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Joseph Malovich
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Quick Pre-foreclosure Deal

Joseph Malovich
Posted Aug 29 2014, 05:54

Yesterday I was contacted by an owner of a property who needs to pay $5300 to the bank by September 4th lest their property get foreclosed on. How can I safely get this property under contract and keep the owner from getting foreclosed on? It seems like a sub2 deal would be best if I can protect myself and if so, how?. Title Search and Home Inspection? Lease Option with my downpayment covering their arrears?

Property value is ~ $100,000, defaulting loan balance is ~ $20,000, They are not qualified for a HEMAP. I will be meeting with the owner at the property later today. I am a cash/as good as cash buyer. Location: Pennsylvania.

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