You'll need about $25K...

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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?

-=-=-=-=-=-=-=-=-

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

Follow Ups:

• Re: You'll need about $25K... - M.Osterman 14:42:15 08/06/03 (0)
• Re: You'll need about $25K...how - jonathan/marioara banu 10:57:27 07/24/03 (0)

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Comments:




: : 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?





: -=-=-=-=-=-=-=-=-





: 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








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