The guy says he wants 15k for a 4br house with basement. I checked on it and he took out two loans on it from the bank totaling 15k. If I decide to put it under contract with him, how do I ensure the money he gets goes to the bank so the debt is paid? Is that something I need to word in the contract or does the title company handle that?
The title company will ensure that the notes are paid. It is part of the process to making sure your receive a clean title.
Select a title company of your choosing and the funds are distributed by them. You wouldn't hand him 15k!!!!
Thanks for the feedback guys. Literally took me three days to navigate my way back to this posting. New to this site lol.I'll be contacting him today and hopefully it all goes well.