You'll need about $25K...
Posted by Ward-CA- on July 04, 2003 at 22:17:07:
In Reply to: Notice of Default Sale posted by Terri on June 25, 2003 at 17:43:42:
: Do you need a lot of money to purchase a Notice of Default (NOD) house? You would only be buying it from the owner, right?
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If you’re buying a house in foreclosure during the NOD(notice of default) stage in CA, from the owner, I’d guess you need about $25,000 upfront in cash. Whatever else you agree to pay can be paid out of your resale or refinance once the property is fixed up.
Here’s how I figure it:
$5,000 initial cash to the homeowner,$8,000 in cash to reinstate the back payments on the foreclosing mortgage,$10,000 in cash for the cosmetic rehab.----------$23,000 Total
Hope this helps
- Re: You'll need about $25K... - M.Osterman 14:42:15 08/06/03
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- Re: You'll need about $25K...how - jonathan/marioara banu 10:57:27 07/24/03
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