Wholesaling houses with a mortgage balance
Hey guys I am just getting started into Wholesaling and I wanted to know how do you negotiate a deal if a house has a mortgage on it? If someone can please give me a scenario of how to deal with a house that has a mortgage, that would be really helpful to me. Thank you.
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@Delmar Bennett It doesn't matter if a house as a mortgage on it or not when wholesaling. It's more about the fact if there is equity or not. If there is no equity (the mortgage is as much or more what the house is worth,) then it will have to be a short sale, where you negotiate with the bank to accept a lower payoff on the mortgage balance. If there is equity, then it is a matter to negotiate with the owner to accept a price so you can make a profit when you sell the property.