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Updated almost 5 years ago on . Most recent reply

Gavin Henry's profile image
Gavin Henry's profile image
Gavin Henry
  • Rental Property Investor
  • from Coral Springs, FL
  • Member since Oct 27, 2019
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7
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1
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Gavin Henry's profile image
Gavin Henry's profile image
Gavin Henry
  • Rental Property Investor
  • from Coral Springs, FL
  • Member since Oct 27, 2019
Connect
Gavin Henry
  • Rental Property Investor
  • Coral Springs, FL
1
Votes |
7
Posts
Buying & Selling Real Estate

Potential Wholesale Deal

Gavin Henry
  • Rental Property Investor
  • Coral Springs, FL
Posted

I have a seller who is asking for $320K for his home (3 bedroom/ 2.5 bathrooms 2100 Sqft in Parkland FL) I ran the comps and the price for the home is within normal range. The home is also in good condition with no renovations needed. I offered him $200K in cash and he stated that he would be willing to accept that. He owes about $290K on his mortgage (Bought the home less than a year ago for $305K). My question is...when we get to the closing table, does my cash buyer assumes the remaining debt on the mortgage and the seller walks away with $200K in his pocket?

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