Re: You'll need about $25K...how
Posted by jonathan/marioara banu on July 24, 2003 at 10:57:27:
In Reply to: You'll need about $25K... posted by Ward-CA- on July 04, 2003 at 22:17:07:
: : 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
