Wholesaling a property, not knowing what the equity is.Any ideas?

[Clayton Hepler]

I am about to get a property under contract to wholesale, the owner has no idea how much equity he has. He said that the bank foreclosed on his property a few years back... but he still has it? I want to make sure my buyer is satisfied and not hit with anything broadside. Would this mean that my buyer would inherit the mortgage on the property? How would I find out how much is owed on it?

[Wayne Brooks]

If it was actually foreclosed on, as in the process completed, then he is no longer the owner.

If they didn’t finish the foreclosure, he should still be getting statements.  

If you’re going to play around with real estate you need to learn how look all this stuff in the local county records.