Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: William Laranga

William Laranga has started 1 posts and replied 1 times.

One concept that I can not seem to wrap my head around, is offering a homeowner less than the amount of money they owe on the property’s mortgage. If Steve owes $100,000 to Bank of _______ and based on the math, I, as the wholesaler, offer him $80,000 to place the property under contract. 

As the wholesaler, do I or Steve contact the Bank of ____________ to validate the agreement / I imagine the bank would prefer taking a small loss as opposed to foreclosing and incurring significant legal and management costs. However, who is responsible for having the conversation with the financial institution?