Wholesaling and Mortgages

[Josette Reynolds]

I'm still trying to figure out the whole mortgage thing.  If I have a deal for $20k and the owner has a $45k balance still on mortgage, is it a good deal?

[Robert Leonard]

Before you consider that lead a dead lead @Josette Reynolds, it needs to be referred to someone who deals with short sales.  A short sale can be complex to the uninitiated, but to someone who specializes in handling them, they are pretty routine.  

Can a realtor help you from time to time?  Here's something you can offer to a realtor, that will give them a reason to want to help you.  Keep looking for solutions and you will be surprised how few dead ends really exist in real estate!

Depending on the terms of the financing and the property value, that deal could still be valuable to a "subject to" buyer too.

While these "solutions" I'm mentioning might not put any money directly in your pocket, they can pay off for you when you refer them to others in your network who they work for.  In the long run, that will pay dividends as you become known as somebody to know and somebody to do business with.