I have two quick questions when it comes to wholesaling. When determining the price to offer the seller, should I factor in/deduct the price of any liens, or automatically assume the responsibility for the buyer to pay for it?
Also, outside of the sellers word of mouth, how do I determine if there are any liens or other payments required on the home?
Generally, liens get paid out of the sellers proceeds. A title search will find liens.
@Brionne Moss , Liens are recorded at the County Clerk's office. They are publicly searchable, though in most cases you have to go to the physical office.
Typically, you don't factor liens into the offer price, though there should be a condition in the purchase agreement that all outstanding debts/mortgages be paid in full at the time of closing and that the buyer gets title free and clear of liens.
If liens are not addressed and title is transferred without warranty (cash deal/quit claim deed). Then the responsibility for the liens transfers to the buyer, because they are attached to the property, not the individual.