I'm interested in pursuing pre-foreclosure deals in Baltimore County, MD. If I don't have the cash to purchase the property outright, what financing options make the most sense for this kind of deal? I understand this is pretty general question, and that once negotiating with the owner the deal can go many ways, but I'm trying to keep it general to hear as many opinions as possible. If you were to pursue a pre-foreclosure what deal structure would you have in mind?
Also if there is anyone I should be talking to in the Baltimore County area, about this topic especially, I would love to get their name so I can reach out and learn as mush as possible.
Thanks in advance for the help!
Updated over 3 years ago
To clarify, this would be for a buy and hold strategy.
The one where the bank/person/hard money lender will lend the money for you to buy it??
@Devin Wilkins any creative structuring is usually due to specific circumstances of the deal or the sellers needs. Generally most deals would be done with hard money.
I hope you are aware of the PHIFA laws. You don't want to be approaching owner occupied homes in pre-foreclosure. That can lead to big problems for you; high fines and jail time. This is not an issue for non owner occupied homes.