Seller has Pre-exsisting mort balance of 120k can I make this work?!?!?!

Bird Dogs, Wholesaling
1

Ok here is the deal, the house is worth 180k in a great market but being as thou the market is the way it is it would need to sell somewhere around 130 but the man who is selling the house of his brother who recently died just informed me that the property still has a mortgage balance of 120K !

what can I do with this? its a great house and in a quiet location in the burbs

can I still whole sale this deal some how?

what can I do with this house at all that might help me make some money?

2

This is probably not a good wholesale deal. Assuming your $180K ARV figure is correct, your offer would probably be 60% ARV minus repair costs minus your assignment fee. 60% of $180K is only $108K, which is already less than the balance owed.

If the house is in great shape and needs little or no repairs, you might be able to offer 80% ARV or $144K (which could include 5% for your fee) and you can wholesale the house to a “buy & hold” investor.