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Updated over 6 years ago on . Most recent reply

User Stats

53
Posts
16
Votes
Omar Bunch
  • Hardin County, KY
16
Votes |
53
Posts

Properties With Remaining Mortgage Balance

Omar Bunch
  • Hardin County, KY
Posted

I am looking at a 6 year old property that has an ARV of 230K. The BP Wholesale Calculator reflects a Sale Price of 139K. A buyer stands to make around 40K if they were to do a fix and flip. Disclosure, I have not been inside the home yet, but the outside has no issues. Therefore, I estimated a "lofty" number of 25K for internal repairs ( probably will need painting and "minor" fixes/updates. The owner currently owes approximately 206K on the mortgage. Let's say (hypothetically), they agreed to let the property go for 50K, what happens to the remainder of the mortgage?

Most Popular Reply

User Stats

721
Posts
343
Votes
Roland Paicely
  • Raleigh, NC
343
Votes |
721
Posts
Roland Paicely
  • Raleigh, NC
Replied

Don't spend much time on this one Omar

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