Stay on top of things and check in with those points of contact regularly to make sure things are progressing along. finally, if you cant find the policy, call the settlement firm to get a copy or verify the policy exists.

You still have common law, the UCC, SEC, FTC, Patriot Act, money laundering, loan servicing, Settlement Procedures, along with predatory lending/ dealing not to mention the good ole IRS.

The most you should spent is $50-$100.00 as contract consideration - remember you are not buying, you are not going to settlement - you are assigning your contract to someone else who has the money!

My suggestions --You need to see the inside first before you do anything -The seller is playing the seal bid auction game - I did a few of those years ago at my auction company.I'd like to see the seller's contracts first before making an email bid - who does what - and who pays for what, is settlement cost split or all on the buyer - when will possession be?

The debt owed to the foreclosing lender is irrelevant to you....the price you pay is full settlement for that debt.  

The settlement that your friend is getting is based on an insurance scope of work.

Again, this isn't a bulk transfer, it's a package deal.The seller takes a note for the full price you agree to at settlement, your buyers are already to close, you sell to them an hour later, the seller's note is paid off and he gets cash. 

I would asure the tenants that you're going to be the new owner, and as such you intend to improve the property if you take ownership you should renegotiate the lease or give them a 60 day notice to move after settlement. 

In the notes section of the contract, I add the following wording:Title will be taken in the following name(s) and style: The ABE Corp. as trustee for the SomeWhere Street Land Trust.On the settlement statement (private docs), the buyer is MapleStar, but on the public docs, the owner is ABE Corp as Trustee for the Somewhere Street Land Trust.  

Take the money and RUN and kiss them on the lips at settlement.