Found a Wholesale Deal NEED Help!!
I have found a property to wholesale. It has been abandoned but I am sure that the seller would be motivated to sale should i approach. My only concern is that the house may be under foreclosure. If we negotiate a price that is below what is owed to the bank will I still be able to wholesale the property at such a deep discount?
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#3 Guru, Book, & Course Reviews Contributor
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During your due diligence, you can have the owner get a payoff for the estimated closing date. If you sale price is high enough to pay it off you can continue, if not, the owner must agree to take funds to closing to pay it off. You should also call a title company and get the buyer and seller's costs at settlement so both will be more aware of what each will net from the transaction. I'm assuming you are not using a Realtor.
If it goes to foreclosure and you ahve sufficient funds, you could go to the sale if you want to buy prior to the sale contact the Trustee conducting the sale.....Good luck....