Wholesaliling

[Perry Apawu]

Just had a question what do you do if a private seller still owes on the mortgage to their house you want to make a deal on to wholesale ?

[Bill Gulley]

A closing company will ask for a settlement payoff. The lender will give them the balance due and the per diem rate (interest to accrue for each day beyond the payoff) and the closing agent will compute the amount to the date of settlement.

If a seller is not represented and it's between the two of you, you might get with the seller (depending on how sophisticated they are) and ensure what you have agreed to will actually fly.
You'll need to be familiar with the closing costs in your area as well. Consider your purchase and your sale.