Re: You'll need about $25K...how

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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?

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

: 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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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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