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Updated almost 12 years ago on . Most recent reply

Kay Mays's profile image
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Kay Mays
  • from Milwaukee, Wisconsin
  • Member since Oct 15, 2012
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Kay Mays's profile image
Kay Mays's profile image
Kay Mays
  • from Milwaukee, Wisconsin
  • Member since Oct 15, 2012
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Kay Mays
  • Milwaukee, WI
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Wholesaling

What do I do? Wholesaling with a mortgage balance...

Kay Mays
  • Milwaukee, WI
Posted

Hi BP,

I've posted in a here a few times in regards to wholesaling. My question is, what options do I have if I want to wholesale a property that has an existing mortgage balance? Is the new buyer responsible for it? How would I put that into a contract? All help would be greatly appreciated.

Thanks BP,

Kay

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Wayne Brooks
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Wayne Brooks's profile image
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Wayne Brooks
  • #1 Foreclosures Contributor
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  • from West Palm Beach, Florida
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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The mortgage gets paid off from the sellers proceeds, and the buyer gets the property with no mortgage, assuming the sales price is enough to pay it off.

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