Let me say thank you for your help in advance!
I have a property under contract. The owner has a mortgage of about $8500 left on the property and that’s all that she wants is the mortgage to be paid.
I have a buyer who is interested in the property and would like to take over the mortgage and give an additional $1500 ( which would be my fee). The buyers stated that he will eventually refinance the property.
Here’s my question. How do I go about doing this? How can this buyer take over the mortgage and how do I get my fee from this? What steps need to be taken, etc?
So the owner is not interested in selling the home at specific cash price say ( $80,000 or something like that)? They just want the remaining mortgage paid off so the house is paid off and owned outright?
Im still fairly new at wholesaling so everyone please correct me if i misspoke, I would say this transaction goes down like any other whole sale deal. Put the house under contract between you and the home owner. Assign that contract to your buyer for your specified fee ($1500) and then close out at the title & escrow company, which is where you will get cut a check for your $1500.
If you go to the file place here on BP you should be able to find the contracts you need.
Also here is a vidoe i found very helpful in understanding the steps to take.
I hope this helps, Good Luck and Congrats!!
$8,500 left on a mortgage and the buyer can't pay that off?????
What's the ARV of the property?
Initially the asking price was 13k. ARV $75k. That would have been my fee along with the $8500 mortgage. This buyer in particular wants to take over the mortgage and refinance while doing the repairs. Basically doing a subject to. The home is in need of total rehab about $35-40k. I would rather find a buyer who will just bring cash to closing. This is the first offer that I received and I really just want to get rid of it.