Potential Wholesale Deal

[Gavin Henry]

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?