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Step-By-Step Method to Purchasing a Pre-Foreclosure Home: Part Two
Step-By-Step Method to Purchasing a Pre-Foreclosure Home: Part Two
The second part of the Step-By-Step Method to Purchasing a Pre-Foreclosure Home: Part One. Readers will find in this second part of the two part article series on finding and purchasing a pre-foreclosure home the rest of the steps necessary to meet with homeowners, get ownership of the property, protect your interests and much more.
In this second part of the Step-By-Step Method to Purchasing a Pre-Foreclosure Home you?ll learn the steps required to get that property in your name, where to file paperwork, and the legal requirements to market that house!
6. Sign the Grand Deed and Memorandum Once you?ve met with the property owners a couple of times and you?ve made a deal you?ll need to get them to sign the Grand Deed and Memorandum. The Grand Deed and the Memorandum will be what you use to transfer ownership of the property. These are essential documents to have signed if you want to purchase the property and then resell it. They show that the owners of the property are willingly transferring ownership of the deed to you.
7. Record the Memorandum The memorandum once signed needs to be filed with the county clerk?s office. This will keep the county up to date on what you and the homeowner intends to do. It will also protect you should something go amiss and the deal looks like it will fall through.
8. Follow due diligence (trait) includes soil tests, etc. Many states have required tests that must be done on a property before it can change hands. In California the home must meet earthquake ready standards. In other areas there must be soil tests to make sure there aren?t any dangerous chemicals. Nearly all states require a home inspection before the sale. So it?s a good idea to find out what needs to be done and go through it. Be aware that you may have to repeat the due diligence process when selling the home on the market to make your profit in some areas.
9. Start marketing. Now that you?ve got the Grand Deed signed and the resale process underway you can start marketing the property. Place classifieds in the local newspaper. Advertise the property on the internet and even get yourself a real estate agent to help you find local buyers for the property. Don?t forget to hold open houses so lots of visitors can come and see what the place looks like on the inside.
When you?ve gotten through these four steps you?ll be well on your way to success. All that?s left is pushing that property on the market. A task that should with luck only take a few months to complete in a good housing market.
Once the property is sold the money from the sale will be divided up. A large portion of it will naturally go towards catching up and paying off what?s left of the mortgage. Then you?ll pay the previous owners a portion for selling the house and what?s left after paying for contractors, and inspections will be your profits!
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