Once they are foreclosed the bank owns them, and it is trickier to get the right to wholesale- they want the most they can get and they have formal processes to go through.

MA is basically the only state that uses a formal "offer" and then a purchase agreement.  

If it's something formal, I'll emailed.

I am not familiar with a more formal structure.

We will need a formal partnership agreement, which includes a buy-out clause. that's the bit that concerns me the most.  

They frequently do their own evaluation of value and you don't wait for formal appraisals. 

During our first 20 years of owning, managing and doing all repairs and maintenance ourselves, I never formally evicted anyone.

Another thing I tell people, is the 5-day pay or quit is just part of the formality, and that we can always drop it, it's not a big deal once paid up... but it opens their eyes up to the fact not paying has consequences.If they just leave, honestly that'd be your best option.. b/c they are gone, you didn't have to pay them to leave with a cash for keys, and you get possession of your house quicker! 

if there are judgements or leins you would be taking title sub too those leins.. and you will need to do a formal foreclosure to wipe anything junior out.

If you are not selecting them because of credit reasons you must formally notify them in writing of the reason and also the credit reporting agency that you used.