Legal Question in Real Estate Law in Washington
residential home purchase
I'm wanting to purchase a home in Vancouver, WA that is in forclosure.
The owners have agreed to my purchase, my buying price would be what they owe on the property plus what is owed to make the two loans current. Forclosure is set for August 24th 2007.
I'm wanting to have a sales contract with the owners that would make me the legal owner.
What legal form can you recommmend for this type of transaction?
1 Answer from Attorneys
Re: residential home purchase
The form is available on the wsba website - it is a RESPA (Real Estate Sale and Purchase Agreement).
The critical thing is to contact the trustee and make sure it isn't too late.
The foreclosure is handled by an office that has been sending your sellers documents for months.
You need to determine what the payoff is - and that money goes to the trustee in satisfaction of the debt owed. Chances are it is more than you think, as foreclosure costs mount rapidly.
I am not commenting on the wisdom of this purchase, just trying to direct you to the correct form, which you can use or not as you see fit.
I'm just also trying to direct you to contact the entity that has the ability to consent to this sale.
11 days before the foreclosure sale, all bets are off.
you really, really need a local attorney to review this transaction.
Elizabeth Powell
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