Purchase agreement question...

[Chris Easterling]

I just got finished reading Thomas J Lucier's Pre-Foreclosure Investors Kit. Any of you who are just getting into or plan on getting into the pre-foreclosure investing business should seriously consider reading this book. It is jam packed full of good information and it is very easy to read. I read the entire 250+ pages in one day...now to my question(s): On the purchase agreement where it states the purchase price, is that going to be the amount left on the existing mortgage or is that the amount that you are actually paying the person for their equity? I'm a little bit confused about that part. Also, if I assume a loan, does this come after the closing or before. I've been instructed not to pay anything (liens, loan reinstatment, etc) until you have the title in hand after the closing. Is this usually how it works? If somebody has a simple sequence of events as far as how the process goes it would be a great help. I know that you find the properties, do your research, contact the owners, etc. I just need to know in what order things happen after the people agree to sell their house to you. Thank you so much for you guys answers. I hope soon that I will be the one answering the questions instead of asking them.