Ok so I have been getting a NOD list and I am confused about one thing. I am obviously looking for properties with equity so I can wholesale so I need to look for listings that the mortgage on the home its a few years old. There are two sections, 1 last sale date. 2 original date. Witch one should I be looking at to determine how old the mortgage is. All so how many years back should I be looking back to find a home with enough equity to wholesale, my guess would be at least 5 years, am I in the ballpark?
Hi,
So your recieving a NOD (Notice of Default) list that basically means these mortgage holders have missed at least 3 months of mortgage payments and the lender has now filed a notice of default which is a warning to the mortgage holder that unless payments are caught up, you will lose your home to foreclosure! (The homeowner is now "In Foreclosure")
Most of the time if the property owner has sufficient equity to sell the property by conventional terms they will normally do so, and of course for us as investors to find a property owner who has 30 to 35% equity in their home or more is like looking for a needle in a haystack!
Most NOD properties will require “Short Sales” to create the equity position required to have a viable property with large enough margins to create a property worth wholesaling!
Probable 7 or 8 of every 10 NOD’s will require a “Short Sale” in order to create the equity position to wholesale the home!
Chris if your from Phoenix there are thousands and thousands of REO properties listed on the MLS that can possible be purchased for 30 to 35% of FMV or better requiring rehab! Even though you have to make 40 or 50 offers to get one property it is a much more desireable method to acquire wholesale properties!
GR
What would be the best way for me to get access to the mls? And I thought you need at least $1000 to put down for earnest money at signing when purchasing a REO. am I mistaken about that part because I don’t have any where near a grand to put into a deal.
So that is NOD means… Just overheard with a friend and he had with that NOD thing… Poor guy