Help! I Need LOA To Complete Deal!

do it yourself.

Have them complete and sign a Authorization to Release or I've seen it called LETTER OF AUTHORIZATION and
CONSENT TO DISCLOSE PERSONAL INFORMATION (which I know is BofA specific)

should include Lien/Mortgage holder info. and contact info. to include account #'s etc., homeowners/borrowers info (including ssn) and signature.

thanks,
jen

I have another way of looking at this. I would determine what the ARV is on this property based on sold, currently listed and under contract comps.
I would then determine the rehab/remodel costs needed to bring that ARV. Then determine what you and your buyer need to make. My max offer would be 65% of ARV minus repair/rehab costs in any case if my exit strategy is to assign the contract.
Make him the offer and if he accepts have him sign your agreement to purchase contract. The contract will state the seller must deliver a clear title, anything owed above your offer price is to be paid at closing by the seller.
I would then take the contract to my title company and have them do the title research. Human atomization right?! If the seller ends up owing more than your offer it is most likely a dead deal.
Ben, you can only pay what you can pay. Determine that first, don't worry about what the owner may owe, leave that up to the title company. Get it under contract for the amount you are willing to pay. Take the contract to the title company and move on to the next deal. If it goes it goes. If you are planning on assigning the contract just let the title company know that you have to get your funding together and you will let then know your closing date ASAP. The old KISS formula!

Or you can get the 3rd party disclosure and try and get all the info from the lender yourself. I have done this in a three way conference call with the lender, seller and myself. I did that myself a couple of times and found it to be quite time consuming (multiple calls to people in India) and frustrating! Now I let the PROs on my team do that for me.

Let us know how you proceed and good luck. Congratulations on getting out and taking action!! You are on the way now! Have fun.

Michael Mangham
MD Home Acquisitions LLC

You must learn to do your Due Diligence on every property you are looking, that involues, comps FMV,ARV, balance due the bank, any second mort, jump on public sites check out taxes, current or past due, any liens agaisnt the property, dont depend on what the seller tells you, some will lead you down the path of no return. Its up to you to do this background check on the property, have home owner sign the forms to get the info released to ya, with the info you can not make an intelligent decision , remember you make your money when you buy not when sell. You have to have good info numbers,leins, etc. to make a good choice, no info walk away fast.......

I suggest you research the 'rental' since he just lost his primary home , chances are may be leins on rental thats in foreclosure