Advice please, Cash purchase with no realtor.

[Richard Bader]

I have a friend that just recently went through a divorce and his house is going into foreclosure next month 11/18. The home is around 1200 SQ ft, 3 bedroom, 2 full bath, 1 car garage, nice size yard, fairly good shape but needs all new flooring and paint. They owe $75,000 and rehabbed I would believe the house would easily bring around $135,000. The ex wife would like to keep the house to keep their kids in the same schools but both his and hers credit scores are bad and they are unable to refinace. I have offer them $75,000 cash and a lease for the ex wife for $750.00 dollars a month for a year. Here is where I need the advice. We want to close this cash deal without a realtor, do i just need to contact a title company and let them know the situation and request a closing. I want to make sure there are no back taxes, liens, second mortgages, etc. What would be my steps to closing this deal?

[Sam T.]

Yes contact a title company and explain the deal. You are probably better finding an attorney who does closing/title work because he will be able to offer legal expertise if any issues arise. Its a simple transaction and you do not need a Realtor. 

I know you want to help you friend but if they couldn't afford the mortgage payment before what makes you believe she can afford it now? Real Estate is a business and I personally do not like to rent to anyone I know because they abuse your kindness and friendships can be lost keep just make sure you know what your getting into and good luck!