Rookie Wholesaler Looking fo Help with First Deal
Hey Everyone,
I sent out my first direct mail campaign last week and got a call from, what I think to be. a hot lead. Here is the situation...
Owner is absentee and doesn't owe anything on the house, which I have verified. He said on the phone he owes 56k total to lawyers and delinquent hoa fees. The house is worth roughly 75-80k and I verbally told him I can pay $40k (assuming it checks out) which he was OK with.
With no bank involved, I am stuck on how I would handle the lawyer and HOA debts? If those weren't in the equation, I understand the purchase and sale agreement (with protecting myself so they are liable for any hidden debts tied to the house). Will this naturally be brought up once we submit papers to a title company for closing?
Please advise on my next steps and how to move forward. Please let me know if better clarification is needed.
Thanks in advance!
Jonathan