First pre-foreclosure all cash purchase-how to protect myself

[Matt W.]

Hi BP,  

Like everybody I'm searching for off market deals.  This is in my town of Wilmington, NC and any investment grade houses below $150k sell very fast, usually for what seems like too much.

I found out about this house on a law firm's sale list.  I contacted the owner, and she is very willing to sell and just move on.  She has provided me with the paperwork that she has been sent regarding payoff and some people in particular at the bank who I may be able to contact and negotiate a lower payoff.  

She has owned it for 15 years and is current on taxes. There is an HOA that she has mentioned "is mad at her" for the condition of the outside. Of course it is overgrown and needs wood repair and painting. Current payoff is $110k, ARV $170-180. Repairs are @20K. She's agreed to take $5k for her equity. So this is a borderline true BRRRR, but I am ok leaving money in the deal.

The plan is to contact the bank and try to negotiate a lower all cash payoff.  Assuming we agree on a number, what steps do I need to take to purchase this property and protect myself until I refinance into a conventional mortgage? Here's what I already know:

---Hire lawyer to write contract/handle closing---Hire lawyer for title search---Get title insurance---prepay home owner's insurance for at least 1 year at closing---contact HOA company and find out about fines/liens---

Am I missing anything?  Anybody here ever buy a pre-foreclosure all cash?  Let me know!