If you have a wholesale opportunity but there is an existing mortgage, would the contract just be subject to wholesale contract? If not what are your other options if theres a pending mortgage? Thank you.
Have a end buyer come to the table and the existing mortgage will get paid out of escrow.
I’m still not understanding how it’s getting paid, sorry. Or, as a wholeseller if its even our job to worry about it. If you have an example to help me wrap my head around this that would be great, thanks.
Hey AF,
When the end buyer for the property you are wholesaling puts the money in escrow to purchase the property, the mortgage and any other liens on the property will be paid out of those funds and the seller will be paid the remainder.
It all depends on the numbers. What are the numbers on the loan and what is the ARV of the home?