with it.
what i am wondering, how could we go about transferring that money? i dont want to give him the money before the mortgage is transferred and the deal is confirmed, and i doubt he would want to transfer the mortgage until he gets the cash. is there some way we can do this, like a legal contract or something? or is there any way to both trade at the same time?
thanks!
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05-24-2007, 08:23 PM #2
Condominium
- Join Date
- Mar 2007
- Posts
- 199
Absolutely have a contract. And I'd seriously consider putting the money in an escrow account held by an escrow company, to be dispursed only when the deal closes. The lender will have to agree with it as well, which will likely mean checking your credit, etc. much like getting a loan. If both the owner and lender would seriously consider your offer, then it would be good to have a lawyer draw up a contract.
-Tim
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