I’m not clear how this will accomplish the SS. The property remains in the original owner’s name and is in default. The bank does not care if you have an option, they will continue to foreclose their position and you will have to step in and exercise your option to save it.
The reason why I would want to use a real estate options contract is because I don’t want to buy or do the repairs for this property and with the title companies here in Nevada, they are not willing to do a double escrow.
I want to be able to make some money off some short sale deals that I don’t want to take down myself but rather leave the burden to another investor and at the same time make a profit.