Wholesale question
Hi,
I am a new investor and am just getting started in wholesaling. I have a question about how the seller gets paid in the process.
Say the house is worth $100,000 and the seller owes $40,000. If I get the house under contract for $50,000 and then sell it to a fix and flip investor for $60,000, does the seller get the whole $60,000 or does $40,000 pay off the loan and $20,000 go to the seller?