Properties With Remaining Mortgage Balance

[Omar Bunch]

I am looking at a 6 year old property that has an ARV of 230K. The BP Wholesale Calculator reflects a Sale Price of 139K. A buyer stands to make around 40K if they were to do a fix and flip. Disclosure, I have not been inside the home yet, but the outside has no issues. Therefore, I estimated a "lofty" number of 25K for internal repairs ( probably will need painting and "minor" fixes/updates. The owner currently owes approximately 206K on the mortgage. Let's say (hypothetically), they agreed to let the property go for 50K, what happens to the remainder of the mortgage?

[Roland Paicely]

Don't spend much time on this one Omar