Huntsville, AL · Member since 2013 · 66 posts · 11 votes
12y
@Ashley Pittman I've always assumed that finding the sellers was where the value-add was for the wholesellers. I guess I never considered wholeselling REOs since most of the shrewd cash buyers will probably beat you to the listing since they probably have established relationships with the listing agents. I'd love to hear if there's an angle to this that I'm missing though, since I'm new, too.
As far as not wanting to hunt for sellers, you can try to get them to hunt for you instead. Set up websites, bandit and/or vehicle signs and ads on craigslist, etc to let them find you. You will still have to wade through the responses to find the truely "motivated" sellers and get them to agree to the best deals, but you don't have to necessarily write 10000 yellow letters/post cards and knock on doors.
We've wholesaled HUD and Fannie houses that were listed on the MLS. If you're concerned about the deposit, make sure that you conduct whatever due diligence you can before sending the earnest money in. This could include a CMA, repair estimates, etc.