When purchasing a house “subject to” , about how long is the house usually behind before the bank takes it over? Also, on a house that is worth roughly $100,000 how much would the house payments be including attorney fees (Thats on the Reinstatement–Just a Ballpark est.) And do usually homeowners ask for some extra cash (Cash to homeowner) when their house is in foreclosure?
Any information would be most helpful.
Thank you,
I am little confused about your question… are you planning on buying subject to and not making the mortgage payments and/or bringing it current if in preforeclosure?
House payments varies from one place to another as well as the interest rate. In Texas, I estimate 1% of the loan amount, so on 100k loan, it would be 1k more or less. As far as what the home owner expects, that really varies. I have had some ask for $10k (their original down payment), and others just give it to me. It is up to your negotiation skills to get the best deal you can, but you have to listen to their needs. Sometimes some money into their pocket may make or break the deal.