Buying foreclosure- what does .2672% of unit 107B mean?

[kniquy]

I have purchased 2 foreclosure contracts...what you need to know is once everything goes through you must pay all back MFs and interest penalties...and no...you will not get the past points - only what is current. These fees can add up if you have not planned for them.

How many years back could it be with penalties?

I thought i had read that you were not responsible for back penalties. I had looked into some of the foreclosures and did happen to see where they listed the fees outstanding on the loan/account. In your situation -- when you purchased how far back did they bill you for MF? Do you have a list of associated fees that were added on on top of your winning bid?

Just trying to get a better understanding of what could potentially be tacked on and if doing the leg work on the foreclosure market is worth it. I have looked enough to know that DVD will not let things go for a steal but there might be some deals out there.

 

[gparr]

The fees listed on the foreclosure are the fees assigned to the person being foreclosed. Those are NOT the fees you will be paying. You will be paying the fees that are due to DVC.

I purchased a BRV 200 point contract. 2 years worth of fees totaled just under $4000 additional owed.

 

[kniquy]

2 years worth of fees totaled just under $4000 additional owed.

Yikes! that is a lot added on. It seems it takes awhile for the properties to actually go from initiation of the foreclosure process to the actual auction. Was there anything in your research where you could determine how many years of MF might be due? Just

I guess if you have all your facts then you could have some idea of what additional would be owed. I had been watching and very often I see the same names of purchasers showing up, which my guess is that they are flippers. Likely not making a ton but if you can get a contract for $70pp and then flip it for $100pp it can turn an easy profit, especially with the market these days.

 

[disneynutz]

I would think that good deals would be snatched by the experts, brokers working for themselves or broker business partners with Disney.

Bill

 

[Alan Goldschmidt]

The fees listed on the foreclosure are the fees assigned to the person being foreclosed. Those are NOT the fees you will be paying. You will be paying the fees that are due to DVC.

I purchased a BRV 200 point contract. 2 years worth of fees totaled just under $4000 additional owed.

But as far as the auction is concerned, you only had to pay the winning bid and not the outstanding judgment, correct?