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Updated over 5 years ago,
Will this work? Pre-foreclosure lease purchase... sub 2
Seller owes 111k. Pre foreclosure. Auction date 5/7. Cure amount 14k. Payoff amount 125k.
I want to do a lease to purchase with the seller with a down payment to cover the cure amount and monthly payments made to the mortgage company to keep the loan current during rehab period. 12 month option to purchase at 125k with all payments and down payment going towards the purchase price.
How can I do this and protect myself from any new liens being placed on the property before I complete the rehab and exercise my option?
Risks? What am I blind to?
Thanks!