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Wholesaling

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Neil Schindel
  • Rental Property Investor
  • Richmond, VA (richmond va)
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23
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Seller Wants to Sell House for Less Than Mortgage

Neil Schindel
  • Rental Property Investor
  • Richmond, VA (richmond va)
Posted Nov 19 2019, 10:12

I am currently working with a seller who owes 70k on his mortgage. His house is assessed at 63k. It has a finished upstairs with 2 bedrooms and a bathroom but isn't added to the assessment because it doesn't have A/C. He wanted to sell it for 60k until he found out he would be liable for the other 10k. The numbers work till about 65k as my max purchase price. He is somewhat of a hoarder and I am now working with him to sell me a couple motorcycles in his garage along with the house to reach the 70k in value. 

Has anyone done something like this before?

I am most likely going to take it for myself but what if I Wholesale it? do I assign the purchase for the house but keep the motorcycles? what investor will want the house an motorcycles?

This is a very strange situation.

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