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Updated over 7 years ago on . Most recent reply

Victor Barboza's profile image
Victor Barboza's profile image
Victor Barboza
  • Flipper/Rehabber
  • from Phoenix, AZ
  • Member since Apr 25, 2017
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37
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7
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Victor Barboza's profile image
Victor Barboza's profile image
Victor Barboza
  • Flipper/Rehabber
  • from Phoenix, AZ
  • Member since Apr 25, 2017
Connect
Victor Barboza
  • Flipper/Rehabber
  • Phoenix, AZ
7
Votes |
37
Posts
Wholesaling

Mortgage on a wholesale deal

Victor Barboza
  • Flipper/Rehabber
  • Phoenix, AZ
Posted

Hi, I have little confusion on how the mortgage is taken care of on a wholesale deal at closing. For example:

Suppose the ARV of the property is $150,000, and they owe $40,000, and you make an offer for $65,000. Would the outstanding mortgage be paid off at closing and the seller be left with the difference of $25,000?

Or suppose your offer is exactly what is owed, at closing would you ultimately just be paying off what they owe?  

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