Updated over 11 years ago on . Most recent reply
Wholesaling a Land Contract
I have a seller whose house is worth $185K. She owes $175K. I offered to give her $3K at closing, keep the existing mortgage in place, and have the note paid off by the buyer. I will market for someone to come in with $13K down, and pay on the terms of her current mortgage. When the mortgage is paid off, the legal title will transfer into the buyers name. Once she signs the land contract and I sign as the buyer to give her $3K, I can wholesale this to the end buyer for $13K down and make $10K.
Does this sound correct to you guys?