Can you wholesale properties that are being financed

Question

Say somebody does a down payment and is financing a house. They find out that they are paying to much.

I dont understand this fully yet. is the house there's? how can they sell the house if they aren't done paying for it?

I'm new sorry stupid question.

Doug P. · Answer

@London Elliott Yeah it's always good to know what they owe. It's usually good to just buy it for what they owe too!

London Elliott · Answer

Thank you that makes a whole lot more sense. So when they pay 20k on a 100k mortgage they own 20k of the property. So if they wanna sell it they'll have to sell for more then 80k to come out on top.

So always ask them if they are financing?

Ask how much they have already paid? or what their debt is?

And tell them that they'll make 10k and be debt free if I give them 90k?

Just say yes if you think I got it lol

@Doug Pretorius

Doug P. · Answer

@London Elliott Simple, they pay the loan off from the proceeds of the sale. Or they sell the property subject to the loan staying in place.

In the first scenario let's say they owe $80k and they sell the house for $100k. They get $100k from the buyer and use $80k of it to pay off their loan. If they owe more than they can sell the house for they have to come up with the difference out of their own pocket.

Jim Pellerin · Answer

Sorry, I dont understand the question?