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Updated almost 6 years ago on . Most recent reply

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Account Closed
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Account Closed
10
Votes |
224
Posts
Starting Out

How does equity work?

Account Closed
Posted

Ok lets say someone has a mortgage.

And his mortgage is 250,000

He is willing to sell it to me for 200,000

But his mortgage is 250,000. What does it mean? There is no discount? There is no quity? Cant i just get th3 house and pay 200,000 and he pays the 50,000 left?

Do i have to get a house where the person has already paid some of the property?

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