Balance of Loan from Wholesale Deal - Who Pays?

[Mark Braun]

Hello all-my name Mark Braun and I am new to BP and more importantly, investing (wholesaling).  Anyway, I undertand the basics of wholesaling but the one thing I cannot reconcile is who pays the balance of the loan once the wholesaler closes the deal with the seller?  For example, if a seller owes $150K on a $200K loan and I closed the deal for his equity, there is still $150K outstanding.  Who pays that?  The buyer-investor or the seller?  Thank you.

[Roland Paicely]

The balance is paid through the proceeds of the sale.  Otherwise the sale cannot happen and title cannot be transferred.  Example:  If the buyers is buying the house for $180K.  She will bring a check to closing for $180K.  From that the closing agent will send $150K to the lender so that the loan can be paid off.  This of course is the simplified version.  There are other parts to it.  But that's the general idea.