Posted by Mark-NC on December 15, 2000 at 10:47:59:
Born,
Unless you are dealing with private mortgage buyers you will probably not find note buyers to buy a note on a rehab unless it is a very low LTV. Also most institutional buyers will not Buy this type of paper unless the rehab is minimal such as cosmetics.
If you can get one to do it, they may escrow the repair money at 1 and a haif times the amount of the repair untill it is done.
Example; 10k in repair will hold out 15k untill done, Not a very good deal.
Unless you can find a private note buyer that is interested you may be better using hard money to purchase it and fix it.
Mark