Updated about 12 years ago on . Most recent reply
Wholesaling house with delinquent taxes
Lets say I have a seller who owns a rented property free and clear but owes 10K in back taxes and wants to walk away with 50K in his pocket. At 60K the numbers work and it is a good deal.
If I have an end buyer lined up at 67K, my question is how would the contracts look if I was going to double close? Do I write my contract with the seller for 50K and put an addendum in it that says all outstanding taxes to be paid by buyer at closing? And with my buyer do I just fill out a standard contract for 67K knowing that 10K of that money will be going to pay off the taxes?