Deal or No Deal
Here is my situation,
4 bed/ 1.5 bath 1300 sqft
Market Value $70,000
FSBO Listing Price $52,500.
Upon reaching out to owner I found out it was a wholesaler listing the property. At first text conversation he said he would take $47,500.
My research shows that the owner owes $2500 in back taxes on the property. Wholesaler said the owner is open to seller financing but he still has a $44,500 mortgage on the property.
Estimated Rehab Cost is $12,000
Rent in the area for equivalent houses is $800 per month.
Deal or No Deal
If I assumed the owners loan what questions should I have answered before pursuing?