Person behind on taxes contacted me!

[Justin Fox]

So I've talked to the owner and I initially low balled her with a cash offer (in addition to paying the back taxes).  She declined but had previously said she was willing to finance the property and her price range was very attractive.  She's supposed to call/text me a date/time to do a walk-through.

Anyway, I plan on consulting a local real estate attorney to draw up a contract if the deal goes through and we shake hands.  Would the seller and I meet at the attorney's office to sign and bring earnest money?  Does the attorney bring the contract and money to the title company?

Also, what is the best option for keeping track of the payments to know the principal balance and payment ratio of principal/interest down the road?  It is as simple as going to bankrate.com, printing out the amortization and just scratching through every month?  Are there 3rd parties available that will handle this for you?

We just built a rental so I'm going to see if I can't get my contractor to come out with me and walk through the house and give me an estimate of the repairs/upgrades.

Anything I should watch out for?  Want to make sure I'm not overlooking anything.

Thanks,

Justin

[Shelley F.]

Ive done several deals this way, but always used a title company. That way you will get a preliminary report that might alert you to other liens hiding out there. They can advise you on what they need to get an escrow account opened.The title company can provide you with an amortization schedule so you can follow along and see where 'extra' principal payments might be useful. By all means take along your contractor/handyman to look things over and give you an idea of rehab costs...but ask them to give this to you later in private.