I wanted to start making calls to absentee home owners and distressed properties in my area, but have a big interest in pre-forclosures I would really like to help people out of a situation like that and already know that the seller has some type of motivation to sell. But im confused on the process of wholesaling a pre-foreclosure and I hear that it can be more complicated than it sounds. The way I see it is if im able to come to an agreement with a buyer who has equity I can bring the loan current and pay off the rest of the mortgage then there might be a deal. What if someone has an outstanding amount left on their mortgage? Can I propose a deal that a buyer would pay off the back payment to bring the loan current, then pay a few month mortgage while putting work into the house so they can sell and make a profit. If so then how would I go upon writing out the deal?
Actually, I'd say there a quite a few houses that are wholesaled that have a mortgage on it. It's normally paid off at closing. If there is enough equity after liens are paid it can work.