If the balance is $396,000 and it sold at foreclosure for $500,000 you only get the $396,000 and then the rest goes to other debtors then the borrower.

Enjoy the rest of the journey and let the fun begin. 

I close with an attorney too, and the buyer writes one check made out to the closing attorney, and the closing attorney then divies up the funds and gives whatever is owed the seller and the rest to me.

I was thinking of purchasing a duplex to 4 unit with the hopes of moving in and renting out the rest.

If bookings get really slim, we might convert to long term rental for the rest of the year and try again next year. 

For rentals, as long as you 20% down, you can borrow the rest. 

Talk about work or something else and plan on having the rest of the conversation tomorrow.Don't say 5 grand. 

@Rachan MalhotraOh sorry, didn’t answer the rest of your question.

The commission described in § 7.1.1 is payable at the time of the closing of the Sale, or, if there is no closing (due to the refusal or neglect of Seller) then on the contracted date of closing, as contemplated by § 7.2.1 or § 7.2.3, or upon fulfillment of § 7.2.2 where the offer made by such buyer is not accepted by Seller"my understanding is that only if there was an official offer submitted to me, then she may enticed to the commission.

I have 4 h pi use in the area that sold for over 130 one on the market for 150 and the rest r extremely cheap because they r foreclosures.